OfflineHello:
I dont know if this is the right Forum (it will be moved if not) but I want to know your opinions on the following.
My town was just reappraised by the state of Vermont and adjusted to fall in line with our Grand List values of the town. As I was looking through the list I am saying to myself, "this in invaluable information". I am looking at what is considered the most recent values on everyones home's! (My personal address went up 21%)
What I am curious about is this:
If I am looking at the most recent Property Values for homes in my town, I can easily use this info for future negotiations with a possibly seller, correct? I mean I now know the most recent price someone would expect to pay for these homes. In addition, would these figures be considered FMV? I guess I am just curious if there is anyone else out there that has expreinced this and how "usable" this information is. Currently there are a number of homes in my town that are for sale by local realty companies (Century 21 etc) but there are also a few FSBO's as well that I could essentially approach if I am interpreting this info. correctly. Anyone have an opinion??
Thanks for your input.
-Marc
No one finds this interesting?
I think you need to determine FMV by checking what like comps have sold for in the last 90 days (within 1/8 mile if possible). How many like comps are currently for sale and how many like comps are under contract. This will tell you what FMV is by providing information on what like comps are selling for, how long they stay on the market and how many are for sale in the area.
Don't go by any state appraised values! This is just my opinion.
Example: You find a house that is priced under FMV that needs no repairs but your research shows that there are 10 houses in the area that are currently listed and the ones that have recently sold took 120 days to sell. Think how you would use this info to make your offer and how this would help determine your exit strategy.
Hope this helps,
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site