The Connection Warren-Watchung Edition Feb/Mar 2019 home & design PAGE 58 Your Local Market Expert Marketing Strategies with Proven Results. Jody Udelsman , ABR, SRS SALES ASSOCIATE c: 908-868-9590 1 S. Finley Ave, Basking Ridge NJ 07920 Set back high off the road on a large .7 acre lot, this charming cape cod is spa- cious on the inside too. Large eat-in kitchen with cathedral ceiling opens to a new deck and lower paver patio. Four large bedrooms, 2 up and 2 down with bathrooms on each level. Wood-burning fireplace in the living room. Hardwood floors on first level. Over 1900 sq. feet of living space, not including the partially finished base- ment with large rec room and separate storage area. Offered at $445,000 Just Listed! 4 Bedroom Cape on Large Lot 882 Valley Road, Gillette One of the main parts of my job as a Realtor is helping clients set a price for their house. Pricing a home is both an art and a science. There is hard data to analyze and there are intangible aspects to consider. On-Line Estimating Tools Property websites like Zillow and allow you to plug in your address to get an approximation of what your house is worth. It’s important to understand that these estimates are based on generalized factors like square footage and not your house’s unique features. As such, these on-line pricing tools can be misleading. Local Market Comps Your home’s listing price will largely depend on what similar homes recently sold for in your neighborhood. Agents will look at the average sales prices of three or more comparable properties located within two miles that sold within the last six months to assess its value. The more similar the comp is to your house, the better. Factors to consider include: • age • housing style (colonial, ranch, interior TH or end unit) • number of bedrooms and bathrooms • location • lot size • features and improvements Know the Competition It’s important to look at other properties currently for sale to see what buyers will be comparing you to. Despite preferences, buyers are often guided by their hous- ing budget. For this reason, agents may consider all housing types in your sus- pected price range but give more weight to similar styles. Because listing photos doesn’t always tell the full story, good agents will check out these homes in person. You can too. Local Market Trends Your town’s housing market can greatly impact your pricing strategy. In a seller’s market, where demand from buyers outpaces the number of homes for sale, you might be able price your home slightly above market value. Conversely, in a buyer’s market, you may have to price your house slightly below market value to attract interest. Our local markets have been balanced lately. Know your home’s position within the local market. Certain segments of the market, for instance starter homes, might be performing well, while another segment, larger 5-bedroom homes, is soft. Emotional Considerations You’ve made great memories in your house and taken good care of it. What you paid for it and what improvements you made might be on your mind as you con- sider price, but it shouldn’t be on your agent’s mind. Your home’s ultimate sales price will be based on what today’s buyers feel it is worth. As much as possible, try to be objective and set aside any emotional attachment to your home. It will make it easier to accept your agent’s realistic calculation of its price. Every home is different. Realtors bring a mix of industry experience and local mar- ket expertise to help you pick the best asking price for your home. It’s in both of our interests to price your home correctly for a quick and profitable sale. Jody Udelsman is a Realtor-Sales Associate with Coldwell Banker’s Basking Ridge office. Jody is an empty-nester living in Basking Ridge with her husband Lee, energetic mutt Abby and crafty feline Little One. INTEREST RATES AND BUYING POWER By: Jody Udelsman, Coldwell Banker