I had a prospective client email about putting an offer in on a Livonia Home for sale based on State Equalized property. I emailed them back and told them to put Michigan's property tax assesment out of their head.
The reason I said this is that all Michigan homes most likely have SEV's (state equalized values) that are higher than what the Michigan home is worth. Whether it s a Canton home, Livonia home, or Farmington Hills home for sale their actual current market value is lower than the SEV.
It doesn't matter what the house was worth 3 years ago or what the State Equalized Value (SEV) was. What you have to do is realize the current market is totally different. Home values are dramatically lower!
You have to look at the recent homes that have sold for. They have to be close in size, features, and that are close in location. You have to look at the Michigan homes that sold in the last six months. This is all you think about. Not SEV's not old prices from three years ago.
JUDGE THE HOME BY THIS MARKET. THE RECENT SOLD HOMES IN THE LAST SIX MONTHS.
For more information on Metro Detroit Real Estate check out my websites.
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My Month of December quote:
~ Mark Twain”
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
Russ,
Lots of great deals out there in Westland, Garden City Wayne and Livonia, for the first time home buyer except that the taxes are not coming down in line with the sales prices. I went round and round with one assessor who was convinced that the home that had been, on the market for months, in the 70K range was appropriately assessed as though it was worth in the 140k range. My 70k first time buyers and I were going crazy trying to find a home with taxes that would work.
Diane