Queen Anne Style Home in Jersey City goes under contract after 7 days on market and multiple offers.

Why are some selling with multiple offers and others are not? That’s a question many sellers ask me. I’m hoping this post clears things up for sellers.

Jersey City has seen many changes in the last few years, so many that a New Yorkers have taken interest. The easy commute to Manhattan, size of homes with outdoor space and community services make Jersey City the best bet for New Yorker’s looking for more space without venturing into parts of New Jersey that seem unknown to them.

 

Our most recent listing, a stately Queen Anne style, single family home at 334 Arlington Avenue sits in Jersey City’s Bergen-Lafayette neighborhood. The area of Bergen-Lafayette dates back to the 1850’s. This home, is a typical Queen Anne style that has asymmetrical house shape with intersecting roof lines on the exterior. The interior features heavy wood finishes that were a bi-product of the Industrial Revolution, because they were the first time wood patterns were cut on machines and mass produced for homes. A true machine craftsmanship that cannot be found in modern homes. 

 

 

In my years of doing real estate, it’s understood that every home I walk into is precious to the owner and in their eyes is always worth a million dollars, but as a professional Realtor© it’s my job to remove the emotion from the actual home market value. I compare homes sold in the neighborhood from most recent months that are similar condition, lot size as well as bedroom and bath count. Why not active sales you may ask? I do not use active sales because they have not yet closed and a bank appraiser would not see those as being similar for the same reason, the closing price is not yet set. I have to be the voice reason with any home owners who are touring me through their properties and showing me things they have worked hard to upkeep, invested a lot of money to maintain, but in a buyers eye, would actually decrease the market value due to outdated finishes, unkept premises, or maintenance of mechanicals that has been modernized. These are very important things in a buyers eye that would lead them to look elsewhere or submit an offer that is adequate to what work is needed. 

 

My approach to selling homes has always been an ethical and holistic one. One that is not attempting to get your sale just for my numbers, but as a member of the community of Jersey City, I have a reputation to upkeep as well. It’s called a fiduciary responsibility. I cannot list a home for more than what the market value is because it’s basically a false valuation. Do remember that the rule economics is simple, it’s supply & demand, where the public really sets the price of goods based on supply or demand of those goods. Where there is little supply but high demand, the public will set the tone for what they will pay for goods. Where there is high supply and low demand, you will see the price of goods lowered. And real estate is no different, while certain areas of Jersey City are seeing high demand, other areas of Jersey City are experiencing low demand. As a real estate market expert, it’s my duty to inform a seller of where the market is during the time we are selling their property and the asking price needs to reflect that.

 

I’ve had the pleasure of being in Jersey City for 15 years, seeing the city flourish and grow vertically from abandoned lots into gorgeous shining, condominium buildings. I’ve experienced the wave of restaurants as they came in and sometimes went out due to being ahead of their time in neighborhoods not ready to sustain the prices offered. Ultimately the Bergen-Lafayette neighborhood has seen tremendous growth from new  restaurants, as well as the new Berry Lane Park, cafe’s and boutiques that have become mainstays in the past few years. Add to that the looming development of Sci-Tech city in the Southern end of the neighborhood and of course, increased Light Rail and buses to the PATH stations, all making this neighborhood one to want to become a part of as it continues to grow.

 

If you are looking to sell or buy a home, call me 917.268.8916