Wriver82, Home Buyer in

What does the Market and Assessed Value mean in relation to the listing price?

Asked by Wriver82, Sat Feb 9, 2013

This question was asked from http://www.trulia.com/property/3083178116-12805-Maiden-Cane-…

Help the community by answering this question:

Answers

8
Assessed value is the value determined by the local tax assessor for the purpose of your yearly tax amount; market value can and should be defined as the price at which both buyers and sellers are willing to enter into a contractual relationship.
1 vote Thank Flag Link Sat Feb 9, 2013
Market Value is an estimate of what the property is worth based on what similar properties have sold for in the area within the last 90 to 180 days. (what any buyer on the street will pay for the place today)

Appraised Value is the same method as above but done by a professional appraiser. Is what Lenders base their decision on as to giving you a loan or not for the "appraised value".

Then there is Assessed Value. This is the value that the county will tax the property on. On most locations it is about 20% less than the appraisal value. Then the amount gets further reduced by homestead and other deductions.

What is owed on a property has noting to do with any of them.
What was paid should be very similar to appraised if purchased with a loan. May go up or down from market value depending if a lower offer was accepted or if the person overpaid in order to win over the competition. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
La Rosa Realty
1 vote Thank Flag Link Sat Feb 9, 2013
Do not use RE sites for determination of a property value. They often use algorithms to determine a property value that does not reflect the data used for loan appraisal. For instance, comparables for a loan are based on sales data in that area. Many areas do not release sold property information for 6 months or not at all so the site data is incomplete and cannot be relevant. Get a local Realtor and ask the right questions in your area.
0 votes Thank Flag Link Tue Feb 26, 2013
Assessed value is set by the tax department. The Market Value is assessed by the Real Estate Market. All waterfront property is in high demand. This effect the real estate/market value in any state. All Casa Bonita properties, i.e. CBI, CBII, CB Grande are directly on the Gulf of Mexico.....pool is also on the beach.......enclosed by a private gae. Casa Bonita Royale is on the Bay and comes with beach rights and sometimes a boat dock.
0 votes Thank Flag Link Mon Feb 25, 2013
Good answers below.....if you are interested in seeing the value of your current home send me a message. I will do a free CMA for you to determine current value.

jessemcgreevy@gmail.com
239-898-5329
http://www.Bonita-Estero-RealEstate.com
0 votes Thank Flag Link Wed Feb 13, 2013
Hello Wriver 82 again

I have a blog to that may help you also posted in trulia and my other blog that may interest you


http://rwolchesky.wordpress.com/2012/08/17/what-is-market-va…

Look for property like a Realtor:


http://rwolchesky.wordpress.com/professional-property-searching/


Remember my offer I made. email a property you are seriously consider buying and I will send you a free CMA.

Hope this helps


Ron Wolchesky (alias Realtor Ron W)

Short Sales and Foreclosure Resource Certified Realtor®

Email: realtorronw@yahoo.com

Cell: 239-209-1923: H: 239-349-4684

Remember: “Pictures without the information is never the whole and true story ~!” Realtor Ron W ..Picture being shown, are used to advertise and draw your interest. The rest, the information, will help you decide. Where that information comes from is IMPORTANT to you. When you view the property and have the inspection, everything will fall into place”.
0 votes Thank Flag Link Sat Feb 9, 2013
Market is currently higher than assessed value, but it is really meaningless in the sales process. See our blog for many valuable home buyer insights. Thank you for contactingTeam1 Real Estate and our website property, http://www.NaplesRealEstateGuys.com
0 votes Thank Flag Link Sat Feb 9, 2013
Hi Wriver82,

Market Value is the value of the property in today's market - based on what comparable properties have sold for recently. This is the most important value if you wish to purchase and are financing (not paying ALL cash) since this will be closest to appraised value.

Assessed Value is just the value used to compute property taxes. Has no relevance for purchase price.

Listing Price is just the price the seller has decided to list at. It may be too high or too low in comparison to appraised value.

If you are going to make an offer on a property, the best thing to do is have your Realtor do a Comparative Market Analysis (CMA) on the property using SOLD comps within a 1 mile radius of the property (the closer, the better) that have SOLD within the last 3-6 months. This will give you current market value and this is what you should base your offer on, not on list price or assessed value.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Sat Feb 9, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer