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I specialize in condominiums and townhouses in the Mission Valley/Interstate 8 corridor in San Diego. If you are looking for a place to call home where both the days and nights are happening, call me.
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Theres a big difference between assessed and market value like you say. I find that strange an experienced agent would confuse the 2. Regardless it doesnt matter what its "worth" other than what its worth to the person buying it.
My favorite are the auction infomercials:
This home starting bid (priced so ridiculously low that it is sure to at least double) and previously valued at (what someone paid for it in 2005 or 2006)
Drives me bonkers :)
Most Realtors training is not much more than taking the pre-licensing education and then their Realtor orientation. That is about it.
I like when a Realtor does "range pricing" between say $200,000 and $225,000. Once the property has been for sale for 2 months, do they really think that any sane buyer will even offer the 200K let alone the 225K. Come on now.
Hey, Rob. That drives me crazy, too. I work in the condo market in a very dense condo area of San Diego. I love it when a Realtor prices a $200,000 condo at a price range of $200,000 to $300,000. I kid you not. A $100,000 value range. Unbelievable. I can see, and often do, a $100,000 value range on million dollar properties, but a $200,000 condo? Yea, right.
Good information, thank you for the reminders!
Maybe they mean $70,000 under where the value was considered fair market value 2 years ago, LOL...
We often frame client conversations with the words "what are people saying yes to in the market right now" as a reasonable way to start talking about what a "fair" price is for a unit. Sadly, (inappropriate) "market value" language has seemed to creep into the marketing and promotion lingo of agents.
I've notice a lot of this too, Jim. $XX under market value usally seems to mean $XX under the market value of 2006!
Jim - I think it's just a sales pitch and some agents get themselves in trouble doing it.