Totally confused about pricing and assessment.
In this market, how do you determine asking price when there are no comparables? In my area (small, upscale area 40 mins from Manhattan), houses have been sitting since last year. The last house to sell was Jan 09 and is not a comparable.
Met with two Realtors today and they said they will have to pull houses further North to figure a price. They stated that many houses have contracts, but banks are slow in issuing mortgages. I check Trulia and Realtor.com to watch for any houses which sold and there haven't been any.
Should I use my Town assessed value or a bank appraisal? How should this be handled? BTW, I think both of these appraisals are incorrect as housing prices have dropped. My Town (called them today), state that they haven't had one house sell for less than their assessment. They told me I could challenge the assessment.