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Market Conditions in 06360 : Real Estate Advice

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  • Home Buying10
  • Home Selling1
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Activity 2
Sun Feb 24, 2013
Richard Sanderson answered:
As Anna Brocco suggests, start by contacting the assessor's office. The key deciding factors for determining whether real estate assessments go down, stay the same, or increase are: (1) the effective date for the reassessment (e.g., January 1, 2014); and (2) the time frame that assessment office studies to estimate assessed values for that effect date of revaluation (e.g., one, two or three years PRIOR to July 1, 2013). Assessor always use historical sales that they qualify as indicators of market value and need to cut off the sale study period about 6 months before the completion date in order to value ALL properties in their community. Even using mass-appraisal techniques, it takes a big time effort to completely revalue all properties. As long as all properties are valued using the same effect date of value and study period for sales, the appeal boards consider this to be fair and equitable treatment. ... more
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Thu Mar 26, 2009
Lisa OConnell answered:
Jennifer,
I did a look at the MLS for the start of the year from 1/01/09 to present 3/25/09. 32 homes sold as opposed to 49 in the same time frame 1 yr. ago. The avg. sq. ft. was 1,405 (last yr. 1,397) with the avg. list price of $154,937 (last year $193,282) so down 20%. The actual sale price avg. this yr. is $149,688 (last yr. $186,409) so also down 20%. The average days on market this year is 74 with last yr. being 77.
I hope that fills you in on the market a little more clearly. You didn't say whether you were a buyer or seller.
If I can be of any further assistance, please call me directly at 860-593-8976 that is my cell.
Have a great weekend! Lisa O'Connell Century21 Access America
... more
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