Property values have been on the rise in Bayonne New Jersey for a while now, yet in Boatworks Bayonne they appear to remain stagnant and a source of concern for every homeowner. Understandably so since the original homeowners paid an average of 25% more than the current values.
A look at the range of closed sale prices for townhouses in Boatworks in 2016, $255,000 – $375,000, indicates the problem is much less one of current market value than it is of understanding the appraisal process and ensuring a credible appraisal during the sale.
For starters most buyers and appraisers are of the impression that they are all “cookie cutter” houses since they look the same on the outside when in fact there are 6 different floor plans and room sizes. Location and views differ too, some houses face the street while others face away or inward from the street. Many homeowners have spent a lot of money upgrading and updating their homes. These physical and functional attributes are important to an appraiser in determining an opinion of value. Boatworks Bayonne homeowners therefore need to ensure comparable properties are used, and adjustments made for differences, in determining the correct value of their townhouses.
If you are interested in finding out more about property values in Boatworks Bayonne call Janice Hall at 201 232 8577.
