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How much value does a 4th bedroom provide compared to a 3 bedroom home in Nutley, NJ? (North Jersey)

Specifically, I'm looking at a 4 bed/1.5 bath home listed for $450k in Nutley, NJ. Solid home but hasn't really been updated on the inside in 30 yrs (all cosmetic really). Compare this to a 3 bed/1.5 bath 2 blocks away that has been updated that listed for $390k and now has an offer. Similar size properties. I don't want to lowball the seller but the disparity seems high - obviously 1 extra bedroom adds value but will need some work on the inside to update. 
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March 20 2013 - Nutley
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Answers (2)

Hi user57514926,

Hopefully your Realtor has been able to help you with comps in the immediate area and the town trend to help you in your decision. It's more than just the bed/bath stats involved in making an offer, especially when it's just a 1 bedroom difference between 3 & 4 bedrooms.

For example, on sales since October 2012 the median price for 4bed/ 1.1 bath is $310K whereas for 3bed/1.1bath is $322K. At first glance, this would tell you 3bed/1.1bath homes are more valuable. But, we know that's not necessarily true don't we? It's condition, location of home, location of bedroom and baths, yard, section, etc.

Being a good negotiator and helping you prepare a strong offer, feeling out the seller, all that is key to being a professional Realtor. Stick with yours and you will do well.

Good luck.


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March 26 2013
Sorry, sometimes Sellers can be unrealistic but so can buyers, lol. Sounds like if the property would have been updated already it would be worth the $450k the Seller is asking. You offer should depend on how many days on the market, what you are willing to pay for that particular, and how money roughly it would cost to upgrade the home. Unfortunately, every Seller has a certain bottom number which they are willing to sell their home. Hopefully, the Seller and you can negotiate and find a common ground. Don't feel bad to make a low offer based on your needs and assets. At the end of the day you have to be happy with your decision. It's best to have a discussion with your Realtor & Contractor (if you have one) to determine where you should start to make an offer, 

FYI - This is a Buyer's market and inventory is low so if you are serious about this property. Don't wait; act now! Good Luck!
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March 20 2013
 
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