If you're looking for the same value assessment that was just done for you last month, you need a retrospective appraisal done. The previous posts would just give you an approximate number, but not a solid number. What is the purpose of your value request? That question determines how accurate you will have to be and what level of real estate professional you will have to employ.
Jacobus "Jack" Vollenberg
RE Appraiser - Vollenberg Appraisers
Realtor/REO Asset Manager - ERA Statewide Realty
Office (908) 968-0336
To answer that question, I would need to know specific information about your home such as: Location,
(address), number of bedrooms, baths, basement?,pool?,any upgrades throughout the home. It is really
hard to give you information on your home without seeing it. You can email me at email@example.com.
I looked at the closings for the last 4 months of 2008 and 2009. In 2008 there were 12 closings ranging from $550,000 to $3,450,000. 2009 there were 9 closings from $905,000 to $2,150,000. We are seeing an overall slowdown in activity in all shore areas. Buyers are searching but they are looking for that fantastic deal (including builders and investors). Sellers are leery and holding out for a firmer market or just staying at their price. Without sounding too optimistic, my sense is that once the activity picks up the buyers will reach a little.
In 2008 houses sold were ranging from 25% lower than tax assessed value (excluding outliers) to just below. In 2009 the homes are much closer to assessed value and even slightly higher on average.
Again there is a lot to consider. If your home is on a double lot that will always command a premium since there are so few left. Other factors like proximity to the beach, the block, condition of the home, layout, and new construction all will weigh heavily. Some of these homes have not decreased in value as much as others.
All things being equal, I would say last year your value would have been less by 10-20%. If you remember the end of last year were very uncertain times in the economy. Many homeowners did not know when the market would bottom. They watched their portfolios tank and the equity in the home values start to diminish. Banks did not know how to appraise. Sea Girt home prices were not influenced by many distressed sales which helped to stabilize the market in the area. But there were nervous homeowners, many who are on fixed income, so they decided to take their money out of the market before it was disastrous and that is where you see deeper price reductions.
Like I mentioned before, there are buyers in the market. The buyers are just being very careful and very savvy seeking the true value in this current environment and not paying much more than that. Investors or builders are scouting for the larger lots 75â€™ or 100â€™ frontage, to make their next project. And you have the sophisticated local buyer/neighbor who has been waiting for that property closer to the beach at the right price to come on the market.
We are hearing from economists that there will be a small increase in prices in the spring 2010. So if you are considering selling your property now is the time to list. Email me if you would like to discuss further.
firstname.lastname@example.org. I have had the same conversation with other homeowners in Sea Girt wondering what to do with their home. I am located on Washington Blvd so we know the area very well.
Hope that helps you.
Average closed sales price in Sea Girt for 2008 was 1,645,592
Average closed sales price in Sea Girt for 2009 was 1,441,509
I'll be posting all South Monmouth County statistics for 2009 on my website within the next few days, fyi.