Are homes now being priced to create bidding wars, or is tight demand pushing high premiums?
The answer is both – sellers have been increasingly pricing competitively to create more demand and competition within that demand, and the tighter market is supporting the higher prices.
What makes a house a candidate for a bidding war?
The homes generating multiple offers usually have a few specific shared characteristics, including location, price range and style.
Proximity to shopping, dining and a commuter line continue to drive value, especially among people leaving urban areas who don’t want to have to rely on cars.
The market is especially competitive for buyers in the $700k-$1M range with multiple offers, sometimes boosting sale prices 10-20% above ask. There is a natural price ceiling at $1 million that was pushed well through a few times this spring.
What style of house will generate the most interest is a little hard to predict, but “move-in ready” with newer kitchens and baths rule the day. Classic colonials with twists on the traditional floor plan are good candidates. Modern houses also often get multiple offers by virtue of their rarity in Montclair.
The #1 Way to Sell Your Home
It’s always in your interest to set your asking price in a price range that’s a value to your potential market of buyers. Staging, great pictures, marketing channels all help sell your home, but the number one way to sell your house, by far, is to have the cadre of experienced Montclair real estate agents communicate to their existing buyer clients that your home is a good value and they need to act quickly.
Feel free to reach out with your questions.
Stay safe and healthy,