Home Selling in 08872>Question Details

Marie, Home Seller in Sayreville, NJ

How is fair market value determined? Recently sold info is supposed to be public. Where can I find this information for the last 3 months?

Asked by Marie, Sayreville, NJ Tue Jul 26, 2011

I am not ready to sell yet, but I would like to start doing some research without the pressure of a selling agent

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Marie,

"Fair Market Value" is not determined until a buyer and seller agree on a sales price for a particular home and, if a lender is involved, the independent appraiser approves the sales price. From your perspective as a seller, when you are ready to sell, you will be looking at the recently closed comparable sales as well as the competing unsold listings and you will look to set your market position where it will attract the buyers to your home based on that market data. Some level of research can be done on your own to get a rough idea of what your home could be sold for, with the property marketing plan, int today's environment. However, the public property sales records will contain only basic information such as address, sales price and possbily tax record information such as the lot, block and assessment for tax purposes. In order to obtain the most accurate and professional data, when you are comfortable doing so, you will want to meet a local realtor who will be able to provide valuable insight to your proerty value through complete data on recent home sales from the Multiple Listing System and more importantly from their first hand knowledge having been in the other homes that have sold and are listed. As for your concern about the pressure of an agent, a good agent who is in the business for the long run and the right reasons - to help homeowners first and foremost - should be understanding of your timeframe and willing to do some work for you know to educate you about the home's value today so that you can then bein a position to make the best decisionabout when to sell and hopefully that agent will have then earned your respect and trust and you will contact them when you are ready. I have attached a link to the property sales search through the Asbury Park Press so that you can start your research. Todd Kessler, Broker/ Owner, CENTURY21 Charles Smith Agency, Sayreville, NJ
1 vote Thank Flag Link Tue Jul 26, 2011
Hi Marie,

Fair Market is usually determined by a number of factors, such as similar homes that have sold, what has a pending contract, what's available to compete with the home, the condition of the home itself, and general market trends. John is right that you can get this information from the township, or online through the tax records. Both tend to be limited, so your best bet is to meet with a Realtor to get an idea, because they'll be able to supply you with a lot more details and pictures of other homes.

If you'd like, I'd be happy to take a look at your home and provide you with this information (no pressure, seriously).

Cooper

Cooper Ford
Gloria Zastko Realtors
732-297-0600 x31
609-865-5877
cooper@zastko.com
1 vote Thank Flag Link Tue Jul 26, 2011
Yeah.... on that website below...

"Sign up today to find out what your house is worth"

And your information will be sold to a million lead generation sites and you will really learn about pressure..
1 vote Thank Flag Link Tue Jul 26, 2011
Hi Marie,

You can approach your local township to gather the information.

Otherwise, you can speak with a Realtor that will prepare a market analysis to discuss your potential selling price. There are some agents that will try to pressure you into listing your property or feel entitled to your listing since they prepare CMA for you.

Not me!! I'm one of the good guy's - lets discuss.

Call so we can discuss further. I kow Sayreville well and will be able to get you some comps and such.

No pressure.


John Sacktig
Broker / Manager
Orange Key Realty
Direct: 732-213-1409
JSacktig@orangekeyrealty.com
1 vote Thank Flag Link Tue Jul 26, 2011
Funny from July 2011 to Jan 2012 interest rates have basically stayed low & this is the typical response from a realtor. Do your own research don't rely soley on the opinion of a realtor as some of them are more worried about what they can get from your home or sale then abiding by the realtor code of ethics(NAR). If you choose to rely on a Realtor,please do so with caution & try to find a family or friend who recently sold/bought a home, if they had a pleasant experience ask for their realtor's name & number.
READ all wording in listings,contracts etc. If you don't agree or like something change it ASAP, don't fall for don't worry it'll be ok, ALWAYS get things in writing, no matter how small it may be. Never rely on a realtor to look out for your best interest. Once they think you have time & money invested involving sale of home things change, example: Something listed as including in the home now all of a sudden turns to be a negotiation & realtor states it was an error, costing thousands of dollars in the end that you had no intention spending,in fact if truth was known would have never given home a second look. You can go into a Real Estate place & ask for a list of homes that recently sold (COMP) then compare desirable features & whats offered with home. If they know you're looking to sell your home, They'll offer to come look at home & tell you what THEY think your home would sell for on the current market. DON'T be pressured into signing any contract UNTIL you're absolutely comfortable. They may give you a price to list your home, in the end YOU have the final say... whether right or wrong it's always better go a little higher, you can always go down not up, dont sell your home short. I love when they say " you may take a hit on the sale of your home but in the long run interest rates are low so it really balances out in the end". IF YOU'RE not comfortable with numbers don't do it!!!
0 votes Thank Flag Link Mon Jan 2, 2012
Hi Marie, it is a challenging time for sellers when the sale is viewed in a vacuum - but as others have said, if you are moving up to a bigger home, then the "big picture" may be positive overall for you. If you determine that you will pick up more value on the purchase than you give up on the sale, you are winning. For many move up buyers, this is the case. For those of us that are at a downsizing point of our lives, the equation is not so rosey.

Good luck to you!
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Thu Jul 28, 2011
Unfortunately its not a good time to sell and if you bought any time recently, you will probably end up taking a loss if you sell. But to Todd's point now is a great time to buy.

There are alot of factors to consider, including your current life situation. Have you considered renting and waiting for the market to go up? Not for everyone but nonetheless an option.

Your doing the right thing by keeping your eye on the market and weighing your options. Hopefully you get an opportunity to use the website to keep an eye on property values.

Good Luck and All the Best,
Dan
0 votes Thank Flag Link Tue Jul 26, 2011
Marie,

The sale of your current home is only half the equation of determining if it is a good time for you to trade up to a larger home. The other is the purchase. Interest Rates are still very appealling and as you move up to a larger home, and presumably a larger mortgage, the interest rate will have an increasingly larger effecton your monthly payment and therefore the afoordability of your new home. I jsut read some research today that shows Fannie Mae, Freddie Mac, and the National Assocaition of Realtors predicting moderate increases in the average interest of between .5 and .95 percent over the next 4 quarters. So if you are planning to trade up it may be more cost effective to do it sooner rather than later (even if the comps for your current home don't paint as rosy a picture as you hoped) since you may stand to save exponentially more over the life of the new loan on your new home by purchasing at today's low interest rates. Obviosuly your current mortgage balance (if any) will factor into how much you will net from the sale of your current home (or have to bring to closing to satisfy the mortgage if it outweighs the net sale proceeds) and impact your decision about whether a move now is both benefical and feasible for you. Best of Luck, no matter what you decide to do!
0 votes Thank Flag Link Tue Jul 26, 2011
Thank you for your responses. I want to see if it would be the right time to sell and move up, but comparables do not look promising at this time.
0 votes Thank Flag Link Tue Jul 26, 2011
Select County and Town here: http://oprs.co.monmouth.nj.us/OPRS/External.aspx?iId=13

It will give you all sale history. It might miss last few weeks though
0 votes Thank Flag Link Tue Jul 26, 2011
Going to sell that home yourself Marie, you didn't even know where to get the recently sold info, you know you need a Realtor to sell that home for you!
0 votes Thank Flag Link Tue Jul 26, 2011
no! she wants to know where to get the recently sold homes info. Log into you local county property appraisers website and there should be information there, also one of you local papers always lists sold properties each week
0 votes Thank Flag Link Tue Jul 26, 2011
Your information will not be sold. If you have any doubts you can read the privacy policy and send email inquiries about the policy to webmaster@realhousesales.com.
0 votes Thank Flag Link Tue Jul 26, 2011
You can use a self service website at http://realhousesales.com/HomeSalesData.asp Here you can look up data in your area going back 1 year. Just indicate that you are not ready to be contacted yet.

You can email webmaster@realhousesales.com with any questions.
0 votes Thank Flag Link Tue Jul 26, 2011
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