Home Buying in Galloway>Question Details

Jeff2407, Home Owner in Galloway, NJ

trying to sell my property in galloway, get estimates price range between 95,000 and 125000 , why so much difference in price range ?

Asked by Jeff2407, Galloway, NJ Thu Nov 17, 2011

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Jeanne Feenick (908) 337-0943’s answer
Study those price estimates and discuss the comparables used with the agents that provided the estimates. A CMA will often produce a recommended price range and it is generally not advisable to price at the high end of the range. Your chances for selling for the highest possible price occur in the early stages of your listing - this is true in every market and in every price point. It assumes you come out of the gate priced correctly and if you miss the mark correct quickly.

I would be very skeptical of the highest price that is recommended. Though it may soothe your ego it will cost you in the end if it is off the mark. It is very possible that the "right price" is somewhere in the middle.

Put the agents that provided the info to the test - it is a good dry run to gauge their knowledge and skills before you make a commitment to them.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Wed Dec 5, 2012
Because the market keep changing for the worst. I'm looking for a home in Galloway for a client, please email me the information to margiesellshomes@gmail.com. Very aggresive buyer alread aproved. My number is 856-974-0131. Thank You
0 votes Thank Flag Link Tue Dec 4, 2012
That sounds about right actually. Most people today have no idea what homes are worth since there are so many factors out there that are skewing real property values, such as people listing their 200,000 house on the market for 400,000 just because they owe 380,000 on it. It will never sell but the agent lists it anyway because its a way for them to find home buyers in which he will sell them homes that are priced just right. Anyway, theres other reasons why its so hard to pinpoint the value today, I dont have much trouble with doing it, but everyone uses different methods, I use a combination of several just to be as accurate as possible.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Sat Nov 19, 2011
Hi Jeff...Sorry you feel conflicted. Your selling price depends on the comparables but I believe the agents you interviewed (am assuming it was more than one) were taking into consideration info they gleaned from you. Did you indicate the need for a quick sale to one agent and perhaps tell the other you were in no hurry. Or could they have intreperted something you said to indicate one or the other. A range of $10 to $15K is common...but it is the Seller who nominates the asking price after considering comps and motivation..
0 votes Thank Flag Link Thu Nov 17, 2011
Hello Jeff, It is helpful to walk through those comparables that directly effect your market value and to understand the sellers motivation in each case. Seller's concessions can also inflate sold prices as well so it is important get all the facts for your comparables. Was it a short sale, a bank owned property or a fair market transaction? Location of a single family or a condo unit has a large influence in market value as well. For example it is were an end unit or a corner property etc....
If you would like to go over this in detail please contact me at 609-457-0410 or 609-823-0400. Avalar Atlantic Properties, Margate NJ. We do alot of work in Galloway! or email me at adesch5@msn.com. Thank you and Good Luck!
0 votes Thank Flag Link Thu Nov 17, 2011
Jeff,
it would be helpful to know the source from which such an estimate originated.

If you are using aggregate websites you will need to read all of the explanation regarding how they derive at this calculation. Your conclusion will be these aggregate websites are inadequate in providing actionable data.

You may have used a service such as House Values and requested a market analysis. The agent preparing your report did not visit your home so has no knowledge of the condition, updates, additions or other aspects that may add value or detract from your home value. However, the agent DID prepare the estimate using comparable properties that conform to the data YOU PROVIDED and the agent will have used only recent, non-distressed sales.

Even with the greater accuracy, the range will be reflective of the market value range of your community. If one home sold for $250K and another nearby home sold for $550 of similar size and age as yours, you can see how a home visit can bring more clarity to establishing the home's potential selling price.

You might just as well do what you have known you need to do, pick up the phone and call one of the Galloway NJ real estate pros.
0 votes Thank Flag Link Thu Nov 17, 2011
As Hadar said, to get a more specific price you have to look at the home, its location and interior. Also, that price range probably reflects the seller's motivation.

Laura Giannotta
0 votes Thank Flag Link Thu Nov 17, 2011
Hi Jeff, the reason you're getting such a big difference is because you're getting an average estimate on sold properties in Galloway. There are a lot of determining factor that have to be taken into consideration in order for you to receive a true fair market value of your home. No website, or software, will give you this. I will be happy to provide you with Comparative Market Analysis. Please email me at hrivassr@topproducer.com, or you can call me directly at 609-992-6872.
0 votes Thank Flag Link Thu Nov 17, 2011
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