ARV of Property in Mercer County, NJ

1 Reply

Giovanni, I'm a real estate investor/broker in Arizona and I've done many evaluations on properties in AZ. Even though I know the Tucson, Az market very well as well as some other parts of southern Arizona I can tell you that real estate values vary greatly from not only one city to another but even from one block to another. So I wouldn't be that big of a help to you for that property. A great example of this would be in Hollywood, Ca where you can have mansions worth millions and much lesser priced homes within a fairly close proximity. If you don't know how to pull comps for that neighborhorhood/subdivision at the address you mentioned , then I would strongly suggest you contact a real estate agent in that town and see if they will run a CMA(comparative market analysis) on that home for you. Depending on how busy they are they may or might not do that for you. Especially if they aren't working for you. It's worth a try though.

The most simple way to expain how to find a value for a home is always try and stay in the same subdivision of the subject if that home is located in a subdivision.  If it is unsubdivided then it is trickier.  Go back 6 months and look at what has sold there for homes that are plus or minus 20% g.l.a, and plus or minus 20 years in age of the subject if possible.  Of course there is alot more too it than just that but it will give you a rough idea of value doing it that way.  You also want to look at lot size and bedroom/bath count and also condition is obviously very important.

However, if you are thinking about buying the home you need to get a real estate professional to help you calcuate ARV not just a rough estimate. By the way Zillow is typically not very accurate. I would never rely on Zillow to determine ARV in case you were thinking about doing that. I hope this helps. Jeff