A house that I am looking at on Woodward Ave in New Haven has a much higher asking price than assessment value. Is that normal, are the two connected?

Asked by Kperry14, Thu Aug 16, 2012

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Ron Thomas’ answer
Ron Thomas, Agent, Fresno, CA
Fri Aug 17, 2012
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 “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” 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.
0 votes
Cedric McNeil, Agent, Norwalk, CT
Thu Aug 16, 2012

Assessed value is 70% of the towns appraised value which can actually be outdated by 10 years. It is typically used for tax purposes and is rarely, if not at all used to appraise a home for sale.

I would love to sit down and discuss more in depth the ins and outs of homebuying and pricing. Feel free to contact me at any time.

Hope this helps.
0 votes
Deans Best, Both Buyer And Seller, Meriden, CT
Fri Aug 17, 2012
I may have a woman with a 2BR/1.5Ba townhouse style condo for sale on Woodward Ave.

If you are interested, please call, txt or email me.


Ranch RE Services LLC
0 votes
Teresa Fripp, , Hamden, CT
Thu Aug 16, 2012
The assessment value is usually lower than the market value of the home, however the market value and asking price should be close in price.
0 votes
The assessment value is set by the city to calculate the taxes and normally does not reflect the market value or current trends.
Flag Thu Aug 16, 2012
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