Robert,

Great to see you here on Trulia. Trulia is such a wonderful and important resource to utilize. You have gotten great responses from several agents so far. I agree with a lot of the information that has been provided to you. Location is a big piece of the puzzle for pricing, as Jack mentioned, but it is then followed up by bedrooms and bathrooms. Those are the basics when a buyer is searching for their home. Just remember, there is a house for every person and a person for every house.

Pricing a home is a very diligent process. It is best to compare properties that are similar to yours that have sold in the past 12 months, 6 months, homes currently under contract, and finally homes that are actively listed today. At Weichert, we use a tool known as the price trend analysis. It does just that! You will be able to see very clearly what a similar home is selling for.

I have lived in Warren for 25 years. It is truly a wonderful community and is now # 6 in the country according to CNN Money. Take a look at my profile here on trulia. It talks more about my involvement within the township of Warren as well as my partner's involvement within Warren. My partner's name is Adriane Stewart. Feel free to view her profile here on trulia as well as realtor.com

We would be delighted to assist you in any way we can. You can reach out to me here on trulia or directly at Kstewart@weichert.com I am looking forward to hearing from you soon and discussing your future real estate endeavors.

Regards,
Kacey Stewart-Bedi
The Results You Deserve
908-392-1510
Kstewart@weichert.com

Though builders and for some reason many west coast transferees I work with seem to also try to use square footage as a measure of value, I would have to agree more with Jack. Location is paramount. I just sold a small older town home in Central NJ and the sellers bought a new home about an hour west in Pa for slightly more. Style also comes into play as does the neighborhood pricing. There are even factors effecting price that have nothing to do with location or beds and baths, that of motivation and the strength of the buyer. (last summer I sold a home for roughly 20% less than other recent sales there because the buyer was a cash buyer and sellers motivated). If you are looking for a nice organic farm (currently raising llamas ) and with additional rental income in Stewartsville (Warren County) I have a nice 10 acre listing there with newer house on it. (motivated sellers too :)

Hi Robert,

I have to respectfully disagree with you here on both counts. In plain English what matters most is location, location, and more location.

Now, different buyers will define their ideal location differently based on such factors as accessibility, school system, view, etc. etc. But in the end location is the one house characteristic that cannot be altered and is therefore an inextricable part of your home's value. Within the same neighborhood, however, other factors start to become important as location is more or less held constant. That's when home size, room count, and other amenities start to affect pricing and the process to derive the most likely market price for your home is well-described below by Jeanne. I would recommend a realtor as thorough as she is any time to provide you with a Comparative Market Analysis (CMA). If you want to use an appraiser and don't mind spending the appraisal fee, contact a local appraiser to write you up a report.

Hope this helps,

Jacobus "Jack" Vollenberg
RE Appraiser - Vollenberg Appraisers
Asset Manager - ERA Statewide Realty
Vollenberg@iname.com
Cell (973) 590-0142

Hi Robert, Bedroom and Bath count make a great deal of difference in assessing value. In fact, here in NJ, unless you are looking at new construction, you'll have a tough time putting your finger on a precise square footage number, but you can certainly extrapolate from room dimensions provided in the listing detail. And incidentally, room dimensions should be provided - otherwise the listing appears incomplete and will detract from its draw.

The best way to assess market value is by doing a Pricing Analysis - I live here in Warren and know it and surrounding communities well. The analysis is only as good as the thought and expertise that goes in to selecting appropriate comparables. If that is accomplished, then it is a dynamite tool. The analysis I do, uses comparable sales from 12 months ago, 6 months ago and also those currently under contract to extrapolate the trend in the market which it then applies to comparable active listings to arrive at a recommended range.

This is the same tool that I use to evaluate value for listing a home for sale or bidding on a home to purchase. It will immediately flush out overpricing, and also identify good value. You should not enter into any bidding process without it!

You'll find great local market commentary by clicking o the link below. Warren is one of the communities in Somerset County that I track regularly so please check back often. The full month data will be updated tomorrow, but the market absorption, ie time to sell stats were just update a few days ago.
http://jeannefeenick.weichertagentpages.com/Content/Content.…

I'd be honored to help you Robert as you explore Warren Township, voted #6 Best Place to live by CNN Money 2009! You can connect with me via my profile here on Trulia or email me directly at jeanne@feenick.com

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
TruliaPro, Top 5% Weichert Agents
...and Warren resident 15+ years

Hi Robert,the answer to your question depends on the buyer,families with children want extra rooms, if they can afford a large home thats fine,if not they will buy a small home with lots of rooms .It may or may not effect the price but could significantly effect what I call the sellability.

So many factors affect the price of a home, but when you are considering the one issue of square footage, you need to compare "apples and apples" with similar quality construction, finishes and features. For example, formica counters are obviously not equal to granite. The spacing of the studs in the walls is also a factor, and so on, and so on. In addition people often overlook that kitchen and bathroom space is far more expensive to build than bedroom space because of the extra plumbing, electric, cabinetry, counters, appliances, faucets and so on that are not need in the relatively empty space for a bedroom. Even the flooring is usually more expensive in a kitchen or bath. Therefore, consider the kitchen and bathroom spaces at a higher square foot price than other space. Consider only above grade living space in the basic square footage cost with lower levels at a considerably lower rate. Price per square foot could range from $75 more or less up to hundreds of dollars per square foot. The livability of the floor plan will also affect the value even for homes with similar construction costs and square foot size. The better floor plan will have a higher value. Bottom line, the answer is not simple but a complex calculus of various factors. Good luck with your search for a home!

Hi Robert, pricing a home is a very complicated matter. Yes square footage has to do with the price but there are so many other things to consider. Number of room, amenities, location location location, what other homes of similar size and style are selling for in the neighborhood, number of listings available, number of listings under contract for similar homes just to name a few and finally the sellers’ price. There are good online resources such as http://www.zillow.com that can give you a general idea of what the market is doing in a particular area check it out. I hope that this will give you’re a head start.

Regards,

Pablo López