Home Buying in 07642>Question Details

Alfa2010, Home Buyer in 07075

What do you consider the most reliable data to find a good sale price here, the price per square foot in a town?

Asked by Alfa2010, 07075 Sun May 2, 2010

Help the community by answering this question:


Hi Alfa,
I can only speak for Ridgewood and surrounding communities.

While sq. footage is a factor, I would also strongly consider the comp homes SOLD [not for sale]. When viewing these comp homes look for similarities in location [busy or quiet street], new and updated kitchens and baths, lot sizes, style of home and proximaty to town, schools and commute. Your agent can furnish you with this info.
Again, in Ridgewood, we also use the tax assessed figure to arrive at a fair market value since we are assessed at 99.9% of CMV. [Current Market Value]. This is not the final word on value. Go will above first.
Good Luck,
Chris Gubb
Tarvin Realtors
0 votes Thank Flag Link Mon Nov 22, 2010
Marc and Anna both have good suggestions. I would add that it is not as easy doing price per sq ft as you do on commercial space as when the appraiser comes in to value the home you are purchasing or selling, sz ft of the interior of the home is only one item used in assessing value. For example, in Bergen County NJ, Colonials draw the largest pool of buyers and therefore have a higher value. The number of bedrooms and bathrooms, the size of the property, the taxes, and improvements such as an added family room or a 2nd garage all have an impact on the appraisal value and market value of a home. The best single source of information on how to determine value is the Multiple Listing Service as this is what realtors use to make property status changes and where the information goes in in real time. The last 3 months of sold properties that share common characteristics with yours, are where buyers are buying at and thus the best source for Market value

0 votes Thank Flag Link Sun Nov 21, 2010
$prSqFt is an overused and misunderstood measure of value. Zillow and other sites have made it popular to consider, but it’s not a reliable tool.
Consider that at the local grocery store one type of tomatoes may be 99cents a pound while another are $2.99. Both are tomatoes, but they aren't the same thing.
A luxury home of 5500 square feet with views and every conceivable upgrade may be cheaper per square foot than a 1300 square foot starter home that is very modest.
Use this tool when the comparable homes are in the same neighborhood, of the same vintage, built by the same or a comparable builder, but only use it as one factor.
As Anna indicated below, find a competent local agent who regularly tours homes, has meaningful experience in the neighborhoods you are considering to provide you with an accurate CMA on the home or homes you are considering.
There is no one most reliable tool, other than a reliable experienced agent.
0 votes Thank Flag Link Sun May 2, 2010
tthe most accurate and up to date information will come from an agent. If you are not working with an agent, consider the services--your agent can provide you with comps--recently sold similar properties in the immediate area--after reviewing the data a determination can be made as to a fair price--
0 votes Thank Flag Link Sun May 2, 2010
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