Listed by Judith Daniels at $999,000 and sold with 17 offers for $1,200,000.
Spring 2013 is officially the season of multiple offers! And if we’re referring to areas like Short Hills and Millburn, I’m not talking only one or two offers per property, either; from what I have seen, of the homes that have been selling, they have been doing so with many offers. There have even been some homes selling with as many as 14 and 15 offers! Further, many of these homes have been selling several hundred thousand dollars over asking. With that said, it’s not that every house that goes on the market has been flying off of it. The main factors that seem to be getting homes sold quickly and over asking are the condition of the home (including the staging), the location, and of course, the price.
The homes that seem to be straight out of a Pottery Barn catalogue are the first to sell, and often well over asking. Move-in ready and picturesque with clean lines and impeccable staging, these homes seem to tug at the buyers heart strings… and well, their purse strings, as well. New constructions and homes that are renovated top to bottom will always be sold at a bit of a premium.
The location of homes, particularly in areas like Millburn-Short Hills, make such a difference in terms of desirability and price. Homes within walking distance to the train stations are potentially the most sought after. There is also a very high demand for homes that are tucked away on quiet streets. The great thing about location, however, is that you can find something positive about almost every neighborhood in towns like Millburn-Short Hills, Summit, Madison, Westfield, etc., so when it comes to selling a home, it’s important for the real estate listing agent to be familiar with that specific neighborhood and know how to market its location.
Finally, price is a key factor to attracting buyers and pricing is an artform in itself. As with all things real estate related, there are no definites and almost any price can be considered a gamble. Put your house on too high and buyers will bash it and lose interest. Price it too low and buyers will wonder what’s wrong. However, if you a price a home just right, buyers will see the value and come flocking with offers. In a market that has seen homes sell at several hundred thousand dollars over asking it’s clear that buyers truly do dictate the market.
If you’re wondering what homes are selling for in a neighborhood or town you’re interested in, feel free to reach out. judith@luxurynjhomes.com
