Just went to contract to sell my house in NY. On the market for 15 days. Contract is for full asking price.
IN NJ it’s extremely luck to get a home at asking price. A bid 25-35% over list won’t guarantee success.
After a month of serious looking in Montclair, Nutley, Rutherford, Ridgewood, Glen Rock & surrounding towns with relatively low crime rates & good (B grade) schools on behalf of my cousin’s son & pregnant wife, having lost out on 3 bids >35% over list, we are in contract for a house at asking.
The house is in the top 1% for it’s town by price, which I normally would have passed by for that reason, but that kept the multiple bid scenario at bay and the bid was successful. For surrounding towns the house gives value for money but it will not appreciate as well as a house moderate in value in that town.
If I hadn’t helped they would have remained in dilapidated rentals despite both having good jobs and saving >50K for at least another 5 years. Biden has put a generation on a path where the “American Dream” is increasingly unavailable.