Over the past 18 months, the housing market in New Jersey has been red hot, but prices are starting to come back down to pre-pandemic levels, which has impacted both the asking price and selling price for those on the market. Let’s explore the differences between the asking and selling prices.
From a seller’s perspective, you should work with a trusted real estate agent to price your home honestly concerning the current market. You can’t get sentimental; you want to price your home in a way that will attract the most buyers. It’s never worth it to overprice your home and alienate possible buyers. When deciding how to price your home, look at a similarly sized home with the same features in your area and begin there. An experienced agent can help you appropriately price things like an in-ground pool or two-car garage.
It’s important to note that the asking price should be a jumping-off point for negotiations, not the upper limit or selling price. The market has shifted over the last generation. The most effective selling method is often listing a coveted home and letting the demand determine the price, driving up the price.
For buyers, the challenge lies in determining how much you should offer for a home. In the past, if you provided the selling price, you’d probably expect to close on the house. But in a hot market, offering the exact amount asked will likely be quickly outbid. Every situation is different, and the market changes. Some sellers need time to find a new home, and others need to sell soon. Flexibility can often be one of your best assets in the home buying process. Contingencies are part of the negotiations, just like the monetary amount is.
Bergen County is a hot market because of the beautiful homes in a great location, so it’s essential to work with a trusted team like Bergen Realty Team to make a winning offer while staying within your budget. The market is constantly changing. The best way to keep on top of things is by working with agents who have decades of experience in the area. Contact our team today for help with selling your Oradell home.