Current real estate - Asking Price vs. Sales Price?

[jobert]

Originally Posted by Jennibc

Yeah, well Travis County just reduced our taxable value 10K from last year (which is good news because we will pay lower taxes but bad news in that we purchased the house for more than what the county says its worth. I am worried that in fact, the county's tax value is accurate in terms of the market value and we may have overpaid and we purchased in SW Austin.

The problem with the taxable value placed on homes by Travis County, is that it is for tax revenue purposes only, and can be way off. I don't think buyers look at that as much as they would say, comps.

[jobert]

Originally Posted by llkltk

Our appraised value rose significantly

Really? Unless you built an addition to your house, I'd protest.

Per MLS sales data from 2008 to 2009: The avg. price dropped in the Circle C area by about 10K, and the price per sf dropped almost 5%.

[eileenkeeney]

Originally Posted by jobert

The problem with the taxable value placed on homes by Travis County, is that it is for tax revenue purposes only, and can be way off. I don't think buyers look at that as much as they would say, comps.

I look at tax data, and compare asking prices to tax appraisal value, to get an idea.
I look at comps, and compare them to tax appraisal value as well.

If most houses that are selling (in that area) are above tax appraisal value, then I am more likely to offer above tax appraisal value.

But for both comps and tax appraisal value, condition is often ignored.

I would have expected tax appraisal value to consider condition, but it seems to ignore it. I know of a few houses, that are in really bad shape.
In most cases their sales price somewhat reflects this. Their tax appraisal value does not seem to.

(Travis country had the Tax Appraisal values, for this year, on the website. but now the values seem to have been zeroed out. The ones I had looked at were all actually lower than 2009, but sales prices actually seemed higher. For each house I was tracking, I was comparing the tax appraisal value to the list price. When the values populate, it will be interesting to see if they are the same values that were previously there.)