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I did find many folks addressed questions on property appraisal questions. I am not sure, whether I can re-post it here, so you can weigh-in to my thread.
I looked there and read the thread... I'm not sure I understand the question?
Are you looking at vacant land?
Is the posted size of the lot you're interested in really 686 sf? That's just a little more than 25x27 feet That's tiny.
Nevertheless, you can't usually get anything really valuable from a straight cost per sf comparison on land. They vary in price for all kinds of reasons.
Please clarify what you are attempting to accomplish.
If you are trying to buy a home and are using tax assessments as a guide to figuring price, you're probably wasting time. There are too many variables. A Realtor is your best source of information, as you can get the information that's not visible from the street.
I have no idea how close MD tax assessments are to market value. In my area, two identical houses, next door to each other will have different assessments based on how long ago the property was purchased. Our assessments are below, at, and over market value.
Are you looking at vacant land? NO. I am looking to buy a town home, but posted land value/sq ft on SDAT misleading. I did provide the data comparison for properties. One town home shows land area 686 sq ft for $66000, another one for 2000 sq ft for 66000. These homes are not far away.
I do find the listed property prices all over the place.
If some buyer pays higher price based on emotions (above listed price). it will become a norm for realtor's CMA.
What is the fair market price ? That is what I like to figure out.
SDAT posted numbers shows real assessed values of property. Does this act like STOCK's BOOK Values and used car's Kelly's blue book values?
There are some properties do not have recent sales to rely upon. Seller wants HIGH buyer want value to avoid bubble trap. You can say, that is what reactors for. I am not sure whether I am getting value directive from my realtor. This is why, I opened this thread.
My Realtor says 5% below list price a fair offer. Is it true for all properties?
What is the close approximation to get fair market value(before hiring the appraiser in mortgage process) of the house using published numbers?
"A Realtor is your best source of information, as you can get the information that's not visible from the street."
Could you explain this? I am getting the data from MRIS in CMA from Realtor. That solely depend on past close prices.
What are the pieces not visible from the street?
How a buyer make informed decision doing homework/due diligence ?
Are you looking at vacant land? NO. I am looking to buy a town home, but posted land value/sq ft on SDAT misleading. I did provide the data comparison for properties. One town home shows land area 686 sq ft for $66000, another one for 2000 sq ft for 66000. These homes are not far away.
I do find the listed property prices all over the place.
If some buyer pays higher price based on emotions (above listed price). it will become a norm for realtor's CMA.
What is the fair market price ? That is what I like to figure out.
SDAT posted numbers shows real assessed values of property. Does this act like STOCK's BOOK Values and used car's Kelly's blue book values?
There are some properties do not have recent sales to rely upon. Seller wants HIGH buyer want value to avoid bubble trap. You can say, that is what reactors for. I am not sure whether I am getting value directive from my realtor. This is why, I opened this thread.
My Realtor says 5% below list price a fair offer. Is it true for all properties?
What is the close approximation to get fair market value(before hiring the appraiser in mortgage process) of the house using published numbers?
"A Realtor is your best source of information, as you can get the information that's not visible from the street."
Could you explain this? I am getting the data from MRIS in CMA from Realtor. That solely depend on past close prices.
What are the pieces not visible from the street?
How a buyer make informed decision doing homework/due diligence ?
Thanks for your guidance.
If you have an experienced, knowledgeable, Realtor, then she/he is giving the best information available. This includes, sales price, condition, number of bedrooms/baths, concessions, etc. so that you can compare to the home you want.
Trying to compare $/sf of land, based on assessments seems like a lot of work for very little useful information. Even if assessments in your area are always very close to market value, you still need to look at what the whole property sold for within different communities. They were not sold as vacant land. Land value will give you only locational difference, not those differences that are attributable to everything else, such as condition, size, etc.
5% off list price may be reasonable for that one particular home. However, you cannot assume that is always true. Some owners list low to sell quickly, some list 5% +/-, and some may list substantially higher.
Your due diligence is looking at available homes and comparing the closed sales provided by your Realtor. When you are ready to make an offer, decide what it is worth to you and go from there.
SDAT posted numbers shows real assessed values of property. Does this act like STOCK's BOOK Values and used car's Kelly's blue book values?
NO.
How a buyer make informed decision doing homework/due diligence ? RELY ON THE REALTOR WHO HAS BEEN SHOWING YOU HOMES AND PROVIDING INFORMATION. IF YOU DON'T TRUST THEM, FIND ONE YOU DO.
Thanks for your guidance.
What is your profession and primary language? There are barriers you're putting in place to being effective in purchasing a home.
great - unfortunately you cannot rely on just the data available to be successful in residential real estate. It requires experience - usually on the part of your agent - with a large number of clients to understand the vagaries of your local market.
People buy houses, and so many non-statistical factors come into play. Houses cannot be distilled down to data points.
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