Real Estate: Sale Price vs. Valuation?
- Real Estate
- Published on Thursday, 24 April 2014 12:58
- Joanne Wallenstein
This week we asked to local realtors for their view on a thorny question. Now that the new valuations have been released, what should a seller do if their home is on the market at a price that is higher than the new valuation? Should they drop the price? Here are responses from Anne Moretti and Carolyn Kay:
Anne Dowd Moretti of Julia B. Fee Sotheby's:
The new valuations are certainly worth considering; however, a home's market price is determined by factors which may be very different than those used in the reval process. There has been little transparency in the methodologies used by Tyler Techhnologies to determine the new valuations, so it's hard to say how the new assessments were actually derived. I've seen new assessments on homes which have sold in the past year, and some are significantly higher, while others are lower than the selling prices. A property is worth what a buyer is willing to pay at any given time, and that price can be higher or lower than an assessor's calculation of land size, interior square footage, condition, location, etc. I don't believe the reval assessments and market prices are so closely related. If they were, that would certainly make our lives as real estate agents a whole lot simpler.
Carolyn Kay of Coldwell Banker:
I don't think they need to reduce the price necessarily. The assessed valuation is a number used by a municipality, in our case Scarsdale Village, to assign valuation to a particular property. Ultimately the market value of a house is what it will sell it at any particular time. As a result of this, the price of the house and the assessed valuation of the house may not be the same at all times. As we all know it is the buyers who ultimately determine what a house is worth!
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