This NJ home sold for $186k over ask price — was it worth it?
A nice yet fairly simple four-bedroom four-bath Colonial in Bloomfield recently sold for $875,050. The sellers were asking $689,000.
That’s an offer more than $186,000 over asking price.
The bid came from a couple that was originally searching in Livingston and had been looking for the better part of a year. They kept getting outbid and were determined to not let it happen again.
But was it worth it?
In addition to the whopping 27% above-ask bid, the buyers also forgave $10,000 worth of home inspection issues and they even waived appraisal contingency.
If you’ve been looking for a home for 9 months you do things you wouldn’t do in the first month. The chilly reality sets in. There just are not enough homes for sale in New Jersey.
Put it this way. In June of last year, there were 19,960 homes for sale in the Garden State. In June of this year, the number is 12,975. That’s a 35% drop in inventory. Simple supply/demand.
Yet when you spend over $875,000 on a home won’t you be expecting something lavish in every room? Take a walk through this Bloomfield home and ask yourself if you would pay $186,050 over asking price for it.
The outside doesn’t strike me as a nearly $900,000 home.
A fine living room.
And a cute dining room. But is it $875,050 cute?
I admit the kitchen is very nice and the peninsula a solid touch.
Fun kid room.
But will the market forces that led to this exorbitant overbid lead to buyer’s remorse?
It’s a lovely home with a finished basement.
Plus a fenced in yard.
Even a healthy-sized deck. Hopefully the new owners get a lifetime of happiness and memories out of it. Money can’t buy those.
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Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.
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