How to find Real Estate prices for years past. (sales, assessor)

[.highnlite]

In determining cost basis, knowing California real estate values for time of transfer is required. I know I can go to the newspaper office and look at archived papers, which may work.

Transfer upon inheritance, no sale involved.

Are there any slicker ways of doing it?

[Fontucky]

Zillow and Redfin have various levels of sale price histories both listed and non-listed properties.

[.highnlite]

Thank you for that, I shall check them out.

[Sgoldie]

I don't quite understand what you're saying. Do you mean you need the cost basis of a house that has been recently inherited?

If so you would get a stepped up cost basis that is the present value of the home at the person's death. No need to know any previous figures.

[MtnSurfer]

Originally Posted by Sgoldie

I don't quite understand what you're saying. Do you mean you need the cost basis of a house that has been recently inherited?

If so you would get a stepped up cost basis that is the present value of the home at the person's death. No need to know any previous figures.

This is correct. I used to work as RE Appraiser and the value of a home or property is based on current market value. The previous sales history, although interesting, is not an indicator of value today. Everything is market driven.

Derek

[.highnlite]

More info. The property was inherited in 1982, sold in 2010, the cost basis is required for taxes. As I understand it, that would be the gain or loss in value from the 1982 transfer to 2010.

[MtnSurfer]

Originally Posted by .highnlite

More info. The property was inherited in 1982, sold in 2010, the cost basis is required for taxes. As I understand it, that would be the gain or loss in value from the 1982 transfer to 2010.

Was the property assessed by the tax assessor during those times? Although not the best indicator of value it is still something which the county would consider as a legal document regarding value.

What you are asking for is the value of the properties' previous value for those two dates. That is a difficult thing to reliably establish. The reason for this is that value is based on a number of factors which change over time. Actually if the property sold in 2010 you only need to figure out the value in 1982. Unfortunately that's the harder one to establish.

Three places to start are:
1. Look at the market during those periods within 6 months to 1 years. Look at sales of similar properties during those periods. Realtors use MLS and other data sources which they pay for to obtain. I think you could also obtain this through other means. It helps if you have a realtor or know someone from a title company. Since 1982 is 30 year old data you have to really dig into the archives. It may be on microfiche or real estate transaction books somehwere. You won't find that info on common websites such as redfin or zillow, at least which I am aware of. Getting full sales history of neighboring properties is your best bet.

2. Look for any evidence of the properties condition during those periods such as photographs, etc...

3. Gather any previous sales history and accompanying documents such as appraisals and tax assessments around that time.

Derek

[.highnlite]

It is the 1982 value upon transfer that we need to determine. The assessed value as shown on the county records for 1982, is vastly less than the market price. Which if we went with that, we would get nailed on the gain.

I did call a local title company they are checking to see if they have records that they can easily pull. This search was supposed to be done by the accountant, but, he didn't, and taxes have to be submitted on Monday.

Thanks for your info.

[Beth56]

I had a similar situation and went to a realtor who was able to provide the information I needed. I don't remember the cost, but it was not substantial. Hope that helps.

[.highnlite]

Originally Posted by Beth56

I had a similar situation and went to a realtor who was able to provide the information I needed. I don't remember the cost, but it was not substantial. Hope that helps.

I have not found that realtors keep records of transactions going back 30 years. Even the title company was not able to help. So early tomorrow I make the 200 mile round trip to the County Courthouse. they will have the information on microfiche. Curious, in this day of microfiche and computer chips, America's important information is on Fiche and Chips....