Home Buying in Estes Park>Question Details

123456, Home Buyer in Texas

It would appear that homes in Estes Park are currently ,on average, selling for below their appraised price

Asked by 123456, Texas Wed Dec 19, 2007

listed by the Larimer County Assessors office. Is it correct to assume that ,in general, if the asking price of a home is over the Assessors stated true value, I would most likely be paying too much for this house?

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Answers

3
Greetings from Estes Park,

Larimer County uses a mathmatical matrix to evaluate home assement values. This works better in a place with subdivisions with multiple homes of similar floor plans, finishes and prices. Estes Park is full of "one of a kind" homes, hence the assessed values are not a good gauge for appraisal or sale prices for properties here.

Please feel free to visit my website, there are links to all active listings in the Estes Park area. If you have any questions regarding assessed vs. actual value, give me a call at 970-215-3637 and I will be happy to help!

Lisa VonBargen Owner/Broker
The Yellow Mailbox Real Estate Services
Estes Park, Colorado 970-215-3637
Web Reference: http://TheYellowMailbox.com
0 votes Thank Flag Link Sat Apr 25, 2009
My apologies for not seeing your questions sooner. I just stumbled upon it today.

Susan Walker's comments are accurate and a great start to answering your question. The assessors office at Larimer County uses a computerized formula as the predominate source of coming up with the appraised value. As with any online or computer generated opinion of value, it is extremely difficult to accurately and consistently come up with values that are in the right ballpark. That is why there is a process to contest the value that is generated by the county.

My best advice is to compare the subject property with recent comparable sold properties along with what else is currently available for sale. Market Value is found when a willing and informed buyer and a willing and informed seller agree on a price that is acceptable to each party. Everything else is some degree of "guess work" in my opinion. This is why I don't envy the job of a real estate appraiser.

Let me know if you have more questions. I'd be more than happy to help.

Sam Basel
Estes Park Realty
970-215-0759 - Cell
Web Reference: http://www.homesinestes.com
0 votes Thank Flag Link Thu Jul 24, 2008
Absolutely NOT.

Don't ever count solely on the assessors value to determine the value on a house. Although, most use it as a rule of thumb or a ballpark figure it is far from being absolute and intended for taxing purposes. Typically assessed values are less than fair market value, and occasionally over assessed.

Here is why they are typically assessed less than fair market because home/land owners don't complain when their home is assessed below fair market value because this means lower property taxes.

I would think it was great if a home was selling for less than the assessor's value, however, substantially less I'd be asking questions.

Hopefully, you are working with a local broker to Estes Park. A buyer agent will be a far better guide in terms of value than the assessors office.

Good luck,
Susan Walker
0 votes Thank Flag Link Thu Dec 20, 2007
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