Saturday, March 14, 2009
It's Heating Up
I get asked all the time if buyers are coming back into the market. If the past few weeks are any indication, I'd have to say YES. Clifton for example has been one of the slower markets with literally 100's of 3 and 4 bedroom homes available a any given time. Most fall between 250k and 450k. When an appealing house comes online in an appealing neighborhood, buyers come out of the woodwork. Especially with the new 8k tax credit.
Two weeks ago, I took my best buyers to an open house "premier" on Jacklin St. It was across the street from a nearly identical Cape that had been on the market for months at 347K(very nice but a bit over priced). The newest was renovated and 299k. We could barely find a parking place. When we did, we couldn't walk through the house without tripping on another buyer's foot. Since the agent had already written up his first offer while awaiting more from other agents, we passed.
A week later we found another new "opening" less then 8 blocks away a well staged Colonial on Englewood for 329K. When I told the agent to expect an offer, she replied that there was already enough action for a "highest and best." We had one shot without knowing how many others. It turned out we were the lowest of five -- at least one was over the asking price. Maybe the good old days are back!