Pricing Your Home
Developing an effective home-selling strategy starts with determining your home’s estimated value.
The housing market, your home’s location, and its special features are what matter most.
Located in the lovely Larchmont Estates section of Union, this neighborhood consistently receives over-asking price offers. This home sold for $21,000 over asking price in less than one week on the market.
1084 Kensington Terrace, Union NJ
The Market
The housing market is directly tied to supply and demand, or in this case, homes for sale and homebuyers. Mortgage rates are at historic lows which has allowed more people than ever the opportunity to become homeowners. Currently, there are not enough homes for sale as there are homebuyers. This has caused home prices to rise dramatically, making for the greatest seller’s market ever.
Comps
Your home’s estimated value is primarily based off of comparable homes, known as Comps. Comps are properties similar to yours, located near your home, that have been sold within the last 6 months.
Appraisal
If a homebuyer is financing their purchase with a mortgage (most likely scenario) the home has to appraise for the price the buyer is offering or more. The buyer’s lending company hires an independent appraiser who uses a similar method to ours in determining your home’s value. If the home does not appraise for the contract price (or higher), the purchase terms will have be renegotiated before we can close.
Location
Proximity to parks, landmarks, restaurants, shopping, and transportation, will all play into a determining your home’s value. Buyers also consider the safety of the neighborhood and the quality of available school & recreational programs.
Condition & Features
Well-taken-care-of homes and infrastructural improvements such as roofing, plumbing, and heating/cooling will yield higher offers. Additions, renovations, and special features like pools may also add value depending on the homebuyer.
Here’s a few tips to increase the value of your home in preparation for listing.
There’s fewer things more inviting than a backyard oasis complete with a pool and plenty of room for entertaining guests.
72 Vanderveer Road, Freehold NJ
Find out What your home is worth
Sites offering home value estimates like Zillow and Trulia are typically not that accurate. Select a time that works for you to discuss your home’s value, and then fill out the form to start your free market valuation!
Selling Guide