Wednesday, January 17, 2018

Market Statistics, Factoring Comps to determine your offer (and list) price.

You are asking about a comparable, to help you determine your offer price...

Why I believe it traded at that low price… It was never priced right from the beginning, so it sat on the market making it less desirable.  It was a corner lot with no private yard area. It did not have a family room and kitchen connection, and the upstairs bedrooms stunk!  The garage was even smaller than norm.  It was in the historic section.  (Frustrating because the most desired area is the least desired - or just gets the lowest price.)  Hence, it got the price that it did.  An appraiser assigns values to those and/or other criteria.  The number of bathrooms, bedrooms, en suites, etc would each have a value added or subtracted from a comp to show the market value.  Many comps must be considered.

Your property of interest would/should appraise higher than the comp (it).  Every bedroom is en suite, the family room and kitchen connection are great, it’s newer, etc.; those all get a value assigned.

Regardless, you still can’t control what a buyer and/or a seller are willing to trade for…  They are the ones who really set the market value.

Take a look at the Short Hills Real Estate Market Statistics on my website, RealShortHills.com.