Concentrate on the MARKET VALUE:
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called â€œchasing the curveâ€) and Buyers will be asking the question; â€œWhatâ€™s wrong with that house?â€ and â€œWhy has it been on the Market so long?â€
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; â€œArenâ€™t you obligated to sell at this price if someone offers it?â€ The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
The assessed value is for tax purposes. It has a direct relationship to what you pay for property taxes. Often assessors are not terribly interested in what it may be worth in the market place. Instead, you need to decide one thing: What is it worth to you? And offer accordingly.
Underprice, and you attract more attention, and possibly stimulate multiple offers at over list price
Overprice, and you may not get anyone to see the property.....but some overprice because they anticipate that a buyer will haggle.
Some prices are set to reflect the condition of the house -- for example, a fixer upper/handyman specialy may be priced less than comparable homes in the immediate vicinity
Forget about assessments --- some of these assessments are historically based on what the owner bought it for years ago, NOT for what it will sell for today.
If you are looking to buy -- engage a realtor to help you. You'll find a lot of helpful agents on this forum in your selected area who will be most happy and willing to help you.