Hi Deepak, There are loads of online resources that you can tap to try to get your arms around value - Trulia, Zillow, public Garden State MLS, but in fact, William is correct, the best source of market information is to work with a Realtor. I'm right across 78 in Warren, do business in Basking Ridge and would be very happy to assist you with your pricing analysis. Before becoming a full time agent, I spent 22 years in the financial industry - 18 with Bankers Trust and 4+ with Moody's Investors Service - suffice to say, I am comfortable with the analytics. I track market stats on my own website http://www.feenick.com - click on Market Commentary - you'll see Basking Ridge included there and can get a feel for how well it is moving by reflecting on the Market Absorption stat (which I'll be updating today).

What you need is a well thought out Price Trend Analyis - it looks back at comparables - homes sold 12 months ago, 6 months ago, and those under contract, estrapolates the trend and applies it to comparable active listings. The result is a recommended range. Done well, it is a dynamite tool to guide the bidding process and substantiate your offer. A number that can be substantiated is hard to dispute. When I present an offer I have the Price Trend Analysis at the ready - it is strong negotatiating moment when I volunteer - and have the goods to prove it - "let me show you why we think our offer makes sense...."

The online resources are all good tools, I'm familiar and active on the sites - but they lack the local involvement and expertise of a full time agent - that is what you need in order to turn the available information into gold.

You can reach me via Trulia or by visiting http://www.feenick.com Hope to hear from you - I'd be honored to assist you!

Best,
Jeannie Feenick
Weichert Realtors
Executive Club (Top 5% of all Weichert agents)
Search and connect at http://www.feenick.com

Deepak: There IS NO true market value! There is only what a ready, willing and able buyer will pay to a seller who will accept that amount.

The best way to get a feel for reasonable value is to hire a Realtor. We have the complete list of all properties listed with a realtor, and a complete list of all sales for several years back. These list are indicators of potential value but if a house was built with solid gold nails, its owner might think it worth more but a buyer looking only for a home, not an gold mine site, might disagree. On the other hand, if an owner spent $40,000 upgrading his home just last year and all those that have sold in the neighborhood were 35-year-old originals, how much of the $40K do you want to chip in? All of it? Maybe, it was done so well, you'd pay even more, so you don't have to go thought the whole renewal process yourself.

A wise Realtor can help you decide what is there to begin with and what it might be worth to you. That's the market value of any home.

Good luck!