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 Posted: Thu Jun 25, 2009 1:39 pm GMT Post subject: Re: RE Pricing Off |
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| ruby23 wrote: | | All assessments in Mass are done the same way which is based on data that is from 2 years previous. This means that if a house is appraised in 2009 for 350k that number is based on data from 2007. It's all well and good in a market that is going up , no doubt it will sell fast however you have RE agents doing this now and these houses are not moving. I can' t tell you how many houses I've looked at that have been on the market 1-2 years with an asking price that is within 10k of a 2009 appraisal. The market has come down drastically in two years so if the market analysis values were 350k in 2009 (2007) values that means the house is really worth somewhere in the vicinity of 250k. When the pricing is adjusted to reflect the downward trend for two years the house sells quickly. The prices are way off!! I used to sell RE. It seems most realtors are not even aware of this. You can check with the state this is how the assessments are done. In the end the RE agent is doing his client a great dis-service because he/she is causing you to lose money over time if your house is not priced to sell in 90 days or less. That's the rule of thumb. If you are selling look to see how close you are to the assessment value. If your house has been sitting I bet it's very close to that value. |
In Pennsylvania home assessments are done by using a 6 month back date of home values (you're allowed to go far back as 12 months if need be) so I'm not sure why you are saying it is 2 years in Mass. That is very hard to believe you would take an assessment of a large value assest such as a house and go as far back as 2 years?? That doesn;t amke any sense in any way at all for the buyers, sellers, banks, etc etc. There are too many variables that can swing RE prices. I did list my home close to the assessment value here in PA and it sold for 18K under the assessed value which I was ok with since I plan to make it up once I move to MA. |
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