You need a competent Realtor to do a CMA of the properties 3 ways, 1) With a basement 2) Without a basement 3) and then both sets together. This would be a good way to get a general idea of what the home should be priced at. Have the raltor include all comps, closed to expired. You should be able to get in the ball game from there.
On another appraisal for a higher value, the appraiser only adjusted $10,000 for partial vs. full, but added another $10,000 for a full bath in the basement, another was $5,000 for half bath. One appraiser adjusted $10,000 for a basement that was only partially finished, vs. totally finished.
Sorry I couldn't find anyone recently with crawl space only, but my guess is $20,000. Some of these adjustments are a little subjective, but you get the picture.
When speaking of a group of homes in a general area it is important to note the differences. For example, if we are speaking of homes that are built by the same builder and each house boasts many of the same features (Hardwood floors, granite countertops, leveled lot, etc.) then the condition of the home is where the difference will lie. This is where you can add or subtract in order to get a more accurate feel of what price your home falls.
It is best to contact a real estate professional because we have all the tools and resources in order to assist you in the buying and selling of all your real estate needs.
Coldwell Banker Morristown, NJ
211 South St, Morristown, NJ
Your best bet is to have a good pricing analysis done for your home - done well it is a terrific tool in guiding the pricing and negotiations for a home. It works with the facts of the market - and as with any analysis, the results are only as good as the data that goes into it. So hire a good agent and spend some time arriving at a good price. Properties in Westfield and surrounding Union County communities are moving quicly when priced right.
My suggestion would be to take a special look at how homes in your neighborhood that have the crawl space only have performed relative to those that have the full basement. With the assistance of an agent you can tap terrific archive data in the MLS that can make the pricing analysis very rich indeed.
Incidentally, I do have several buyers interested in this area so please keep me posted on the availability of your home.
Unwavering Commitment to Service
Find success at http://www.feenick.com
A similar house in a similar neighborhood should not vary that much because of a basement.
If the basement is finished, it could be worth more. Mostly, it will be the condition of the house
the location of the house, and of course the price that will determine how quickly it sells. Your
house should be priced for sale at the same price, +/- a few, as the last sold price of a
similar house. If you'd like more information, I'd be happy to help.
Re/Max Properties Unlimited
The pricing of your house should not be difficult. If there are similar properties in the neighborhood there should be some sold and active comps in the last 6 months in radius of 3ml.To appraised correctly you should compared houses with same room/bedrm/bathrm count , style and lot size. The finished basement does not increase the price significantly. When the appraiser apprised a property they are looking only the living space, no the basement or the attic.
If you are interested to know how much to put your house on the market you should contact a Real Estate Agent and he/she will be happy to do a CMA for you.
I do a BPO's( Broker Price Oppnion) for different Banks and this is the criteria I select the comps for the BPO's.
If you have questions Please don't hasited to contact me.
First, I would try to find sales of Splits without the basements and use those for pricing. However, if they are not available, a typical Split which only has a half-basement should probably be penalized about 2-3% for not having the basement. So if a Split with a 1/2 basement (unfinished) is typically an asking price of $550,000, you might list at $535,000. Now if the basements of these homes are generally finished, an additional "penalty" is in order, perhaps another 1.5-3% depending upon the quality of the finish, more if there is an additional bath and/or a walk-out. These are rough figures, you have to fine-tune based on the specifics. Your agent, if you have one, should be able to help find the necessary sales to figure out the exact penalties.
Member: Worldwide ERC
Member: New Jersey MLS, Garden State MLS, Hudson County MLS
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Agent of the Year 2008
Agent of the Year 2009
Owner: Sands Appraisal Service, Inc.
Phone (direct): (973) 584-4235
Very cool new MLS map search: http://www.marcpaolella.com/SearchMLS