From the table above, over the past four, 6-month periods the median or middle-priced Fee Simple home in Roseland Boro fell 34.8% in value or approximately 8.7% per 6 months. In other words, based upon the recent trend a home priced at or near the median will likely fall in value approximately 8.7% during the next 6 months.
The above price information is offered as a guide. It should be used in conjunction with other information that a qualified Realtor can provide in order to develop an effective buy or sell strategy. Here are some of the other factors to consider when buying or selling a home.
Objective Factors to Consider When Buying or Selling a Home
The relationship between sale price and time on market. This is a big deal and the relationship varies from town to town and from price point to price point.
The speed with which houses go under contract. This, too, varies from town to town and from price point to price point.
Changes in the inventory of unsold homes. This must be looked at from the standpoint of buyer demand for specific price points versus current inventories.
The likelihood of buyers paying more than original list price and how fast those buyer go under contract. Towns vary greatly in their ability to attract full price buyers.
The number of bank owned or financially stressed properties on the market. An abundance of such listings puts downward pressure on prices.
Recent or planned tax revaluations
The relationship between closed deals and failed deals (expired listings, etc.).
The number of similar homes on the market.
Subjective Factors to Consider When Buying or Selling a Home
Condition of home.
Whether the home sits on a conforming or non-conforming lot.
Condition of block and section of town.
Buyer interest of a town. (There is also an objective measure of this.)
Quality of schools. A school system's perceived quality influences the sales prices of all homes.
Recent comps. While comps are important, they are often given too much weight in establishing selling and offer prices.
Unique factors such as view, construction quality, special amenities, etc. Factors such as these can have a profound influence on a home's marketing and sales plan.
Taken together, these objective and subjective factors contribute to the perceived buyer demand for an individual property. Correctly assessing and managing perceived buyer demand is essential to paying less or getting more for any home. Let me help you do just that. Call me at 973-865-1863.
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My name is Brian McCabe. I am a licensed Realtor with Coldwell Banker Residential Brokerage (973-226-2577) and I want to help you buy or sell a home. You can reach me directly at 973-865-1863 (cell), bmccabe362@wessex-homes.com (email), or at 973-226-2577 (office). For more information about me visit my profile page.
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