Scotch Plains Residential Sale Hot Off the Market

Yes sales are occurring in Scotch Plains. However, prices are down and buyers are making lower offers. Take the example of 338 Cedar Grove Terrace in Scotch Plains off of Mountain Avenue, which closed title on July 24, 2007;

Listed for $359,900 on May 21, 2007. Unlike most properties, this one was under contract in 15 days on June 6, 2007. Although the property went under contract quickly, it wasn't without a cost to the seller. The property sold for $345,000 with $10,197 concession to the buyer. What is a concession you ask? In this case the property was acquired with 100% financing. Therefore, the loan of $345,000 was used to pay the seller $334,803 and $10,197 for the buyer's closing cost. In this case the seller conceded to allow the buyer to use $10,197 to cover closing costs (therein a concession).

The seller realized approximately 93% of the asking price, clearly in this market that is a good sale. In exchange the seller offered a home that ahd a fairly new kitchen that was added to the rear of th house. There are three baths -  one on each floor, as well as a dining room, four bedrooms, beautiful hardwood floors and a completely finished basement.

Advice to sellers, buyers are looking for homes with upgrades and as many amentities as possible, for this they will offer on average around 93% or less of the list price (depending on the amenities and the list price).