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help!! first time home buyer.....

My SO and I are looking to buy a home. We have found 'the one' in a very nice neighborhood that we love. It's everything we have been looking for. My question is- The tax value on the home is 91,500(how much the house is worth). Is there any way of telling how much the house should sell for?? We don't want to over pay for a home, even if its perfect for us. They are asking 117,000 for it. 4 bedrooms, 2 full baths, basement, attic, 2 car garage, storage shed, fenced in yard, and a total of 2,200 square feet and it sits on about 1 acre of land. Any advice would be greatly appreciated!!

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alexsmomma06

Asked by alexsmomma06 at 12:34 AM on May. 21, 2010 in Home & Garden

Level 10 (426 Credits)
Answers (7)
  • The tax value is not always the same as what the home is worth. But it sounds like your in the right ballpark. That is at least comparable to what a home like that would be here.

    BlooBird

    Answer by BlooBird at 12:37 AM on May. 21, 2010

  • I think they only way to really assess the value based on the current market is to compare it to similar houses in the area, which is something your agent can do. Unfortunately, it doesn't matter how much it was worth at any other time, it's only how it compares to today.
    Adelicious

    Answer by Adelicious at 12:39 AM on May. 21, 2010

  • we have looked at other homes in the area that are comparable as far as size and how good of a condition they are in and they are around 150k-200k. We are from a very small town and even at 117k, it seems very expensive! Where we live you could get that house for 80-90k.
    alexsmomma06

    Answer by alexsmomma06 at 12:47 AM on May. 21, 2010

  • Your Realtor should be able to do a Comparative Market Analysis for you which will give you a ballpark...and then its a negotiation. If the house has been on the market for awhile and there are no other offers, make a low ball offer and see what happens. If its new to the market and you're in love, offer asking price.
    ANGIE409

    Answer by ANGIE409 at 12:59 AM on May. 21, 2010

  • Do you have a real estate agent working for you? This is exactly why you should, they are there to answer questions and guide you through the process. IT's free to you as a buyer so there really isn't any reason why you shouldnt have one. And if you do have one and they couldn't answer this question for you, then find a new agent.
    Anonymous

    Answer by Anonymous at 7:21 AM on May. 21, 2010

  • Assessments often bear very little resemblance to market value; they're there to let you know what the taxes on the house will be. I'm with Anon 7:21—a good real estate agent can help you IMMENSELY in this area.
    SWasson

    Answer by SWasson at 7:37 AM on May. 21, 2010

  • This drove my husband crazy when we bought our house. It was tax appraised much lower than what we paid. I told him that it was good... it keeps how much we pay lower. We simply did not tell the tax appraiser office how much we paid (if we had, they would have increased our taxes significantly. I would rather keep that amount low till we want to sell again.

    The tax people sent us a letter when we bought the house asking what we paid. However, it was not a certified letter, so I did not see it as necessary to respond to them. If we want to move, and are having trouble selling because of it, then I might consider getting it raised, but until then... I'd rather keep it low.
    Eyvette

    Answer by Eyvette at 4:26 PM on May. 23, 2010

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