Wagging.tails, Home Owner in Tinton Falls, NJ

Why are townhouses/condos listed as single family homes. They are lowering the estimated values of actual single family homes.

Asked by Wagging.tails, Tinton Falls, NJ Tue Nov 27, 2012

This question was asked from http://www.trulia.com/homes/New_Jersey/Tinton_Falls/sold/136…

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Your observation is a good one. A townhome (which may or may not be a condo) is a SF home because the home houses one family. Some townhomes are larger than stand alone SF homes. Yet, they are a different "animal." Looked at from the vantage point of ALL SF homes, you are correct. Viewed from a buying or selling perspective, it is different. No agent or appraiser would use a stand alone SF home as a comparable for a townhome and visa versa. So yes, if NAR or RealtyTrac or other agency looks at statistics for all of NJ, it will have an impact on home prices. Townhomes are pretty much the "canary in the coal mine." They are the first to drop in value in a declining market and last to go up.
1 vote Thank Flag Link Tue Nov 27, 2012
Even if the condos, town homes and sfh were separated, the values would be colossally incorrect on aggregate real estate websites.THE GOOD NEWS IS the failure to separate these properties is a clearly observable red flag, for those who are paying attention, that what appears as facts on these sites are statistical fabrications that the consumer will take comfort in, believing they are doing meaningful research. It is a travesty.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes Thank Flag Link Wed Nov 28, 2012
This question as been answered well by my peers.

Trulia is a nice tool for us to meet but not for estimates. no professional would ever use Trulia or Zillow for an estimate.

For true estimates we must go to the professionals. Banks use an Appraiser, buyers and sellers use an Realtor.

Professionals do not mix types of homes when doing an estimate. Some townhomes are more expensive than a single family home. sometime we have 2 homes right next to each other one being a Cape and the other a colonial and we can not use them as comparable.

Call a local agent and they would be happy to give you a free estimation of your home even if you are not ready to sell or buy
0 votes Thank Flag Link Wed Nov 28, 2012

In the MLS system all condo's and town homes are listed under the appropriate headings..Also in print advertising....There can be in realtor.com a misprint....An appraiser comps apples to apples and oranges to oranges, so this shoukd not be a problem for you....Please let me know which you are referring to so I can be of further help to you..

Have a good day

Diane /agent. 732 859 2376
0 votes Thank Flag Link Tue Nov 27, 2012
Hi Waggingtails

When an appraiser goes to value the property, they will not comp a townhome to a single family home. So even if it is listed incorrectly it will not lower the value.
Have a great day!
0 votes Thank Flag Link Tue Nov 27, 2012
Don't simply rely on online estimated values, as some may be inaccurate, nor updated; rather review comps with your agent, recently sold similar properties in the immediate area...
0 votes Thank Flag Link Tue Nov 27, 2012
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