We believe very strongly that, if the goal is to sell your property, it must be priced right when it is first brought to the market. Although so many things in real estate are unpredictable, this is not one of them. We can cite numerous examples of properties selling for less than they would have if they had been priced to the market initially. Sometimes selling after being listed for more than 4 years! The other issue at play in pricing is to evaluate your level of motivation. If you “do not really care when I sell” then you should wait for a stronger market than one in which you are competing with those who have to sell now. Sometimes, depending upon market conditions, even those properties that are priced correctly will take longer than a year to sell.
Don’t get confused about the assessed value of your property versus the appraised value. The assessed value is the value set by the town and is not by itself an accurate indicator of market value. The entire island undergoes a revaluation, required by the Mass. Dept of Revenue, every three years. The purpose of establishing the assessed value is to set the property tax rate for the Town of Nantucket. The appraised value is a professional opinion of the market value of your property at a specific moment in time and is prepared by a licensed appraiser.
The Brokers at Atlantic East Nantucket Real Estate are very experienced in property and market evaluation. We offer a confidential Broker Opinion of Value report, substantiated by hard market data. If you would like professional help in evaluating your Nantucket property please contact your Broker.