From the Star Ledger:
Location may be the key word in real estate but, like anything else, timing can also make a difference.
A house in Closter that hit the market in May just closed for $205,000 over its asking price. And the listing agent, Risa Corson of Coldwell Banker Realty, says the “timing was crucial.”
The sellers initially wanted to wait until August to list, but Corson convinced them to list sooner and write into their terms that they couldn’t close until August, when their new out-of-state home would be finished.
“We have a very strong school system, we’re close to New York City and a lot of people want to move to town for the schools and proximity,” said Corson, a 19-year Closter resident herself. “I knew we’d have a better pool of buyers in May than if we waited until the end of summer.”
The four-bedroom, three-bathroom home was listed for $995,000 and sold for $1.2 million. “The house needed some updates but it was well maintained,” Corson said. “It’s on a cul-de-sac.”
There were 40 showings in four days and two offers were made by the second day. The sellers cancelled a weekend open house and asked for highest and best offers on the fifth day. At that point they already had an offer for $1.1 million.
“There was very little on the market in that price range at that time,” Corson said. “I knew given the low Inventory, the time of year and interest rate concerns that time was of the essence.”
A total of 12 offers, all over asking price, were submitted.
Corson sold a house two doors down in November. That one was listed for $999,000 and sold for $1.1 million.
“I even was a little shocked myself (the more recent listing) went that much over asking,” she said.