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Princeton Real Estate – Buyers Market and Multiple Offers

Princeton Real Estate – Bidding Wars and the Buyers Market? Princeton real estate multiple offers

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 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.

Buyers of Princeton homes for sale, who perceived existing Princeton homes for sale as still overvalued and anticipated 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 homes for sale 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 the house you like to still be on the market in a month, or its price to be reduced. Postponing the decision based on these expectations could leave with even fewer choices.
Be informed, be focused and be smart.

5 Comments »

Ann Cummings [Visitor] said:

Faina – EXCELLENT advice! We’re starting to see multiple offers on some properties in my area, too. And our housing inventory is shrinking. Buyers thinking they have all the time in the world to decide are beginning to find out that that just isn’t so at this point. It was a few months ago, but not now.
“Be informed, be focused, be smart.” Love this!

# 31 December 1969 at 4:00 pm

Princeton Homes - Selling Over Asking Price and Buyers Market | Princeton NJ Real Estate Homes said:

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# 17 January 2009 at 12:03 pm

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# 29 January 2009 at 11:16 am