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I think there is a rule that assesments on nassau properties cannot rise more than 6% a year (unless there is major construction), and we know that home prices climbed like 20% a year during boom time, so there will be a discrepancy here. The property assesment serves to set an assesment price for tax calculation, not to reflect the true market value of the home.
Quote:
Originally Posted by twingles
I just checked out mynassauproperty.com
my house is assessed $200K (almost to the dollar) below what we sold it for for 2011-12
a house that sold around the corner is assessed about $100K less than it just sold for
a house a few blocks away is assessed about $100K less than it just sold for
Knowing my former house and these houses I'll say that bank appraisers have one advantage over the county - they see the inside of houses. Most of the houses on mynassauproperty are only be judged on the outside.
I think there is a rule that assesments on nassau properties cannot rise more than 6% a year (unless there is major construction), and we know that home prices climbed like 20% a year during boom time, so there will be a discrepancy here. The property assesment serves to set an assesment price for tax calculation, not to reflect the true market value of the home.
If everybody actually looks at the comp methodology used by mynassauproperty they would then realize that it is actually pretty sound analysis - - and really no different than what your friendly REA is doing for you. Its a computated method by which similar houses with similar statistics/property/architectural features/sales data are compared with each other - - while obviously factoring in the trend in market factors. However, what it cant do is be as timely as some recent sales info "could" be to you (but those also might not even be true comps).
Bottom line: do your own research, dont trust the sellers REA to couch your offer price in some worthless comp analysis they do - - and by all means understand that the only "comp" that matters anyway is the price YOU are willing to pay (since so many people overpay because they dont know any better or dont care enough to care).
I have been looking around in this website, comparing it to home prices listed on mlisli.com, and I have also found homes whose asking price is significantly (to me that is over $50K) less than what the tax assessment is for the current and future years. It's a good website but not foolproof of course, as I found homes on the same block ... one a legal three-family and one a one-family whose RE taxes were assessed at almost the same (???) -- and the website had its own "comps" to back those assessments up. Comps can definitely be made to say what one wants them to.
I have been looking around in this website, comparing it to home prices listed on mlisli.com, and I have also found homes whose asking price is significantly (to me that is over $50K) less than what the tax assessment is for the current and future years. It's a good website but not foolproof of course, as I found homes on the same block ... one a legal three-family and one a one-family whose RE taxes were assessed at almost the same (???) -- and the website had its own "comps" to back those assessments up. Comps can definitely be made to say what one wants them to.
EXACTLY!!!!
A buyer is going to get s-c-r-e-w-e-d big time if they fall for the REA's comp analysis. The only way to defend against it is to do your own analysis from the many, many available sources on the web. Then go to the Open Houses, visit other houses in and around the area, and understand the differences and similarities within the neighborhood that could affect price. Then comp-comp-comp away and find the ones that benefit you and couch your offer around it. Remember buyers, you never want to "Offend The Owner" so do your own comp homework...
Not useful at all. Not really market value in my experience. In my area, they are usually LOWER than market value.
Precisely and yet, not exactly.....
Each home will vary somewhat from the next on the site. Use it as a snapshot, compare their comps to others, do research on price trends on the block and in the general vicinity....and then use whatever numbers and facts that support your argument to substantiate your offer.
If most of the houses in your area are LOWER in market value, then as a potential buyer, I would certainly be using that mynassauproperty info as a starting point for an offer - - not that the offer would be accepted -- but it could. Too many unknowledgeable people think the REA's are impartial, and thus overpay by the tens of thousands for these houses based on impartial comp reports and other facts offerd up by the seller's REA.
Remember, NEVER EVER offend the owner - - thus buyers need to do their homework to make a cogent offer.
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