November 30, 2018
Like most of northern New Jersey during the holiday season, your thoughts are on almost anything but the cost of buying or selling a home. That is, unless this is the season you’ve decided to purchase or sell a home. Then house prices are likely a main topic of intense interest, along with who makes the best eggnog!
Unlike the cost of eggnog, house price sticker shock could stall real estate plans, unless there is a familiarity with this changing marketplace.
Third quarter U.S. Home Sales Report can be helpful with that, revealing average median home prices for the area. Knowledge of the local statistics will help with getting comfortable about where the market has headed since the last time you may have bought or sold.
For an accurate pricing picture however, you’ll want to take a close look at recent sales right in the neighborhood you live or are thinking of moving into. Checking within a three mile radius will give you a snapshot that will directly affect sale prices in that specific area where you would like to sell or buy.
Remember, you will always need to take into consideration adjustments which should be applied to sales data based on the specifics of things like special features, appliances and square footage each home offers. Are there upgrades or remodeling involved? What other factors may be affecting each homes individual market value? Your local marketing specialist is the best source for filling in the void left by available online data, and assessing how it translates into the asking or offer price you may want to consider.
Although pricing a home isn’t an exact science, there is certain information to take into account that will pinpoint the right pricing for the home you are selling or seeking to buy. Actual sales price of any home in the final analysis will always be a perfect blend of how much a buyer is willing to pay and the offer price a seller is willing to accept.
Give your local marketing specialist a jingle today to find that perfect real estate blend this holiday season!