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FYI - I can't think of anything in Southport which IS selling for appraised value - let alone listed for it! Read the ads.. and then look up the appraisals on Brunswick County's website. Astounding!
Where on the Brunswick County's website have you found appraisals?
A lot of places are listed below tax value and still they are not selling. What does that tell you? It tells me that many folks are being unrealistic about what their homes are worth. Case in point, I'm looking at a cottage in Southport that sold for $84,000 in 1994. It's on the market today for $599,000. The party is over folks. If you own property, my advice to you would be to ride it out for 4 or 5 years. If you have to sell, you better come off the price.......A LOT.
giffman,
Be very careful using tax appraisals as the value of a home. In North Carolina a county is only required to tax appraise once every eight years. They can do it more often-Just not required to, so find out when they (the county) actually did the apprasail.
I don't know of a single bank that would take an appraisal from a certified appraiser that was more than 6 months old (huh-The appraisal not the appraiser! ) And that was during the "good times". Right now banks won't look at an appraisal more than 90 days old.
And to give you an example on how prices can fluctuate-Here in the Crystal Coast MLS area year to year actual sold prices have been up 25% and down as much as -11%. And this is just since 2005.
Keep in mind-Appraisals are an estimate of value at a specific point in time.
Tax records can be a good point of reference, but by no means should be considered "the price" of a piece of real estate.
And last but not least-The methodology used by the tax office and a licensed, state certified appraiser are diferent. Plus-The tax office has to be able to work "in mass"-An appraiser spends a lot of time on one property at a time.
Last edited by Bill Hitchcock; 12-01-2008 at 11:17 AM..
I agree and would never propose that anyone use tax value to determine the fair market value of a home. The only time tax value is indicative of fair market value is immediately following reassessment. Of course there are exceptions. For Brunswick County, that happened in 2007 and is scheduled to occur again in 2011 (4 year cycle).
Those records are tax assessments, for tax purposes by the city and county, not appraisals. Two entirely different animals I am afraid.
Appraisals are never made public.
Yes, we are seeing a shift in pricing, however, if a Seller does not have to sell, and is waiting for the market to rebound, they can price at whatever they want to, not a great idea, because we don't need a market glutted with Sellers just testing the market.
Homes will only sell for what the "market will bear", therefore enlisting the aid of a Realtor to perform a CMA, is really the best option in pricing a home.
Also, keep in mind, everything is negotiable, everything, it all depends on how much someone wants something.
Those records are tax assessments, for tax purposes by the city and county, not appraisals. Two entirely different animals I am afraid.
Appraisals are never made public.
Yes, we are seeing a shift in pricing, however, if a Seller does not have to sell, and is waiting for the market to rebound, they can price at whatever they want to, not a great idea, because we don't need a market glutted with Sellers just testing the market.
Homes will only sell for what the "market will bear", therefore enlisting the aid of a Realtor to perform a CMA, is really the best option in pricing a home.
Also, keep in mind, everything is negotiable, everything, it all depends on how much someone wants something.
I wouldn't say they are entirely different animals. Tax assessments are supposed to reflect fair market value at the time of appraisal. Notice how I said "supposed to".
Just to throw a wrench into the works..............
I did a TV interview about 6-7 months ago with Carl Tilghman-head of the Tax Accessors office here in Carteret County. He told me that when they audited themselves-They found that in 2007 and 2008 they were more than 98% accurate with their assesments when compared to actual sold price.
Things that make you say Hhhmmm......................
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) And that was during the "good times". Right now banks won't look at an appraisal more than 90 days old.
