Home Buying in 08824>Question Details

Ansainc, Other/Just Looking in Kendall Park, NJ

is $599,000 a fair price for a1993 built house with 4BR ,2.5 BATH, FINISHED BASEMENT WITH MEDIA ROOM

Asked by Ansainc, Kendall Park, NJ Wed Feb 27, 2008

,UPGRADED FLOORING ON A 1/3 RD ACRE LOT IN SOUTH BRUNSWICK 08824

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6
Voices Member’s answer
Dear Ansainc,

Based on the info provided, I found this house very close to the one you asked about ... http://realestate.yahoo.com/New_Jersey/Kendall_Park/Homes_fo… However, the listing price changed to $574,000 as you can see http://www.realtor.com/search/listingdetail.aspx?zp=08824&am…

It also shows that there is an open house in the coming Sunday 1-4pm 3-2-08 http://www.realtor.com/search/listingdetail.aspx?zp=08824&am…
which implies that this house may have several prospective buyers interested in.

In general, listing agent would not bother to do Open House unless there are several prospective buyers called and interested in the house. So, when you see there is Open House scheduled, it often because the house has real market demand.

I also did some search of South Brunswick on Craigslist and found it is also shown there http://cnj.craigslist.org/search/rfs?query=south+brunswick&a… as you can click to see http://cnj.craigslist.org/rfs/590887344.html When the property like this featured by Community Network@ often will be sold very soon.

You may want to go to the open house of this one that similar to the one you mentioned above, maybe, you could save some $20,000 or more if this house is better than the one you mentioned above.

Good Luck.

Cheng
1 vote Thank Flag Link Fri Feb 29, 2008
I would have to do a market study for your area to see what the homes in that area are selling for before we can have a eduated discussion on that price.
1 vote Thank Flag Link Thu Feb 28, 2008
First, you need to understand 1993 is the year when real estate was very low in the area, so normally the seller, if bought the house at that time, there is no reason to overprice the house. You may ask the owner or the listing agent "which year they bought the house" or it can be found also from township record. Normally they will tell you. This information is one of dozen most important questions to ask.

Also, 1/3 acre lot is not unusual in South Brunswick where is more rural than, say, Edison. So, bigger land does not cost much extra. In Edison, 1/4 and 1/3 often mean different gap.

Yet another way to determine is look at all 22 houses above $500,000 in South Brunswick as you can click to see http://www.realtor.com/search/searchresults.aspx?zp=08824&am… and go thru each one and all photos to see if any one or to catch your eyes and look cheaper than the one you found so far.

If you see one or two that is better price but "looks more value", do not hesitate to call the listing agents to see those house with your family to compare, sometimes nice photos just implies the listing agent is better on marketing or have access to professional photographer, not necessarily mean the house is really the way it looks. Like this house that just sold ... http://cnj.craigslist.org/rfs/544027822.html very nice photos, but the land is only 1/4, yet, no basement, small deck, need many repairs ... when you really visit it, but, hey! it was sold!!!

If you really need a savvy person to check it out for you, give Tracy a call at 917 669-8209 (cell) who is not realtor, but she just bought her house at South Brunswick, she is very savvy and will sure tell you a lot of her housing hunting process in that area. Besides, I could not believe she got so good a mortgage rate. If you need her to tell you her mortgage banker, I am sure she would have no problem to help you.

Her husband Peter used to work at Toyota as senior mechenics, and now own a 8 bay garage a home, so maybe when you visit her at South Brunswick, her husband Peter can give you a free check up on your car...

I got my Toyota Corollar 1990 still running very well because Peter maintained it, otherwise, I got red sticker from DMV 4 years ago already. If you are interested in the story, I documented in epinion as you can click to see ... http://www0.epinions.com/content_251569540740
1 vote Thank Flag Link Thu Feb 28, 2008
I often hear irresponsible comments stating if the owner bought the house when market was low, as a seller he should not overprice. Well, it is the market dynamics, if the market is hugh for selling, then so be it - seller has the right to sell the house at the going price. A buyer commanding to not charge going price to the seller just because the seller bought it cheapo is ridiculous.
0 votes Thank Flag Link Thu May 29, 2008
Ansainc - Three things you should consider that haven't been discussed.

1) Location of the home.
2) Condition of the home.
3) What homes with similar characteristics are selling for.

Without these things, it is impossible to determine if it is a fair price.
Web Reference: http://www.cooperwford.com
0 votes Thank Flag Link Tue Mar 25, 2008
Wow! Dr. Cheng, you are fantastic!
0 votes Thank Flag Link Tue Mar 11, 2008
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