Calculating Fair Value in today's market

[Boomer]

Thanks for the welcome, folks! Skook, again, thank you for that insight. I do try to pour over the incredible amount of data and info you have posted, but in all honesty, it's pretty overwhelming for a simpleton like me, who just wants to leave the big smoke and land in a different environment..

Here's an example:
Owner bought in 1999 for around $300-ish K, at some point, may have subdivided about half the property, (probably in the high-value time, not sure), but the property is now assessed at around $530K ish and they are asking more than $100K over that assessment. To me, that sounds like someone 'fishing' on the market, but I'm not sure if they've had any offers.
There are others, of course, but maybe they are being misled by their own perception of the value of this home, maybe they are not exactly worried if they sell or not.
If the assessments drop next year again, this pricing seems like a real risk for anyone who actually does want to sell before I come back next year and offer even less. Btw, I have not made any offers yet.
Cheers.