How many sellers believe that their home should never sell below the Assessed Value? And how many buyers feel they should never pay more than the assessed value.
This data reflects all single family homes sold in Manchester-by-the-Sea during 2010. Of the 54 homes sold in Manchester only 15 homes sold within a 10 % range above or below assessed value. 39 homes sold outside this range suggesting that we cannot rely upon and use assessed values as a tool to determine the selling or purchase price of real estate.
Each city or town establishes the Assessed Real Estate Value for their tax purposes, based on each town’s assessment guidelines; number of bedrooms, baths, sq footage, age, acreage, etc. Therefore the assessed value does not always reflect the actual selling price, because there are so many other entities that may affect what a home may actually sell for…
Mortgage interest rates, employment, economy, stock market, global affairs are all part of how the housing market prices can change so dramatically. There are many other variables such as location, style of home, curb appeal, interior décor, and layout that can make one house sell quicker or for more money than another. The most important and valuable asset you should consider when selling or purchasing your home is the real estate agent; one who will work with you to determine the correct price when buying or selling. The agent should be knowledgeable in the area and be able to show you all similar properties on the market and sold properties during a prior 6 months period. With the professional assistance from an experienced licensed real estate agent you will be confident that you are purchasing or selling at today’s market price; not overpaying or underselling.