How to Determine what your home is worth in Mount Laurel or Medford, New Jersey

When it is time to put your home for sale on the market, it is important to understand what affects the fair market value of a home.

Active Listings
These are the lisitngs that are currently listed in the MLS. Active listings are a good way of knowing what is for sale, or better, your competition. It is important to take these listings in account so that you can have a good understanding of what buyers might be seeing if they are to look at neighboring homes.

Pending Listings
Pending listings are those in which are under contract, but have not yet sold. Pending listings are basically an agreement between a buyer and seller that is in the process of going to closing. Both the buyer and the seller have agreed on a price and are in the process of getting inspections, titles and other tasks necessary to buy/sell that home. This is an important factor so that you can determine what “worked” in order to get it to under contract. The downside of pending sales, is that you will not know the actual agreed upon price until settlement.

Settled Listings
These listings are the most relevant when determining what price to have your home listed and marketing at. Since these listings have already sold, and in the last 3-6 months, they show what a buyer was willing to pay at the point in time. The reason these are the most important is because, unlike an active listing, you know what a buyer was willing to pay. This information is also used in the event that a homeowner is looking to refinance.

Time of Listing
When you decide you want to sell your home also plays a huge role. While many people would argue that spring is the best time to get your home listed, there are pros and cons for everytime during the year. In the “colder” months, there are less listings for the most part, so that means less competition. Also, you have access to more committed buyers. In the spring market, you know that there will be more buyers that are out looking for homes, and resarch shows that most people move and relocated between May and August.

Other Factors
Of course, there are always other factors that buyers consider when purchasing a home. They will look to see what is the most they can get for their money in general. Homes that offer more upgrades, more features, and prime locations are in a better place to sell, and faster than listings that do not. If there is a new shopping center going up, or if your home is located in a nice community or school district, this has a positive effect on the sale price of your home.

 

About Jessica JessicaHoltzman

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