OfflineI'm new to this and have done some internet property price checking.
After scanning the MLS listing for my area, I compared for sale prices on addressed against the County assesment of same property and found that most MLS asking prices are somewhere between 10-20k more than the county's property assesment value.
Obviously I want to offer less than the MLS listing, but should I go below the county's assesment value??
Why is there such a value differential??
Someone help me with this please.
Thanks.....Ken
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Ken, I believe it is what you are willing to pay. I know this sounds
simple, But i like to keep it simple. I would think the MLS would over
ride the county assesment...But then again FMV...Comparing other propertys
to yours.I would FMV!
Randy
In most cases the county assessment is a small percentage of the MV. You can call the county and ask what percentage they assess the properties to market value.
California has prop 13. The assessed value can only go up a small percentage each year in order to keep the property taxes from escalating so high and quick.
So in California you can find a million dollar piece of property with the county assesses value of $25,000. This is because the owner has owned it for 30-40 years and may have only paid $1500 for it.
Comps are the only true determiner. The MLS is only an asking price.
I thought that my real concern would be with the county assesment vs. FMV. however, I think I may have found my Real market value evxert, (it may be me)I'll just go for it and let you all know what happens. After all, this is just what we put into it right. With that, I will perform well. Anybody with me??....Ken
Keep in mind that what someone is asking on the MLS is almost always more than they're willing to take, usually more than they end up getting, and therefore higher than a true FMV. FMV is pretty much determined by comps - what is similar that has ALREADY SOLD, and how much did it sell for. Then various price adjustments are made based on different selling features - this one had a hot tub, that one is right next to the park, etc. MLS prices are whatever the seller wants to set them at - I don't really use them much at all in my valuation. Hope this helps!
Tracey
Ken, good advice with JONES and TRACEY. Ken make your way...You are sounding
so positive! You are in the right place...Remember, What are you willing
to pay!
Here goes another (saying)--The boy ask the father...You know we have been
doing this for awhile,Will you give me 2 dollars for my effort!...The father
replies,I will give you 2 dollars. As they sit there...For a while! The boy
asked...How much could i have got!...The father says...YOU will never know
because...You never asked!!!!!!!!!!!
Randy
2birds&1stone!
P.S.You figure out what my quote means! You can do it.(Much love)