You may have heard tales of frequent bidding wars in Montclair and Maplewood due to a shortage of inventory. However, the truth is, there's plenty of inventory to go around. In this case, “shortage” doesn’t necessarily refer to “number of homes” as much as it does to “what a buyer is looking for.”
I’ve written here about the misconception that sellers often have about what is “valuable;” this discrepancy between perception and reality comes into play regularly when some of us try and sell our parents’ china sets or old books. Generally speaking, today’s buyers don’t want Old Stuff. And when it comes to houses there are certain things they’re looking for: smaller spaces, new renovation, and walkability.
Unfortunately, not all the homes in these towns are small and “steps away from everything.” But this does not necessarily mean a seller won’t be able to sell or buyer won’t find a satisfactory home.
Smart sellers need to understand their customer base and do what they can to increase the appeal of their home – even if their home has been fine for them the way it’s been for 25 years.
And smart buyers need to be open to hidden opportunities and value that might not be evident from a simple walk through – for example, understanding the “value” of a location beyond merely how many steps it is to the nearest coffee shop.
A good real estate agent will help you find what you say you’re looking for – whether that means getting the price you hope to get or being able to check all the boxes on your wish list. A great real estate agent will educate you and make you smarter about a town or a process that you may not be so familiar with. That’s my job. I do it every day, often 7 days a week.
Whether you’re ready to buy or to sell, allow me to share my expertise with you.