The Winchester 9422s are excellent guns that were designed to be a premium .22 rifle. The 9422s have forged/milled steel receivers and internals, and walnut stocks. I like the new Henry .22s, but they are not in the same league as the 9422. The 9422 XTRs are really nice if you can get your hands on one, and the prices reflect the quality.
The 9422 has a great action that was designed similar to the venerable Model 61 pump action rifle. This is a very smooth action, with the rounds controlled throughout the feed process; very reliable guns.
I've got a couple of 9422s in .22LR. One is early production, and the other is from the last year they were made. Both in excellent condition, with box and docs. I also have a Marlin 39 and a Henry. As much as I like them, the Winchesters would be the last to be sold.
If the condition is right, I think that $700 is in the ballpark for value. While Winchester made a lot of these rifles, they don't make them any more. If the one you are looking at is a 1980 model, that is prior to Winchester's sell-out to U.S. Repeating Arms in 1981, so it's a 'true' Winchester... My later production 9422 is in NIB condition, and it would take more than $700 to buy it from me...
Good luck with your decision, and please post some pics when you get it..!