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Bidding wars seem to be alive and well in Randolph. Everyone talks about the terrible market and how it is a buyers market--but it seems very competitive in Morris county to get houses. Does anyone know if things are really slowing down? The prices in Morris county still seem pretty high.
Bidding wars seem to be alive and well in Randolph. Everyone talks about the terrible market and how it is a buyers market--but it seems very competitive in Morris county to get houses. Does anyone know if things are really slowing down? The prices in Morris county still seem pretty high.
if there was a bidding war, the property was priced aggressively. i know of a lot of houses that went fairly quickly, but again, the price was right (i'm in morris county too). conversely, i can rattle off twice as many houses that are priced way too high and have been sitting for over a year.
Yes-you are right. It was a house in a very nice open and quiet neighborhood, that had not been upgraded in 50 years. Very mid sixties style kitchen and basement. No central AC. No gas line. 3 beds, 2 baths. All floors needed to be refinished. A very old furnace and oil tank. 11 year old roof. Exterior needed cosmetic work. Needed landscaping. But it was a very spacious feeling house selling for 439. I bid 430, because of all the work that it would take to get it up to date-easily 40 thousand. Houses in the area were for 460--470. I had a cut off amount-kind of sorry I lost it but relieved about doing all that work as I don't make a high salary.
Rutherford, no kidding. Fed is going to cut interest rate again tomorrow to bring down mortgage rate. I guess people may consider buying now instead of buying higher than asking next spring.
I had 2 clients last week involved in bidding wars. One in Bernardsville, the other in Basking Ridge.
There are tons of buyers out there right now. As soon as the last interest rate cut, my phone was ringing off the hook for people ready to buy.
Since Labor Day, I think there are many, many more buyers out and about. We had very few lookers over the summer, but after Labor Day our traffic really picked up. Earlier this month we got two offers in the same week after being on the market for four months. More buyers+aggressive price=sold. We're in Middlesex County, but I imagine much of the state is the same way. Tahiti is correct, those houses that have been sitting for a year are over-priced for the current market.
Since Labor Day, I think there are many, many more buyers out and about. We had very few lookers over the summer, but after Labor Day our traffic really picked up. Earlier this month we got two offers in the same week after being on the market for four months. More buyers+aggressive price=sold. We're in Middlesex County, but I imagine much of the state is the same way. Tahiti is correct, those houses that have been sitting for a year are over-priced for the current market.
Congrats! When's the closing? Did you find short term housing?
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Outbid
