Market Conditions in Sumner>Question Details

Aaron, Other/Just Looking in Lehman, PA

Im looking to buy a Home In Puyallup, WA or Sumner. In Today's Market on Average how much, or what % are Homes

Asked by Aaron, Lehman, PA Thu Apr 10, 2008

selling for above Pierce County's Assesed Value ?

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12
Hi Aaron,
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
1 vote Thank Flag Link Tue May 20, 2008
Hi Aaron,

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.
1 vote Thank Flag Link Wed Apr 30, 2008
Hi Aaron,
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.
1 vote Thank Flag Link Tue Apr 15, 2008
Aaron

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.
1 vote Thank Flag Link Fri Apr 11, 2008
Assesed value nowdays should not even be in the calculation as to what a home or property is worth! The best bet is to have your Realtor do a market analysis on the property that you are interested in,and they will be able to determine if it is priced correctly,overpriced,or a great deal! Tax assesed value is just as it sais,it is used to determine what your taxes are going to be,not the resale value of a home!
Mark McFarland (Windermere South Inc.Puyallup)
0 votes Thank Flag Link Sun May 25, 2008
Hi Aaron, I am a native to the area and have been in real estate for years. Although you can get more bang for your buck in the Puyallup area than in Sumner, long term, you are better off to buy in Sumner or even Bonney Lake than in Puyallup. Reason being the value is more likely to be stonger in these areas. That is why the same house in Bonney Lake or Sumner is worth more now than a home in Puyallup. DOnt get me wrong, Puyallup is a great town and I do a ton of business there, but Bonney Lake and Sumner are growing commercially and residendially and where the growth is, the value stays.. If you are looking long term value, thats is my opinion. Just my economic brain at work! Call me and I can show you a more detailed illistration and show you where it is best to spend your hard earned money.
Julz~ 253-376-4373
or visit me at http://www.RealEstateResultz.com.
Cheers!
0 votes Thank Flag Link Thu May 22, 2008
Hi Jason,

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.

Leslie Taylor
Trulia Voices Moderator
0 votes Thank Flag Link Fri May 2, 2008
Hi Jason,

I'm afraid that such an advertisement for your services is not permitted on Trulia Voices. Please review our Community Guidelines located at http://www.trulia.com/guidelines/ and check out our Agent Best Practices blog post at the link below for more helpful information.

Best Wishes,

Leslie Taylor
Trulia Voices Moderator
0 votes Thank Flag Link Thu May 1, 2008
Tax assessment can provide a gauge on property value, but only a very general gauge. In order to properly attribute value to a property you need to do your homework or have someone, like a REALTOR, do it for you. Compare like properties in the area, look at recent solds and pending sales for those like-kind properties, and see what is active on the market. Even then, it can be difficult to assess value. Basically, it comes down to the buyer finding a property that fits their needs.
Brian Solinsky
Keller Williams Realty- Puyallup
253-278-7857
0 votes Thank Flag Link Wed Apr 23, 2008
That question can be a challenge. As my peer below mentioned there are definitely going to be issues relating to how accurate the assessors numbers are. Periodically I will look at sale and tax numbers on a particular house just to see how close they are. Here is a tip: If you are looking at a particular house to purchase, ask your agent to not only pull recent sold comparisons but to also pull the tax value on those specific homes. By comparing the two numbers and there accuracy it will help you to determine how to price the home you would like to buy. In the same way you can pull the same type of numbers if you are selling to determine how you might price you own home.

Thanks for the question. I hope this helped.

Danny Altizer
Windermere RE South Inc
253.250.6474
dannya@windermere.com
0 votes Thank Flag Link Thu Apr 10, 2008
Hi Aaron,

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.
0 votes Thank Flag Link Thu Apr 10, 2008
Hi Aaron

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 kjackson@johnlscott.com or go to my website http://www.washingtonrealestate4u.com
0 votes Thank Flag Link Thu Apr 10, 2008
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