There is so much discussion on home valuations this year. Certainly as interest rates leap upwards, the value of homes begins to decrease. However we are not seeing a dramatic decrease in the NJ market. The results aren't in, but if you bought a home 2-3 years ago, there may indeed be an overall appreciation in value. Randolph NJ being no exception.
Expectations, especially based on prior years hot market, should however be tempered by the fact that if you have owned your home for 30 years, you may be at 100% equity - with an original price of less than $50K and current value of $500K. There are very few investments that can earn this type of return. The challenge for Realtors is setting the price at $500K, when the owner feels - based on last years valuation of $550K.
There is a saying in the stock market - pigs get slaughtered. If you feel that there is a significant difference between $550K (expectations based on last year) and $500K (what can sell reasonable this year) - then it might be best to stay put.
If you must sell - consider the other homes that yours will be competing with in a tight market. Price accordingly and there should be no reason that a fair sale will not occur, within a reasonable time period. Indications are, next year will not be much better.
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