Cranston Re-Asset?

Asked by John Graziano, Cranston, RI Thu Jan 22, 2009

Cranston has just re assest the value of homes in the area, Should this affect the prices of the house that are on the market now? Property I was looking at is on the market for 249,000 and is now assest at 181,000. Looking for advice

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Alayna Berek, Agent, Exeter, RI
Thu Jan 22, 2009
The city assessment has nothing to do with asking price. You should have your buyer's agent do a current market analysis on the property before you submit an offer on it.
Web Reference:  http://www.alaynaberek.com
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Stephen Smith, Agent, Warwick, RI
Thu Jan 22, 2009
In the 25 years I have been in real estate, I have found that tax assessments have little or nothing to do with the current market value of a house. Tax assessments are just one of the means by which the city determines your real estate tax bill.

Market value is based primarily on three factors. The first factor is location and the value of surrounding property. The second factor is the size or square footage of above ground living space. The third factor is condition and features by comparison to surrounding property.

By having a qualified real estate agent representing you, you should be able to review printouts on recent comparable sales that your agent will research and see how closely those properties compare and what they sold for. In this manner, you will be able to do two things. First you can make the most intelligent choice regarding an offer amount because you and your agent have done your homework in advance. Second, you can now use this documentary evidence to help the seller see why they should take your offer because you can now prove the market value of their home to them.

If you are currently unrepresented by an agent, I would appreciate the opportunity to apply for the job of representing you. If you have further questions, I look forward to hearing from you.

Stephen P. Smith, Jr.
Keller Williams Realty
401-785-1700 ext 440
0 votes
Lori Rossi, Agent, Warwick, RI
Thu Jan 22, 2009
Hi John, The re-assessed value is due to the declining market since the last assessment, as you probably already know. I would advise to have your agent perform a market anaylysis on the home to determine market value, before submitting an offer. If you are not working with a buyer agent yet, I will be happy to help. You can contact me through my profile or at the email below. I work out of the Coldwell Banker Cranston/Warwick Center on Post Road.

Lori Rossi
lori.rossi@nemoves.com
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