New Jersey Real Estate Agent

Princeton Real Estate - Bidding Wars and the Buyers Market? 

Bidding wars, offers over asking price could not possibly be part of the Princeton real estate today. If you are a home buyer still looking for your Princeton dream home, you may be surprised. By now all New Jersey home buyers must have heard that's it's a buyers market. You heard it  from the press, media and here from me on Princeton Real estate blog. The words "buyers market" and "multiple offers" may therefore seem like an oxymoron. Yet I am seeing it in Princeton real estate right now. Are we back getting back to the old days of bidding wars?

Traditionally, buyers market means there are a lot more houses on the market then the buyers to buy them. This creates a big inventory of unsold homes and potentially drives the real estate prices down. Home Buyers have a big selection and an upper hand.

How could the multiple offers I am seeing now in Princeton real estate be explained? One issue is the housing inventory is really down compared to the same period lat year. Princeton real estate sellers wary of the bad real estate market and the declining prices are not putting their homes on the market, unless they absolutely have to.

Princeton real estate buyers who were perceiving existing Princeton homes for sale as still overvalued and anticipating future price declines  now have fewer choices. When houses come on the market and  are priced right the remaining buyers could still face bidding wars and offers over asking price. 

Princeton real estate - Advice for home buyers

My advice for the buyers of Princeton real estate who are still searching for the right home:

• Carefully evaluate available choices. With the market approaching it's peak inventory for the season, there would be fewer properties to choose from.
• Zero in on finding the house that fits your needs, if your goal is  to buy your Princeton home this summer.
• Get expert opinion from a Princeton real estate agent  on the value of the house that fits your needs. Offer what you agree to be the market value and aggressively negotiate to get the best price for you.
• Do not expect that the house you like would still be on the market in a month, or that its price will be reduced. If it doesn't happen you would be left with even fewer choices.
• Be informed, be focused and be smart.

 Related articles:

Princeton Real Estate|Mercer County NJ Homes -How To Buy A Home At The Lowest Price?
Princeton New Jersey Real Estate Mercer County Homes - Questions And Answers

Princeton NJ Mercer County Real Estate -Housing Market Report April 2008

Please call 609-553-4175 for serving Princeton, Montgomery Township, West Windsor, Plainsboro, Princeton Junction, Hopewell, Pennington, and Lawrenceville New Jersey.New Jersey Real estate, New Jersey homes for sale and/or listing New Jersey homes to sell, relocation services and assistance. Referrals are accepted. Countrywide and international relocation program.

Copyright 2007 Faina Sechzer All rights reserved. This information cannot be copied, reproduced, transmitted, distributed, displayed or published.