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Real Estate: Sale Price vs. Valuation?

60BriteAvenueThis 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 annemorettidetermine 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.

carolynkayCarolyn 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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#2 Here here! 2014-07-09 10:57
Thank you ladies for telling it like it is! Tyler has NOT been transparent with its methodologies AND what a buyer will pay for a property is the real value. Perhaps the town should have brought in as consultants local RE professionals like these (or any of the many other smart RE sales people that we all know) who are immersed in the Scarsdale RE sales market on a daily basis.

Instead Scarsdale/Tyler hired consultant John Ryan, a known mass-appraisal pusher. How could he be looking out for the Scarsdale homeowner when he's really a Tyler cheerleader?Who in this whole process really had the tax payers' interests at heart, assuring true fairness and accuracy. Who?
#1 Real Estate Professional. 2014-05-01 11:35
With the lack of transparency being shown in how the Village of Scarsdale and Tyler Technologies' revaluation figures resulted in putting such a high increase on specifically the land value in Scarsdale, the following is something Scarsdale residents might want to consider. Residents can obtain through the Scarsdale Village Hall public records under the Freedom of Information Law (FOIL), how many homes were sold in 2013 to builders for demolishing and rebuilding vs. homes sold to private individuals for intent of living in existing homes.

So the challenge with the records is that you cannot tell what the outcome is on most of the homes demolished. However, here is a total (keeping in mind some homes appear twice for demo and rebuild):
Demo and rebuild = 3 / Demo only = 21 / Partial demo (no rebuild) = 6

It is probably a fair assumption that the 21 demolished will eventually receive a permit for a rebuilding. So let’s say 24 in total for 2013. The records list all the sales which total 382 (some appear twice so they were only counted as once). The tricky part is that there is carryover in years. So for the list of demo’s for 2013, only a portion show as purchased in 2013 as they could have been purchased in 2012 and the permits filed in 2013. Likewise there are probably builders purchasing homes on the list in 2013 that the permit requests will appear in 2014
But allowing for assuming the same carryover from year to year, it could be said that of 382 sales, 24 were for the intent of demolishing and rebuilding. This represents 6.3% of the sales in 2013. So the question begs, how can the town and Tyler Technologies place so much weight on the land portion of the assessment that is driven by builders’ intent to demolish homes when this represents only 6% of homes sold in Scarsdale? Put another way, with 94% of homes sold to private individuals for the intent of living in the existing homes, then it appears necessary to assume this is the likely buyer demographic and the assessments should be made with more weighting on the home and less on the land given the intent to live in and retain the home.

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