Updated about 3 years ago on . Most recent reply
YoY price increase on Zillow and current price
I'm interested in a specific property in Central NJ( Hillsborough Township). Im trying to understand the logic behind the pricing of some of the townhomes. These are the average trend of a particular type of Townhome. The particular townhome im looking at is being quoted at 299k. Its price history is below. It looks like its assessment in 2022 was 241k below. But this year they are asking for 299k - there havent been may significant improvements in this property. Its sibling property that does have more improvements is quoting 339k (10k price cut last month).
Are these prices justified? Im a newbie and trying to understand this. To me - the acceptable price should be around 255k in 2022. Is that realistic ( dont want to offend them by askign 255k - assuming my lack of experience - I just have a few properties under my belt but this trend didnt make sense)
| Year | Property Taxes | Tax Assessment |
|---|---|---|
| 2021 | -- | $241,500 (+1.9%) |
| 2020 | $5,313 (+15.9%) | $237,100 (+7.3%) |
| 2019 | $4,584 | $221,000 (+5.2%) |