Totally confused about pricing and assessment.

jane__nyMay 9, 2009

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.

Jane

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linda117117

I'm not sure what challenging your assessment has to do with determing your asking price to sell. Typically, people want to challenge their assessment if its higher than the market value in an attempt to lower their taxes.

When you say there are no comparables, do you mean in your particular neighborhood? Appraisers usually will go within 3 miles outside of your neighborhood but in a similar neighborhood to find comparable properties and then make adjustments to come up with a number.

The town assessed value usually isnt your market value because they are usually done every few years to many many years ago. An appraisal would be good to use if it was done within the last six months.

    Bookmark   May 9, 2009 at 7:22AM
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