I can tell you exactly how much a house is worth!!! - It is worth what a buyer is willing to pay. Once you find a property that you wish to make an offer on, then it is the job of your agent to evaluated the home to see how it is priced in the current market. Is it priced high?, low?, or is it priced fairly. Then you will be informed and can proceed and plan your buying strategy. At no time should you consider the assessed value. It is interesting that you are looking in Puyallup or Sumner. Both of these areas have great school districts. Sumner prices are a bit higher due to less inventory and high demand. You can get more bang for your buck in Puyallup. Good luck on your search. Steve Hobson/Windermere
Historically, assessed value has been less than market value. Market value and assessed value have been more aligned in Sumner and Bonney Lake in the last couple of years than they were longer ago. Assessed value should not be taken as much of an indicator of market value in part because information on a tax report is often wrong. You could use assessed value as the most general of baselines, but market value is what a willing and able buyers say it is. Tax assessed values tend to be static while market values are more fluid. I can tell you there is high demand for homes in Sumner and a traditionally strong resale market.
As you are aware tax accessed value is based on county appraisal methods, which historically have been quite a bit below the market value. within the last few years the county has stepped up its dollar amount, along with factors such as voted in tax increases etc. Having said that I am not sure that you could base your buying decision on that. But I have noticed that some homes esp. in the last 10 years are selling between 10-30 thousand above tax accessed value older homes are different probably because the base line of the property value that was established at the time of being built was less. I have seen many homes selling below the tax accessed value . If you like a home and purchase it and the accessed value is more or close to ithe amount purchased my advice would be to go to the county and get the property value reduced and save on taxes. To answer your question is difficult because you are not comparing the same thing, property value vs market value. I am sure this is clear as mud. But hopefully helpful.
Assessed value of homes should be of no importance to you in your home search beyond giving you a comparison of what your annual property taxes would be based on. Assessed valuation is all over the board and has no true relationship to actual market value of a home. Your best best for finding the best values is to do a thorough house hunt and closely compare the amenities and benefits each home has for the money. You should be able to trust your Realtor to answer the direct question - Which home do you think is the best value? It may or may not be the one most attractive to you however.
Mark McFarland (Windermere South Inc.Puyallup)
or visit me at http://www.RealEstateResultz.com.
I apologize for my reply to your answer. It was a mistake on my part--it's been very busy and I had too many tabs open, so I inadvertently replied
to the wrong post.
Sorry for the confusion.
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Keller Williams Realty- Puyallup
Thanks for the question. I hope this helped.
Windermere RE South Inc
You'd be hard pressed to find a brokerage, local Realtor Association or MLS that was keeping a statistic like that. What you might find more important is that buyers in Puyallup and Sumner were getting homes on average for 94% of sellers' original asking price in the last few months.
So, if a seller first put their home on the market for $300k, on average, they eventually took $282k. Buyers in Puyallup and Sumner clearly have the upper hand - lots of homes to choose from, and plenty of sellers that are serious about selling their home. This means a potential "great deal" for you.
It would be my pleasure to represent you if you're not already working with a local Realtor. Check out the Web Reference link below for more Puyallup real estate stats.
There is not a set percentage. It depends on how accurate the County's records are. You can get a small house anywhere from about $220,000 to average price of about $350,000. I would be happy to provide you a list of homes for sale. My email is firstname.lastname@example.org or go to my website http://www.washingtonrealestate4u.com