Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Tuesday, March 17, 2009
Homes in the City of Harrisonburg are currently selling at approximately 95% of their assessed value.
Taking a look at the data above, you'll note that approximately 30% of homes in Harrisonburg sold above their assessed value in 2009 thus far. An additional 40% (roughly) of homes sold between 90% and 100% of their assessed value, and the final 30% sold for less than 90% of their assessed value.
The average (and median) ratio between sale price and assessed value is 95% thus far this year.
Is this actionable? Not necessarily --- assessed values are not a reliable measure of what you could sell your home for in any given real estate market. But, do note that we can no longer assume that most if not all properties sell at or above their assessed value. In fact, 3 out of 4 properties selling these days are selling below their assessed values!
Additional yet-to-be-opened can of worms: are home prices lower now than they were a year ago, or are assessments to high?
This is another great question from a client --- if you have a question about our local real estate market that could be best answered with some data analysis, send it my way! Call me at 540-578-0102 or e-mail me at scott@cbfunkhouser.com.
Taking a look at the data above, you'll note that approximately 30% of homes in Harrisonburg sold above their assessed value in 2009 thus far. An additional 40% (roughly) of homes sold between 90% and 100% of their assessed value, and the final 30% sold for less than 90% of their assessed value.
The average (and median) ratio between sale price and assessed value is 95% thus far this year.
Is this actionable? Not necessarily --- assessed values are not a reliable measure of what you could sell your home for in any given real estate market. But, do note that we can no longer assume that most if not all properties sell at or above their assessed value. In fact, 3 out of 4 properties selling these days are selling below their assessed values!
Additional yet-to-be-opened can of worms: are home prices lower now than they were a year ago, or are assessments to high?
This is another great question from a client --- if you have a question about our local real estate market that could be best answered with some data analysis, send it my way! Call me at 540-578-0102 or e-mail me at scott@cbfunkhouser.com.
