In the past few days in not only Cranford, NJ, but in other towns as well, I have been involved in 6 multiple offer situations. One as a listing agent, and 5 as a buyers agent. It seems that more and more sellers are finally starting to price their homes to sell, instead of pricing them to sit on the market.
If this continues, it appears that some of this excess inventory will start to move off the market, and the prices may start rising slowly, if the buyer activity remains strong. I will say that all of these homes were in the first time buyer price range, and I have not looked in particular at ranges above this to see if the same thing is happening, but it is definitely a good sign that the first time buyers are starting to move off the fence more and more, which will bring sales up the "food chain" of prices, most likely. The question is, how much, and for how long.
Thanks for reading. Check back for more market reports
Sean Carroll - Realtor, Team Leader
"Team Carroll" - Real Estate Professionals
Serving Cranford, Westfield, Scotch Plains and Surrounding Communities
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