Upper Cape Real Estate: Recent Comments

Comment on $215,000 below asking

Nancy Clayton — Mon, 01 Oct 2007 21:51:04 GMT

Hi Dick,

Do mean appraised value or town assessed value? Maybe another example will help. I personally have a listing in Falmouth that I have had on the market for over a year. There were not enough sales to give a real determined original list price. I told the seller, lets price it at the towns assessed value of $495,000. I have not received any offers and yet the seller over the course of a year has reduced the property down to $429,000. The seller recently excepted and offer of $370,000. I expect the appraisal as usual will not come in too much higher. The bank only has concern that the value is at least the asking price and the appraisers always have a copy of the Purchase and Sales Agreement to know the price.. Truth is that the towns will have to drop the assessed values and increase taxes to make ends meet.

Hope that helps you, let me know.

Warmly,

Nancy Clayton

Comment on $215,000 below asking

Dick Kates — Sat, 29 Sep 2007 16:39:14 GMT

Thanks for posting about the house that sold for 25% or so below asking price. My question is, and what do you think, what was the appraised value? If the appraised value and the sales price pretty much match up, then the original asking price was invalid as to the market.
What do you think?

Comment on Home market tumble drags on

Nancy Clayton — Sun, 24 Jun 2007 16:15:00 GMT

Hi James,

It all depends if the property is priced right to begin with. I have known of properties listed at 875K and sold for 660K or recently I helped a buyer buy a home that was originally listed at 495K and the buyer bought it for 350K.

One measure in dealing with a good competent local REALTOR is their having the market knowledge to determine and advise their clients about specific property values.

Regards,

Nancy

Comment on Home market tumble drags on

James Arton — Sat, 23 Jun 2007 16:09:53 GMT

Hi Nancy, I am wondering. I am thinking of buying a property in Cape Cod. The asking price is 1.2 million. Are properties in Cape Cod selling at the asking price?

with best, James

Regards James