Pricing your own home in the New Jersey Real Estate Market

1. NJ-FSBO – New Jersey’s Home Owners Informational Resource Exchange
The Price
The Price Is Right
The expression “You only get one chance to make a first impression” often appears to be true
when pricing a property. Deciding on an asking price is critical to selling property.
The key is to remember the objective is to effect a transaction, not a competition. You will have a
sense of what is fair, what is do-able and even what is the right price point – only remember, the
market is never stationary. It is fluid, and you have to price your property with that in mind.
FSBO Pricing: The Bottom Line
Some people believe that pricing a property too high is better than pricing it too low. But every
price should already have factored into it the figure you have to have in your hand at the end of
the transaction.
Level One: Research your Market Value
Current market value is based on demand, trends, buying cycles, economic trends and UVP
(unique value proposition) of your property. Depending upon the state of the market, most asking
prices are usually higher than the market value and range between 1% and 10% higher. The
reason to price the property is to allow for negotiation.
There are a number of resources online that you can try, but if you estimate that your house’s
value is greater than $300,000, we recommend using a professional to provide you with a fair
assessment. There are resources such as Zillow and Trulia, but for a solid benchmark of your
home’s value, get it professionally assessed. NJ-FSBO has several individuals who can provide this
for you at a reasonable price. Your home appraisal will use sale prices, not asking prices, of homes
in your market. This is much more realistic when deciding on your selling price.
Contained within the report will be a section on "comparables," which are the homes similar to
yours which have recently sold.
Here are some easy-to-use resources:
1. homes.yahoo.com/home-worth
2. www.homesandland.com/HomeValuations.cfm
3. realestate.msn.com
4. eppraisal.com
5. www.zillow.com
6. realestatecenter.bankofamerica.com/tools/marketvalue.aspx
7. www.housevalues.com
NJ-FSBO New Jersey’s Newest Home-Owner Online Resource CALL or EMAIL US TODAY
504 Hooper Avenue, Toms River, NJ 08753 info@NJ-FSBO.com
732.903.4726 Twitter.com/NJFSBO info@NJ-FSBO.com 732.903.4726