In setting as asking price in the Cape May Beach area today, how does the assessed value relate to the asking price?

Asked by Lorraine, Cape May County, NJ Sun Feb 6, 2011

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Janet Larsen, Agent, Turnersville, NJ
Sun Feb 6, 2011

I will keep it very simple. You have some great responses here. Assessed value is not necesarily the value your home is worth. If you would like a free market analysis, I'd be happy to help and explain in detail face to face listing your home at the right price to sell in a reasonable timeframe. Another option is to contact a licensed appraiser. They will charge you, however, anywhere from 350-450 dollars. There are many factors involved in setting the price for your home.

Janet Larsen, Broker/Associate
Remax Connection
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Edward ( Aug…, Agent, Wildwood, NJ
Sun Feb 6, 2011
Laurie, I can see that you are trying to figure why you home has not sold and what is the real price that would sell it. If I have the right property pegged , you have been on the market for almost 500 days. You have lowered it to $100 dollars under the assessed value and still no offers.
Your past questions lead me to believe that you want to step up to new home once you sell this one. Your home has been on the market much too long. It might be time to concider a change. It should not take 500 days to sell a home. I can see from what you owe on your mortgage that you have options.
If you ever learn anything about real estate you need to know the market determines value.

If you want to take advantage of the great deals out there you need to be willing to sell at todays market value and them you can take advantage of the discounts out there.

You have some good answers below from other agents and I would agree with most of what was said.

Edward ( Augie ) Augsberger
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David Schick, Agent, North Wildwood, NJ
Sun Feb 6, 2011
Hi, Lorraine I have read the answers from others from all over the country. I am a local market expert in the Cape May Beach area and can compare your tax assessment to the comparable sales in that area. Values vary quickly between Townbank, Cape May Beach, Bayside Village, etc. so it would be in your interest to call a local real estate market expert for a no obligation opinion Also values differ between the 500 blocks and the 400 blocks so your address is important to me. Finally if you have a waterfront or beach view other factors should be considered.
Thank you
David W. Schick
Schick Real Estate and Insurance Agency
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Jeremy Gulish, Agent, Morristown, NJ
Sun Feb 6, 2011
Hi Lorriaine,

My family has a couple properties in the Cape May beach area. One is within 5 blocks of the beach near Jefferson Street, the other is near the Physick Estate. While there are fluctuations, following the recent reassessments in 2010, the prices are pretty close to actual value. As some of the other agents responded, assessment shouldn't be a strong consideration when considering listing or buying a home.

My families has done several transactions in Cape May. Let me know if you need any referrals, we have a really good perspective on the agencies in town after working with different agencies for the last 20 years or so.

Good luck with your sale.

Jeremy Gulish
Keller Williams Towne Square Realty
24 Claremont Road, Bernardsville , NJ 07924; Cell: (908) 303-0926
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Larry Sarlo, Agent, North Wildwood, NJ
Sun Feb 6, 2011
First Assessed value is the value the town puts on your property for tax purposes. It does not mean it is less than the market value...
Your assessed value is supposed to equal the market value. However this is not the case in a good years or bad years.
A town will apply a multiplier to the orig value and this is how they compensate or adjust from year to year for fluctuations. It is also a smoke and mirror tactic (which will never be admitted) to adjust the tax rate lower to make things look better on paper.
The answer to your question is "NO" it will not equal the market value of the home.. It is supposed to but should not have any bearing on the sale of your home. However a buyer may look at that value if it is showing particularly higher because the taxes will be higher.
The multiplier adjusts the towns market value determination down, usually. So if your assessment is 245000 that is adjusted by a multiplier .48 then that number is 52% off the value of which the town says it is. The tax base is calculated using the 245000 But the real assessed value is 510,417.00 x.48 =245,000.
Call Tax Assessor - Michael Jones Phone Number: 609-884-9545
The only way you should be setting your asking price is by the market value. There is no compensating for this. It is done by the similar solds taking into account for location( because you are in Cape May, lots closer to water are worth more) Also taking into consideration of actives. Adjustments can be made higher or lower for condition. But more inventory can also be an important factor when figuring your market value of your home. this could determine the time on market. so this must be figured into your sales price also. How long do you really want to wait to sell the home. Of course everyone thinks theri home is worth more or they think they will ask higher price an wait for an offer. But the reality is , if not priced right your home will sit longer than others. unless you have something significantly, considerably unique. It is difficult to say how long any home will sit before it is sold, But given the number of inventory on the market active and their "asking" prices and the sold's prices in last 3 months 6 months to 1 year . Look for "market absorption" not just a CMA or comparative market analysis. This will most definitely give a better picture of value.
If I can help any further I work in the cape may county area. I will say this your time to sell is now not later. People tend to buy in the next 3-4 months at the shore areas.

Larry Sarlo
Weichert Realtors
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Spirit Messi…, Agent, Tucson, AZ
Sun Feb 6, 2011
By definition Assessed value is less than Market Value, look it up and you will see. Simply put, that is how the city/county assessed the value of said property for taxes.
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Anna M Brocco, Agent, Williston Park, NY
Sun Feb 6, 2011
Assessed value has no bearing on market price--in order to determine a price, review comps recently sold similar properties in the immediate area--therefore consider inviting a few agents from different realty companies and ask for a CMA, comparative market analysis and ask for their opinions--and you may wish to hire the agent you liked best as your listing agent.
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