Home Selling in 08520>Question Details

Joseph Newman, Home Seller in East Windsor, NJ

My Twin Rivers (East Windsor, NJ) townhouse was appraised in July of this year, in considering the downturn

Asked by Joseph Newman, East Windsor, NJ Sun Nov 25, 2007

in the real estate market, is my townhome which was appraised at $242,000 still worth that amount or is it worth less based upon the sluggish market? It seems like it is a buyer's market.

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7
Joe,

I figured I would give you an update just in case you held pat. Market is still a buyers market and home values continue to slide. If tou were lucky to have bought anytime before 2002, you can still make out! I am an EW expert, 30 year resident and 90% of all my listings and sales are in EW. So, take it from me when I say that all real estate in EW has fallen in value, but the lower end has fallen less than the higher end and its demise took a lot longer to materialize. The bottom line is that as long as you are going to buy a higher end home, you will gain in equity! If you were downsizing, I would not recommend a move. I cannot be sure what price I would peg your unit at unless I see it. If you want my expert opinion, send me an email or sign onto my website. I have sold more East Windsor homes during the last two years than any other Realtor. My e-mail is Ed@EdMillerProperties.com and my website is http://www.EdMillerProperties.com. Or, you can call me anytime at 609 647-6818.
0 votes Thank Flag Link Sat Jul 26, 2008
Joe,

I figured I would give you an update just in case you held pat. Market is still a buyers market and home values continue to slide. If tou were lucky to have bought anytime before 2002, you can still make out! I am an EW expert, 30 year resident and 90% of all my listings and sales are in EW. So, take it from me when I say that all real estate in EW has fallen in value, but the lower end has fallen less than the higher end and its demise took a lot longer to materialize. The bottom line is that as long as you are going to buy a higher end home, you will gain in equity! If you were downsizing, I would not recommend a move. I cannot be sure what price I would peg your unit at unless I see it. If you want my expert opinion, send me an email or sign onto my website. I have sold more East Windsor homes during the last two years than any other Realtor. My e-mail is Ed@EdMillerProperties.com and my website is http://www.EdMillerProperties.com. Or, you can call me anytime at 609 647-6818.
0 votes Thank Flag Link Thu Jul 24, 2008
Joseph, you have confused "market value" with bank appraisal. It happens all the time. Banks want to sell you money and the appraiser works for the bank - you pay, but the bank gets the benefit of the appraisal. Same is done with insurance. They sell you insurance for replacement of the property. That number is going to be different from the bank value. And tax assessment is for the town to collect taxes. Market value is what I think a buyer will pay you for the property. And, while I haven't seen the place or run any comparables on the type, size and location; I would guess it isn't worth the appraised value. Homes are selling every day. You must decide how much you want to sell. Good Luck.
Web Reference: http://Ask4Greg.com
0 votes Thank Flag Link Thu Dec 6, 2007
Hi Joseph,
Even if your appraisal was last week, you might not find a buyer willing to pay that number. Appraisers use recent sales as comps to validate value. Buyers look at recent sales, but they also look at the inventory and their options. If there are 10 competing properties that all held appraised value of 242K, but only one buyer, that buyer has leverage. The more flexible that buyer is about which property he or she will be buy, the greater their leverage in purchase price, for they can simply walk away and say, "next."

A Realtor will look at recent solds, under contracts, and current competition when making pricing recommendations.

Marc's recommendation to contact the HOA for recent solds is definitely worthwhile. It is important to look at the comps, the ones in MLS and the private sales. If transactions are not arms length, proper adjustments might need to be made. Some private sales are not arms length, and the recorded sales price may not reflect market value.
0 votes Thank Flag Link Sun Nov 25, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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Hi Joseph,

The way to find out is to review all sales that have closed since August 1st. You want to look at units that are your same model or other models that are similar in square footage and room count. You can ask a Realtor in your area to do this for you. While the market is sluggish in general, prices in most areas of New Jersey have not changed all that much in the past 4 months.

Another way to get closed sales in a townhouse complex is to check with the management company or homeowners association. They sometimes maintain a list of closed sales. The good thing about doing it this way is that ALL sales are included, those that sold through agents as well as those that sold privately.

Good luck!
Web Reference: http://www.marcpaolella.com
0 votes Thank Flag Link Sun Nov 25, 2007
Hi
I just completed a Broker price opinion for 3+ bedroom townhomes in your area..there are about 30 townhomes currently on the market...with variusprice ranges .
The one I did was for a townhome on Dennison at 1620 sq ft.
The appraisal price you get may not be the price a buyer is willing to pay.
If you're looking to sell now vs Spring the list price would vary.
Please email me if you had more questions.
Shalu@Thaman.com
Web Reference: http://www.SoldByShalu.com
0 votes Thank Flag Link Sun Nov 25, 2007
Consult with an East Windsor Realtor or a Realtor that is very familiar with your complex.

Not all areas are buyer's markets.

For example, I just listed a home in Jackson, NJ. In in initial evaluation I advised the sellers that the average days on market for their neighborhood was 40 days. We received a contract in 38 days . . . they netted $5k above their bottom line.
0 votes Thank Flag Link Sun Nov 25, 2007
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