Market Conditions in 08691>Question Details

Stug, Other/Just Looking in 08691

What is average percentage difference between original listing price and ultimate sales price in Hamilton NJ?

Asked by Stug, 08691 Tue Jun 30, 2009

I have a property tax appeal hearing taking place later this week. One of the comparison homes submitted by the local tax assessor to defend his assessment is currently on the market and is being listed at $399,000. I would like to know based on current realty statistics in this area how much that home is likely to actually sell for based on the average percentage difference currently being seen between the original listing price and the ultimate sales price of homes in this locale? Can anyone in the local realty business community enlighten me concerning this question or tell me where I can find reliable statistical information? Presumably MLS might provide this information to a realty professional but I I do not think that members of the public have access to this kind of information Thanks

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Answers

3
Absolutely depends on the original asking price and how motivated the seller is. If the listing is over priced, then the actual selling price tends to be lower than if the original asking price is on target. Even in todays market, bidding wars can still happen if the seller prices the home correctly.
0 votes Thank Flag Link Wed Jan 20, 2010
Hi Stug-
Any local Realtor can help with this issue. In fact, you are right in saying our MLS system is the only workable data set that can be used. (You can go to the county records but you can't sort and search in a computerized way.)

I suggest that you call your local Realtor, or, if you don't have such a relationship, try to build one with an active agent. Most of us can do the work you need quickly and are willing to do so in order to build a referral network. We help individuals and hope that they will help us by recommending our competency to friends and family. We are, in fact, as you say, the "local business community" with the information and we’re not hard to deal with, honest.

By the way, I believe that you have to be very specific about tax comps. You have to show that, in relation to other properties in your local area, your property has been overvalued.

The over-all township rates are not useful. After all, over-all, the total property asset value in the township is the basis for the tax spread. Some people think that, if the value of their property goes down, their taxes will be less. Far from it. If the decline is more or less universal across the township, taxes on any individual property will remain the same. The Town's expense budget is the same and the property owners have to contribute the same amount to balance it. They do so regardless of general shifts in their net wealth, whether it is that of their Real Property or the value of their investment portfolio.

You can look me up if you like.

Bill Holt
0 votes Thank Flag Link Wed Jul 1, 2009
Hi Stug,

I would be happy to provide you with the appropriate comps. Please email me at your convinience.

Desiree Daniels
Email: Trictyhomes4sale@aol.com
Home: 609.448.2222
RE/MAX Tri County
0 votes Thank Flag Link Tue Jun 30, 2009
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