Bidding wars have returned to New Jersey in the first quarter of 2013 in a big way. The combination of low inventory, low interest rates, high priced rentals and few tax deductions left, are pushing buyers into competitive bidding to own homes across the country, and especially in towns with great schools and an easy commute to train lines within minutes.
Randolph, NJ has always been a community that attracts family. This is a town where investors can expect to appreciate in an upward trending market and simultaneously offer their children an excellent public school education at top-rated Randolph High School, which is continuing to move up the ranks again. Actually we are seeing this through out towns in Morris County.
The spring real estate market has a reputation for being frothy in Randolph and all the other surrounding Morris County towns and sellers are finally feeling the shift in the market with multiple offers and bidding wars driving the sale price over asking.
I pride myself on advising local sellers to prepare their homes to be in tip-top shape before they hit the market, focusing on competitive pricing and a broad marketing campaign to reach thousands of prospects, I have team of experts who help me achieve this.
Historically, this opportunity only comes around every 17 -20 years where both mortgage interest rates and homes prices are both low.