Bergen Real Estate - Hot and Cold

The lower end of the market is hot, the top is not. In the last two weeks I've seen several bidding wars on starter homes that were aggressively priced. In Ridgewood, for example, a split level priced at $549,000 received at least 3 offers in its first weekend on the market. In Fair Lawn, a home that had been on the market for some time dropped it's price by 10% and immediatley three offers came in. The high end of the market isn't experiencing as much activity. My rationale is that higher end buyers are much more dependent on Wall Street. There are fewer transferees moving into the area, and local homeowners working in the financial sector are nervous about their jobs.