Posted by Mark Washburn on Saturday, August 6, 2011 at 10:52:29 AM By Mark Washburn / August 6, 2011 Comment
One of the questions savvy buyers have been asking our team over the past few months is "why is the asking price of that house so much higher than the assessed value? The follow-up comment is "I only want to pay 75% of assessed value will the seller accept an offer at that level?" The reality of our market right now is that homes are selling for significantly more than assessed values. Properties are assessed once a year using the prior year's sales data, so while prices are trending upwards, the assessed values have not caught up with this trend. We had a client this week who wanted to drill down further on selling price to assessed values for single-family waterfront homes in Cape Coral. We analyzed selling price to assessed values for the last 10 transactions in Unit 64 (Southwest) and Unit 11 (Savona). The bottom line is that the last 10 waterfront homes to sell in Cape Coral Unit 64 sold for an average of 137% of assessed value and the last 10 waterfront homes in Cape Coral Unit 11 sold for 123% of assessed value. If you are an analytical buyer looking for an information rich, low pressure experience, the Greater Fort Myers Team is ready to assist with your search.
Post a Comment
To post a comment about this blog entry, click here.