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  1. #1
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    OT - Urgent!!! Need quick real estate input



    If a seller is asking $400k for a house now...but 2012 Tax Assessments are 100k less...does that mean the seller is asking WAY over the value of the home?

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  2. #2
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    Re: OT - Urgent!!! Need quick real estate input

    not necessarily. Try zillow.com and enter the address to see market estimates and history
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  3. #3
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    Re: OT - Urgent!!! Need quick real estate input

    Depends ...

    Were there any renovations done to the home since the assessment? Has the area seen an uptick in purchasing of existing homes?

    Your agent can answer all of these questions. Or should, I should say. If your agent doesn't know this stuff, I'd recommend getting a new one.
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  4. #4
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    Re: OT - Urgent!!! Need quick real estate input

    No. Like said above, Zillow will give you an estimate. My friend, who's in real estate, said they usually run a bit low.




  5. #5
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    Re: OT - Urgent!!! Need quick real estate input

    Oh, you guys and your First World Problems...




  6. #6
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    Quote Originally Posted by DrUnk View Post
    No. Like said above, Zillow will give you an estimate. My friend, who's in real estate, said they usually run a bit low.
    I figured the Tax Assessment was low...just curious.

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  7. #7
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    Quote Originally Posted by HoustonRaven View Post
    Depends ...

    Were there any renovations done to the home since the assessment? Has the area seen an uptick in purchasing of existing homes?

    Your agent can answer all of these questions. Or should, I should say. If your agent doesn't know this stuff, I'd recommend getting a new one.
    Agent is answering the questions. Problem is there are not many comparable homes in the area. Pretty rural (Ijamsville, MD).

    Zillow estimate has it around 80k less.

    And no reno's were done.

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  8. #8
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    Re: OT - Urgent!!! Need quick real estate input

    Quote Originally Posted by wickedsolo View Post
    Agent is answering the questions. Problem is there are not many comparable homes in the area. Pretty rural (Ijamsville, MD).

    Zillow estimate has it around 80k less.

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    zillow should give estimates on neighboring houses also but it's just guidance and each house could have individual reasons why it is higher or lower.
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  9. #9
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    Re: OT - Urgent!!! Need quick real estate input

    Quote Originally Posted by wickedsolo View Post
    Agent is answering the questions. Problem is there are not many comparable homes in the area. Pretty rural (Ijamsville, MD).

    Zillow estimate has it around 80k less.

    And no reno's were done.

    Sent from my DROID X2 using Forum Runner
    If it's anything like here in Houston, inventory is low and demand is up. That can effect the price as well.
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  10. #10
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    Re: OT - Urgent!!! Need quick real estate input

    Quote Originally Posted by wickedsolo View Post
    I figured the Tax Assessment was low...just curious.

    Sent from my DROID X2 using Forum Runner
    I should have been more clear. She said Zillow runs a bit low, generally. But yes, tax assessment is lower too.




  11. #11
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    Re: OT - Urgent!!! Need quick real estate input

    Because I'm in a somewhat rural area, my county tax assessment is WAY lower than the appraised value of my home. Like half. Which is good. An appraisal and a tax assessment are very different animals.




  12. #12

    Re: OT - Urgent!!! Need quick real estate input

    During the bubble - ie 2008 - my house had a tax assessment value of $338K. With the bubble bursting the assessment value is now $198K.




  13. #13
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    Re: OT - Urgent!!! Need quick real estate input

    Quote Originally Posted by HoustonRaven View Post


    Your agent can answer all of these questions. Or should, I should say. If your agent doesn't know this stuff, I'd recommend getting a new one.


    This. I bought and sold a house lat year and my agent was able to give me opinions with confidence. If you don't trust your agent you should get a new one. No recent sales comps is not really a good answer. Your agent should be able to provide somethhing to help you make a decision. Something has sold in the area in the last year. Something must have been listed. Even if it is not exact you can see what the differences are and try to determine what the value is to you.

    To answer your question like others have said, Don't rely on tax assessments. There can be a ton of reasons why they are different.




  14. #14
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    Re: OT - Urgent!!! Need quick real estate input

    In Connecticut the tax assessment is always significantly lower than market value. A house assessed at $300k could easily sell for $600k
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  15. #15

    Re: OT - Urgent!!! Need quick real estate input

    Quote Originally Posted by Ravenswintitle View Post
    zillow should give estimates on neighboring houses also but it's just guidance and each house could have individual reasons why it is higher or lower.
    Zillow also can show you the actual recent selling price of houses in the area, if you don't trust their estimates.




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