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J. Nel, Home Seller in

Is it true that the current trend is that buyers arefirst looking at the assessed value to make a bid and?

Asked by J. Nel, Mon Mar 17, 2008

bidding lower than the assessed value?

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Answers

8
Assessed Value is determines the basis number a town will use to determine your taxes. The only way to indirectly correlate it to a sale price would be to look at assessed values to sale prices as a ratio in a given geographic area. How this relates to the market prices will be specific to your area and may give you an average (not exact) ratio for that area. Looking at the taxes, tax history and potential upcoming changes in taxes and assessments will have more of an impact on your wallet so you might want to investigate those questions. To determine market value and the value a bank would consider lending on you need an APPRAISAL or a real estate agents current market evaluation (CMA). I hope that helps you.
Mark Gracy
mark@gracyteam.com
(office) 978-984-3107
(direct) 978-861-4016 tel & fax
http://www.GracyTeam.com
Keller Williams Realty
Web Reference: http://www.GracyTeam.com
1 vote Thank Flag Link Wed Apr 2, 2008
J. Nel
Keep your house, it is not a good time to sell. Relax, enjoy what you have. 5-10 years look for some profit.
1 vote Thank Flag Link Mon Mar 17, 2008
It is absolutely true. As a Real Estate Professional, I look at the assessed value as a indicator of value. In our service area, Hamilton, Wenham, Beverly, Danvers and Salem, properties are selling around the city/town assessment. As I see this question comes from Hamilton - Wenham, I can tell you that homes under the million dollar mark are selling on average 105% of assessment. Over a million dollars homes are selling, on average at 120% of assessment. I hope this is helpful. And keep in mind these stats are an average. There are Always exceptions... For more information log on to my site to search analyze homes and some helpful information.
0 votes Thank Flag Link Wed Oct 29, 2008
Not the case in Wenham in 2012. Highly doubt that in 08' either. It depends on the property. Some sell for way over the assessed value some do not. As a buyer looking at the assessed value should really give you no more than a ballpark (20-40%) of what the home should be priced at. There are of course execptions. Ted...hate to say it but you've got it wrong. It sounds like you've attended one to many real estate seminars.
Flag Tue Sep 4, 2012
If the look at your assessed value (typically assessed at the previous years value) then you should be happy....the market was better last year then it is now....
0 votes Thank Flag Link Mon Mar 24, 2008
I suppose the answer to this question depends on the town or market you are in. If I were a buyer I would not count on using assessed value for an offer or a sale price. In many markets I serve, homes are currently assessed at over their market value because assessments are based on the real estate market of 2 years ago. I you have not already, I suggest you consult a local real estate professional and discuss this with them.
0 votes Thank Flag Link Wed Mar 19, 2008
Yes, your assessment is true. Buyers feel that it is a good buy if it is priced below assessment. When it was a seller's market , that didn't hold true.
0 votes Thank Flag Link Tue Mar 18, 2008
Yes. Unlike in previous years, buyers are paying more attention to the 'assessed value' as they perceive it relates to the 'sale price'. The assessment on a home is typicaly updated annually, and is the basis on which taxes are paid. As we've seen these past many months, the 'market value' can actually fluxtuate (up or down) many times in any given year altering the value, while the 'assessed value' remains the same. When the market is in a tailspin, buyers will offer less than the assessed value.
0 votes Thank Flag Link Mon Mar 17, 2008
Yup, absolutely. With the availability of info on line, most buyers know exactly where they should be as far as their offer. Katie Murphy, Realtor -- Keller Williams of the Treasure Coast (Florida). 561-452-2160; http://www.keys2fla.com; ktmurphyrealtor@aol.com
Web Reference: http://www.keys2fla.com
0 votes Thank Flag Link Mon Mar 17, 2008
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