northjerseym…, Home Owner in 07043

How would a home that has 40% more square footage than its nearest comparable, be estimated at 6% lower than that comparable home?

Asked by northjerseymom, 07043 Thu Oct 10, 2013

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Because the online "price estimator" you are looking at is not accurate. To save you some additional time, energy, and confusion - none of them are. Consult a real estate agent who can run a compartive market analysis for you using accurate data.
1 vote Thank Flag Link Fri Oct 11, 2013
Are you talking about fair market value or what the tax assessor places value on for land and building? There's a big difference.

Fair market value can be affected by location, amenities, upgrades and the quality of those upgrades, number of rooms, size of rooms, size of property, maintenance of property, landscaping, etc.

If you are looking at Trulia estimates or Zillow's "Zestimate", be aware that they are rarely accurate. The best way to determine fair market value is to have a local Realtor fdo a free comparative market analysis based on recent sales that are as close as possible to your home, then make adjustments based on the items I mentioned above.
1 vote Thank Flag Link Fri Oct 11, 2013
It could be location, amenities(AC, bathroom, finished basement), lot size, recent permits pulled

They all affect the assessed value.

Contact me I may be able to help you get your home reassessed to lower your taxes.
1 vote Thank Flag Link Fri Oct 11, 2013
Well if it is 40% smaller than it's not really comparable, is it?

Unless there were hardly any recent sales in the surrounding area, an appraiser would generally not use a home that much different in size as a comp.

I wouldn't really go off of any of the estimates on here, at least don't take it as gospel. Because Trulia (or any other website for that matter) does not utilize complete sales information in putting together their "estimates". If you've ever heard of the term "garbage in garbage out" that means that the estimates are only as good as the information supplied. If some information is missing or if Trulia does not access ALL the sales in a particular area, then those numbers could be off quite a bit.

If you really want to get an idea of what your home is worth in today's market then ask a realtor to perform a market analysis based on all the data in the local MLS.

Good question!
1 vote Thank Flag Link Thu Oct 10, 2013

Great Question... I would ask are your numbers based on the data your receive from sites like TRULIA or even tax data? If so those numbers don't reflect the VALUE of a home which is what a BUYER is willing to pay nothing more and nothing less.

Tax Data for example is based on the tax assessment number where as sites like TRULIA use unreliable and sometimes scraped data from a variety of locations.

Otherwise a home could vary in value for a variety of reasons including its location and desirability of the neighborhood, the updates (or lack of) in a property and some external features just to name a few.

Feel free to email me or call me and I'd be happy to help in any way I can!

John Davis Jr., REALTOR
Century 21 Cedarcrest
Direct: 973-944-5038
SMART Fax : 973-944-5038
Web Reference:
1 vote Thank Flag Link Thu Oct 10, 2013
There are numerous reasons for that. Could be kitchen and bathrooms , could be in the finish. You have to see it to compare it.
1 vote Thank Flag Link Thu Oct 10, 2013
sorry about the typo, should be "You can go to the tax assessor's office"
Flag Thu Oct 10, 2013
I second Ellie, there are a number of considerations including the size of the lot the configuration of living space, ages of baths and the kitchen, central air, etc. If can go to the tax assessor's office and ask to check your property card for accuracy. Errors are uncommon but not unheard of.
Flag Thu Oct 10, 2013
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