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Montclair NJ Houses Being Priced to Get Multiple Offers

April was an active month for sellers and buyers. 

Local listing activity jumped in April with 91 new listings, up from 74 new listings in March, and 84 in April last year. 

The bump in home sellers increased active listings to 179 in April, on par with 176 in April last year and the highest level since May of last year. Buyers appreciated the additional choices and committed to 71 contracts versus 54 last year.

There were some notable closed Montclair home sales in April that boosted sales prices to an 8% premium over ask. Many were in the $700k-$900k ask range which continues to see good demand, and not surprisingly, some homes were clearly priced to get multiple offers. 

Examples of recently sold homes that went over for over asking price: $699k ask, $917k close; $709k ask, $815k close; $869k ask, $1,053k close; $765k ask, $938k close; $899k ask, 1,050k close; $949k ask, $1,200k close!  

Home pricing with precision is really an art and a science, calling on experience and local knowledge. It is not as simple as looking at recent nearby home sales and making reasonable adjustments. It is a complex and nuanced process that results in a unique house to house decision. 

Sellers, is your house priced to get multiple offers?

Contact us for guidance on what makes a home a good candidate for this strategy. 

Potential buyers, although I’ve said it multiple times, it bears repeating; it pays to look at homes that need a little work. Don’t underestimate how much room for negotiation there is on those listings now. 

Questions?

Feel free to contact me, I love to talk about this stuff.

Best, Rich

PS – Get the best price for your home by planning ahead.
The Stanton Company Realtors’ Home Sellers’ Countdown Calendar