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The Luxury Home Market in Wyckoff and Franklin Lakes New Jersey

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Real Estate Agent with RE/MAX Properties

While I was showing an agent and her clients through my beautiful $1,979,000 home, in Wyckoff, I heard something I haven't heard in a while --- "This home is underpriced." While I was confident the home was well-priced, I don't often hear that from buyers or their agents. But this home is magnificent, and the seller and I worked hard to get the price right. The luxury market in both Franklin Lakes and Wyckoff --- two of the towns I've lived and specialized in --- is seeing a strong resurgence.  In part, this is due to sellers being more diligent about pricing their homes at or under real market value.  If Realtors learned one thing from the economic debacle we experienced it's that it is very easy to overprice a home, and when you do it's not easy to recover from it.  I should also say that the words "luxury market" can mean anything from $900,000 to $50 mil so it's important to note that there are still homes on the market that were initially listed in 2012.  It amazes me how long sellers are willing to have their homes on the market before they bite the bullet and reduce it to where it should have been when they listed it.  Unfortunately, we who have been in this business for decades know there's little chance a home that's been on the market for more than a year at the same price can rebound and sell at a price the sellers will accept. The bidding wars everyone is talking about in this market are precipitated by pricing the home right the first go-round. I always tell my sellers that most of us want to know that other people want what we want, and bidding wars accomplish that.  You may be one of 10 offers on a home that you really liked, but until you found out 9 other buyers want it, you didn't know just how much you loved it!

Although our Spring market started a bit late, and sellers had to swallow hard to price their homes, this market has proven to be very rewarding for all involved.

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