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Posts tagged ‘market analysis’

What’s my Union County home worth now?

Dear Team Zuhl,

I’m thinking about selling my home, but I’m not sure what it’s worth.  How can I find out?

Pondering Pat

 

Dear Pat,

The easiest way of finding out what your home is worth, is to contact your REALTOR and ask for a Comparative Market Analyis (CMA).  Many agents, including Team Zuhl, will not charge ANY fee to do a Market Analysis.   An appraiser will charge a fee, usually several hundred dollars, but in many cases the appraiser will provide a more accurate number.

A CMA is only an estimate of the value of the property based on similar properties that have sold within the last 12 months in your town. A CMA is an educated estimate of what the home should sell for on the date the analysis was prepared.

When Team Zuhl does a CMA for a homeowner, the CMA is comprised of 3 different analyses: Tax Analysis, the RPR Sellers Report generated by the National Association of REALTORs and a Comp Analysis. 

The Tax Analysis looks at the assessed value of the subject and comparable properties.  A ratio of assessed value to sale price is generated and averaged for all the properties.  That average is then multiplied by the assessed value of the subject home giving an estimate of the current value of the subject property.

 

The RPR Sellers Report is generated using data gathered by the National Association of REALTORs, by accessing MLS and other data sources.  It uses historical, market and geographical data and will pull information based on properties sold within a certain radius of the home regardless of town or zip code.  It is similar to the ZEstimate found on Zillow.com, but your REALTOR can adjust several variables to compensate for market activity and condition of the home.

The Comp Analysis is similar to what an appraiser would do, however we only using the data retrieved from the the local MLS and we don’t have access to square footage and other measures. This is a direct comparison between the subject property and sold comps.  Feature differences, lot size and condition are the most important factors taken into account.    

An appraisal will give you a more accurate evaluation of the current market value, as an appraiser will take attributes of different homes and add or subtract value based upon those attributes.  They will also incorporate square footage and price per square foot.  Those values are generally not available to REALTORs.  

While an appraisal is more accurate, we usually arrive at a value within 2% of the appraised value on properties that we list and sell, using the methods described above.  When there are few (2 or less) comparable properties an appraisal will always be the most accurate method of determining value.

So Pat, we hope that helps you with your question.

 – TZ

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Union’s Real Estate Market

Union, NJ, is home to nearly 57,000 people. It occupies northern Union County in the area that was called Connecticut Farms in the 18th Century.

There are six primary (PreK-4) schools: Battle Hill SchoolHannah Caldwell SchoolConnecticut Farms Elementary SchoolFranklin SchoolLivingston SchoolWashington SchoolCentral Five-Jefferson School serves grade 5, and Burnet Middle School and Kawameeh Middle School serve grades 6 though 8. Union High School serves 2400 students in grades 9-12.

There are currently 319 homes offered for sale. This is the lowest inventory Union has seen since December of 2012. Only 28 homes were sold in Union in November, much lower than the average of 43 homes sold per month this summer.

Prices in Union have been holding steady. The average sale price of a home in Union in November was $260,225. Compare that to $256,809 which is the average sale price of a home in Union so far in 2012. In 2013, the average sale price was $245,527, so there is some growth, although it’s very slow.

Homes in Union sold more slowly in November than they had for the past 6 months. The average home that sold in November was on the market for 127 days. Compare this to 102 days which is the average for the year so far.

For more information on selling a home:

To see photos and descriptions of all of the homes currently offered for sale in Union, please click here.

If you’re considering selling your Union home, call us today for a free comparative market analysis of your home.

For more information on Union Real Estate:

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