How can you estimate a home's value lower than the PVA. Any idiot can average sale prices.?

Asked by Pixie Dust, Cincinnati, OH Sun Mar 10, 2013

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This question was asked from this property: http://www.trulia.com/homes/Ohio/Cincinnati/sold/593899-774-…

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3
Zachary Schu…, Agent, West Chester, OH
Sun Mar 10, 2013
Hamilton County Auditor uses a flawed formula in determining tax assessment values. The formula is only updated every 6 years, and the input data is often inaccurate and incomplete.

Trulia uses a slightly better formula to try to assess market value, though its data is also often inaccurate and/or incomplete.

However, no formula can take the place of an agent being able to assess potential market value based on experience and taking into account factors these formulas do not: condition of property, seller's motivation, range of uses, utility, etc. This is true for ALL properties, residential or commercial.

If you own this property, you might want to think about challenging the tax assessment value to bring it closer to true "market value."
0 votes
James Gordon…, Agent, Hamilton, OH
Sun Mar 10, 2013
When they look at what homes sold for in an area most aggregators do not take out distressed properties and come up with their own average. Realise that this property is not for sale and the last time it sold was in 1997 for 28,000.00 cash sale.
0 votes
Mark Miller, Agent, Cincinnati, OH
Sun Mar 10, 2013
When the comparable sales are lower, which is very common during such a market downturn, current value would be less than the previous county appraisal. Comparable sales are those close in location, time of sale, size, condition and features.
The Trulia web site has their own formula for estimating value which may be less accurate that using a Realtor to do a comparative market analysis.
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