Home Selling in Tuckerton>Question Details

Bill, Home Seller in Tuckerton, NJ

What is the best way to arrive at listing price w/o recent comps in 08087?

Asked by Bill, Tuckerton, NJ Tue Jan 27, 2009

There have been very few homes sold in Tuckerton Beach in 2008 and none so far this year, how can I get a true evaul without comps being sold considering current market conditions?

Help the community by answering this question:

Answers

25
BEST ANSWER
Bill,

Below is a link of all the active waterfront homes currently listed for sale in the Ocean County Multiple Listing Service followed by what has closed on the water in Tuckerton Beach since 6/1/2008. Please click on the link, then scroll through. This will show you what your competition is along with solds to get a pulse on the market. I can tell you, since the 1rst of the year, buyers are calling and emailing us as agents more, offers are being made and contracts are getting accepted. I think with the mortgage rates where they are and the sensable pricing of sellers, smart buyers are making their move before the spring market.



http://www.jerseyshoremls.net/njs/maildoc/c005YR9329.html
0 votes Thank Flag Link Tue Jan 27, 2009
Bill, you really can't put a price tag on the enjoyment of having a place to go in the summer and BBQ the fresh caught fish and crabs in the backyard while talking to the neighbor about his new boat. While others spend a small fortune for a week on Long Beach Island, you get to go lay on the beach or visit Atlantic City whenever your heart desires. Enjoy your home.
Web Reference: http://GregoryBain.com
1 vote Thank Flag Link Fri Feb 20, 2009
Well, if (big if) the market rebounds to yesterday prices - what will be your net return after paying taxes and maintenence on the residence? I am willing to bet that it will be negligible. Updates of 2004 will be old and out of style by the time the consumer comes back to buy the property at yesterdays prices. Stainless Steel appliances and granite counter tops will be the new alvacodo green of 1970 and that newer roof and dock will need to be replaced. If you don't need to sell - don't. Enjoy the property. But, if you need to sell - ya better sell now.
Web Reference: http://GregoryBain.com
1 vote Thank Flag Link Thu Feb 19, 2009
Bill,
You could "bite the bullet" and pay to have an appraisal done. The benefit of a formal appraisal is people usually feel a higher level of security when they encounter the term, appraisal.

Another benefit is you can advertise "at or below appraised value."

Good luck
1 vote Thank Flag Link Wed Feb 18, 2009
Bill,

I agree with those who are ill advsing regarding an appraiser, comps from agents should be suffiicient at this time.

Last I heard, due to the everchanging market conditions banks are requiring appraiser to only include the past three months of sales. Many realtors are advising sellers to price "ahead of the curve" to make their homes more appealing to homebuyers.

Good Luck!

Francesca Patrizio, Realtor Associate
Realmart Realty - An AFFORDABLE Way to Sell Your Home
$395 FLAT FEE MLS
Ranked #15 out of 436 Real Estate Brokers in Monmouth/Ocean County MLS in 2008
Web Reference: http://www.PatrizioRE.com
1 vote Thank Flag Link Tue Feb 17, 2009
Good Afternoon Bill,

I also agree that an appraiser is the best choice for you. Then at least you will kow that you are listing for the best possible price.
Good Luck with your sale!
1 vote Thank Flag Link Tue Jan 27, 2009
Your best option contact an appraiser. Realtors comps' would go back 6 months, appraiser will use MLS other resource to obtain an accurate figure. Their reports are valid UP to 6 months.
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Tue Jan 27, 2009
Gregory,

Yes, I agree 100%. But.....it might also be a good time to upgrade. Some of the prices for the more choice properties are falling faster than the prices of the modest homes, so this is also an item to consider.


-Bill
0 votes Thank Flag Link Fri Feb 20, 2009
Gregory,
Your answer really sums it up! Being a buyer's market, there is no advantage to selling now, if not forced to by external conditions. I will hold on to the property and wait out this storm. Thanks.


-Bill
0 votes Thank Flag Link Fri Feb 20, 2009
oops, Bill, let me rephrase:

I'm don't see any additional profit/benefit in waiting to sell.

P.S. And, as you mentioned, there is the inherenet risk that the market will continue to decline.
0 votes Thank Flag Link Thu Feb 19, 2009
Yes, Bill, that is my persepctive at this time - I'm don't see any additional profit/benefit to selling today v. 2 years from now. Many sellers are opting to "ride it out" believing that the "market will return." I personally don't believe that the financial markets or the RE market will return to what it was in the foreseeable future.

This, of course, is always subject to change especially as the new Obama plans are rolled out, then implemented and the impact of these plans become clear. In my opinion, I can't image we will see the effects of any of Obama's plans until possibly the end of Q2, start of Q3.

Finally, be sure that when pricing your home you use LOCAL price depreciation statistics (I used the 2% scenario to simply the explanation). The national average price depreciation may not necessarily apply to your market. Remember, real estate is local and I would highly recommend consulting with a FULL-TIME, epxerienced Realtor in your area to determine Tuckerton's local depreciation.

Hope this helps.

Francesca
0 votes Thank Flag Link Thu Feb 19, 2009
Francesca,
My research has indicated that house prices are, on the average, are dropping 1% per month. Therefore, selling today vs. selling in 2010, I would gross an additional 10- 12%.

-Bill
0 votes Thank Flag Link Thu Feb 19, 2009
Bill,

To directly answer your question "Francesca, Your suggestion of pricing the home "ahead of the curve" indicates that house prices are still falling, and the longer I wait to put my house on the market, the less I can expect to get. Is this correct? ", all I can say is that it is all speculative. In advising clients, I let them know that there are varying opinions about the current market and it's future and all I can do is predict based on the information I feel is most informative as one whose primary focus is buying and selling real estate.

Due to the plethora of information available (thanks to the internet), I've scalled down my readings to (1) the WSJ, because it gives a perspective from the financial markets, (2) the National Association of Realtors, who in my opinion, has the most accurate data, yet, whose perspective is to the benefit of the the real estate industry as a whole and (3) the general LOCAL media before drawing any conclusions.

Based on my findings, the conclusion I have drawn is this: The RE market will continue to decline in 2009, flatline in 2010 and see a small appreication in 2010. Therefore, selling your home today vs. 2 years from now will not produce any additional profit (ie., for example, 2% decline - 0% decline + 2% increase).

As for the "ahead of the curve" methodology, I personally have found it cumbersome at getting my sellers the current highest possible price for their homes as homes priced with this methodolgy become direct competition to my home sellers.

Also, this ever changing market has also thrown us all a curve ball (or two). In 2007 and early 2008, "short sales" were not to be considered in providing CMAs (comparable market analysis) to clients (meaning that the house around the corner which sold for less than market value would not affect your current house value). However, now that almost 50% of home sales fall into the short sales category, appraisers and banks are now requiring that these home be considered in the evauluation of current market value . . . I was sickened when I heard this and proceeded to call multiple resources in the hope that I had been mislead . . . unfortunately, it was a said truth to which everyone concurred.

I don't proclaim to be an expert on the Tuckerton area, but the few experiences I have had with potential home sales in Tuckerton has been longer days on market and wishful sales due to its southernmost location.

You may benefit from the services of a flat fee company, such as Realmart, the company I am currenty working with. Feel free to visit http://www.PatrizioRE.com for a menu of our services.

Al the best,
Francesca Patrizio, Realtor Associate
NJAR Circle of Excellence '06-'07
Realmart Realty - An AFFORDABLE Way to Sell Your Home
Ranked #15 of 426 Real Estate Brokers on the Monmouth / Ocean County MLS!
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Wed Feb 18, 2009
LOL, Bill Leigh . . . I totally agree . . . I am baffled by the "pricing ahead of the curve" methodology.
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Wed Feb 18, 2009
Bill: I know that you asked this of Francesca but I'll throw my 2 cents in. If you can tell me when the stimulus package and the mortgage bailout package and bank bailout package and the auto bailout package (Phase 2) will work, I'll be glad to tell you where the "curve" is.

When people feel that they are not afraid of loosing their homes and jobs, I'm sure that the "curve will be upward, although only after a period of stabilization. You might also tell me how long that period will last, since my darn crystal ball is still stuck on when we will discover that the fellow who declaimed "VOODOO" economics was right!
0 votes Thank Flag Link Wed Feb 18, 2009
Thanks for all your answers as they have been very helpful. It is interesting that your advise of avoiding an appraisal because it will only give the value (I assume this is what you would want if going for a home equality loan) and not the actual market value.
Francesca, Your suggestion of pricing the home "ahead of the curve" indicates that house prices are still falling, and the longer I wait to put my house on the market, the less I can expect to get. Is this correct?

-Bill
0 votes Thank Flag Link Wed Feb 18, 2009
Hi Bill,

Take a good close look at your direct competition. Your immediate competition is what is currently on the market. Where does your property honestly fit in?

Better then? Not as good as! Then price it accordingly.


All the best,
James Joseph

Feel free to go to my web site listed below for free advice on how to use the Internet to sell your property.
0 votes Thank Flag Link Mon Feb 16, 2009
As everyone has stated, get a few good realtors to do a CMA for you. You need to look as sales, currently active and especially expired listings. YOU should be able to come up with a ballpark number.
I would avoid the appraisal at this time. The fee can be high and the value that will be credited will be the value of the home.. not the actual market value.

Good Luck.
0 votes Thank Flag Link Mon Feb 16, 2009
The million dollar question. Short answer, get many many real estate agents to give you a CMA. Ask how they arrived at that price. Ask them how many hits they have had on similar listings and how many offers on those listings.
Bill I was an appraiser for several years. What you need is future market value not yesterdays. Talk to several agents, you will get a feeling for a range of value. I don't list in your market, I'm in Barnegat, but i can help you pick several good agents in your market if you wish.
One last thing, i have been through the ups / downs of real estate markets, this one is different. I have 40 years experience in real estate call me if you need help. 732-778-9933
0 votes Thank Flag Link Wed Jan 28, 2009
Bill: My answer and your revision crossed paths. My advice is NOT to get an appraiser involved at this time.

First, they charge a fee. Two or more will be that much more cost.

Second, they operate on a basis of value for mortgage consideration and estate valuation, not on selling techniques. They usually can't list your house and work with you down the road. Their advertising limits and willingness to list in an MLS may be handicaps to sales assistance. Finally, they will not be in an office that is raking in new listings and will therefore be a little behind the curve in getting the latest market condition updates. They usually get called in AFTER a contract of sale has been made.

Appraisers are good people but I think that they just are not the source for selling advice. After they do their evaluation, they want to move on to the next one. They simply don't make enough on an evaluation to spend a lot of time with you.
0 votes Thank Flag Link Wed Jan 28, 2009
Bill: In this market, I am finding lots of areas where no homes have sold because no one wanted or needed to sell their house badly enough to deal with these conditions. So, you may find it hard to get Comps, if none have been created. This is actually a good thing, because an over inventory, where supply exceeds demand, just puts pressure to lower prices more. We're past the "over-inventory" stage in many areas. Unfortunately, we're NOT passed the "under-demand" stage. With credit tighter than a tick and the job market in a downward spiral, would you expect anything else?

BUT--- you want or need to sell your house. It's a great time to move up, in my opinion. While your lower priced home has fallen somewhat in value, a more expensive home will have fallen too and on a bigger dollar base, that means the exchange would be in your favor. It might even be better because homes in the upper bracket may be subject to more pressure. (Job shifts of a positive nature demanding relocation, for example. That’s not going to be an issue in most lower priced homes.)

So, all that is fine but I haven't answered your question, now have I? Well here's how I'd do it. Your must start with a wider net of comps. Area, price and time all should be included. That will give you some hooks upon which you hat might hung. These "hooks" will require some interpretation. Lousy neighborhood, distress sale, lots of improvements, an extra bedroom, a finished basement, lower taxes, a boat slip at the shore, etc. etc. will all be "adjustment" factors. Even the builder's name might make a difference.

All of these things will count but how much? Nobody really knows, so you'll have to guess a bit and come up with a "normally expected" price. It's the best you can do. It's more art than science, simply because you buyer population is not large enough to be statistically significant and taste will enter into any decision.

The thing that is MOST important, in my opinion, is to find a Realtor who will market the property WITH you. You can see what transpires from day to day, from week to week and determine what actions and what prices seem to be working. Don't "chase the market" down, by changing your price lower but still well over the average price for your bracket in the newly discovered lower averages.

You can also do the "bright penny" trick of making you house more attractive than others. New paint jobs, a clean up of the accumulation of the clutter of just "living there" will help. Look at the appliances. Replace dated ones. Your home have a basement or garage? Clean it out and repaint it. These are all "window dressing" that is really just an advertising expense rather than real value improvement but they may actually pay for themselves. You can't do a strict accounting but there you are.

I hope this is helpful.

Good Luck
0 votes Thank Flag Link Wed Jan 28, 2009
Thank you for all your responses. I will get an appraiser, or maybe two, as this could be subjective.



-Bill
0 votes Thank Flag Link Wed Jan 28, 2009
no sales = over priced inventory. Sorry. That does sound harsh. But, that's the truth - supply and demand equals price. Good Luck.
Web Reference: http://GregoryBain.com
0 votes Thank Flag Link Tue Jan 27, 2009
Ask an appraiser how they would proceed...basically the same way a REALTOR would...get a sold price and go from there. Are you looking to sell, or just looking at value, or attempting to challenge tax bill? If you're really planning to list and want to sell, figure $130 a square ft plus the lot....

Laura Giannotta
Keller Williams Atlantic
0 votes Thank Flag Link Tue Jan 27, 2009
Hello Bill,

I know how you feel about comps in Tuckerton Beach, there are not any recent comparables. I agree with the previous answers. Mike Dydik is a local appraisor, I have been working with him for 22+ years and he is very professional. Give Mike a call at (609) 296-5784..Good luck!
0 votes Thank Flag Link Tue Jan 27, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer