Have you ever wondered how closed selling prices within the same neighborhood or even street for very similar homes often can vary so much? Beyond the obvious differences of the number of bedrooms and overall size, there are many factors that will determine a final sale price a seller will accept. Here are some of the considerations.
What was the Seller’s motivation and timing? Did they need to get into a new home before the school year started? Did they find another home at a very good price or obtained a low mortgage rate and wanted a quick sale?
What type of sale was it? A regular sale, distressed, Short Sale, Foreclosure, or an Estate are all examples of particular situations that might effect what was acceptable to the seller.
What was the actual physical property like? The overall condition of a home, upgrades or updates, the specifics of location, age, style and delayed maintenance can all impact the actual price the Buyer will pay at the closing table.
Add to that the current taxes, potential appraised value (which most lenders now require be equal to or greater than the sale price), the competition of similar homes on the market and mortgage rates, and you have a lot of room for variations on a theme!
A licensed, experienced Realtor can interpret all the available data and partner with you to determine the right price for YOUR HOME and YOUR situation whether you are a Seller or a Buyer.
Pat Linde-Neidermeyer, Veltri Realtors
Contact me: PatatVeltri@Gmail.com
Now Here’s a Look at this week’s Closed Sales in our area.
Aug. 23-Aug. 29
37 Hidden Stream Rd., $150,000.; 17 Yaeger Rd., $311,000.
64 Woodcrest Dr., $367,500.; 81 Mulberry Dr., $425,000.
141 Princeton Oval, $625,000.; 8 Tranquil Ct., $695,000.
1 Love Lane, $829,900.
183 Vienna Rd., $210,000.; 30 Virginia Dr., $230,000.
17 Wisteria Pl., $232,000.; 6 Hearth Ct., $275,000.
91 Newbury Rd., $275,000.; 8 Markwood Dr., $285,000.
2 Jennifer Dr., $420,000.; 5 Coddington Ct., $486,000.
100 Toms River Rd., $209,000.; 16 Liverpool Ct., $240,000.
417 Frank Applegate Rd., $312,500.; 4 Jason Ct., $394,250.
12 Monterey Ct., $585,000.
All closed sale prices listed are as submitted and recorded by
the Monmouth Multiple Listing Service.
Not responsible for typographical errors.