My friend Alice sells real estate in New Jersey, but also has some personal observations she agreed to share with my readers about what she’s seeing in her local market:
My tale of three houses....
1. My next door neighbor, on the market for the third time, not much activity.
2. Friend number one put her house (no kids ever lived in) on the market and got two offers the first week; it is now priced $10,000 less.
3. Friend number two got two offers the first weekend, nine offers by the end of the week. Accepted a cash offer and believes it is sold.
Why? House one is the highest priced, hasn't upgraded anything and backs to the road. House two is beautiful, mid priced but one of two offers was warned about stucco. House number three was the lowest priced of the three, well decorated and maintained inside of a cul-de-sac. Walking distance to the church.
Is it price, upkeep, or location? Whatever it is, the buyers are willing to go for it only if it's worth going for. They don't need to buy anything else since there is enough to choose from.