Assessed Value vs. Market Value

Often on a listing you may notice there is a difference between the listing price and the assessed value. The assessed value is an amount determined by the town or municipality on which property taxes are based. Each town is different, but these values are based on the real estate market conditions of the previous fiscal year.
The market value is what a qualified buyer is willing to pay for a property. To determine the market value, we evaluate recent similar sales. Some of main factors to consider are:

• homes of similar size and type that have sold with in 6 months
• number of beds and baths
• condition of home
• neighborhood location ( dead end street vs main road)
• current market conditions, days on market and average list to sale price ratio

Town, neighborhood and location are very important factors to consider. There can be great differences in value of similar homes, even within the same town.
 For more information on home values or the home search or sale process, please feel free to contact us.