Bidding Wars Marlboro NJ

Cori Dunphy
Published on February 22, 2022

Bidding Wars Marlboro NJ

Are there REALLY Still Bidding Wars going on in Marlboro NJ? What does the market really look like?

I’m going to share with you what it’s really like to buy or sell a house here in Marlboro Township.  Are there still bidding wars, are people paying way over the asking price? What can you do to make your offer strong and stand out?   How do you win with all the bidding wars going on? Stick around and let’s talk about it!

Hi, It’s Cori with RE/MAX CENTRAL and CoriSellsNJ.  So what kind of properties are clients buying and selling here in Marlboro Township and what has the process been like?  I”m going to keep this video short and sweet because the truth is, I think we all know it’s madness out there.  Bidding Wars, we all know what they are, and I think we can agree, we all hate them!

People are buying everything and anything they can get their hands on here in Marlboro Township. So what happens when the market is crazy like this? Bidding Wars! As of today in February 2022 are there still bidding wars?  YES.  At this moment do I see any end in sight, unfortunately, I really don’t.  Although the past week we have seen a significant rise in interest rates, so maybe just maybe things will start to slow down?  

But it’s still the same story it was a year ago.  There is simply NOT enough inventory to go around.  Today there are only 24 homes on the market here and the price range goes from $375,000 to over 3 million. There are a few homes at the lower end and then there are 8 homes over a million.  So the sweet spot of where the majority of people looking to buy in this town is between $600,000 – $800,000 there are very very few homes to choose from. 

As a seller, you are really sitting pretty right now.  You are most likely receiving multiple offers on your home and that gives you the power to pretty much demand exactly what you are looking for and by that I mean, price, closing date, and so on.

As a buyer.  If you’ve been out there recently looking for a home you understand what it’s been like.  The best word to describe it, A FREAKING NIGHTMARE.

I always like to tell my clients when they begin the process of shopping for a home the most important thing is to have patience.  Well, let me tell you, even my patience is wearing thin.  I mean REALLY thin.

So let me give you an example.  A house hits the market here in Marlboro Township.  Let’s say it pops up in the MLS by 9:00 am on a Tuesday morning.  I would NOT be lying if I tell you by noon that same day there are at least 25 showings set up and some people haven’t even been on their computers yet to see the new listing so you know it’s going higher.

The showings begin.  I would say on average these homes are officially listed for about 2 days before the agent notes are updated to highest and best due by.  WHAT?  How is that possible.  I didn’t even get a chance to get my client into the house yet?  

So this is what I can tell you if you are looking to buy a home in Marlboro Township or anywhere in Monmouth County.  

You are going up against so many qualified buyers and you are all going after the same property.  If home shows well and is priced right, (and even if it’s overpriced it’s getting multiple offers)

So you as a buyer, BIDDING WAR!  The number one question I get asked by my buyers is, “what are the other offers on the table”.   The cold hard fact is,  as realtors, we have no idea what the other offers are or what they look like.  I mean we literally know nothing.  Are the other offers above asking price, cash offers, conventional loans, FHA loans are there any home sale contingencies.  We don’t know any of that information and the listing agent doesn’t have to share any information with us at all.  So instead of focusing on what the other offers are, in a market like this, we just have to make your offer as strong as possible.  (and then we pray).

Here are a few things you can do to try and make your offer stand out, but again, this market is tough so remember you can ONLY do the best you can do!

Number 1

Do NOT even think about coming in with a low price offer in this market.  Coming in at asking price honestly isn’t even working right now, the majority of homes are going over asking price.  So please if you are thinking of making a low ball offer, this is NOT the market to even attempt that.  Pro Tip, right now you should almost be searching for homes a little below your price range.  This will give you the power to offer over the asking price if you find yourself in a situation where you really want a house and you have to offer above the ask price!

Number 2

Have your agent reach out and have a conversation with the listing agent.  Have your agent try and gather some information.  There is no obligation for the listing agent to share any information but sometimes they are and it’s always worth the call.  

Number 3

Offer to take the property as-is.  Now, this is NOT the same thing as waiving inspection.  If you offer to take the property as-is, you can explain to the seller that you are not looking to nitpick or nickel and dime them when it comes to the inspection and reviewing the report.  Many buyers are offering way over the asking price with the full intention of beating the sellers up after the home inspection.  Now, of course, be sure they know you are still going to do a home inspection but you are only concerned with major major issues such as structural damage, etc.   Be sure you take a look at the seller’s disclosure prior to making this decision of course.  That way you have a true understanding of the mechanics and the age of the home’s major systems.  

I will never ever, when representing a buyer, suggest or even allow them to waive a home inspection unless my buyer is a contractor or investor.  It’s just too risky in my opinion.  So again you can let them know you will have an inspection but unless there are major major items discovered you are willing to take the house pretty much as is!

Number 4

Although I strongly do NOT suggest this method, you can waive your appraisal.  I am not a fan unless there are very specific circumstances.   But I want to cover everything. Right now the demand is so high here in Marlboro Township but the supply is very low, so the prices are through the roof.  There is now a ton of concern about if a house will even appraise.  So if a house is listed at $450,000 and the market truly supports this price what happens if the home sells for over $500,000?  Remember if you are obtaining financing on a home, meaning you are taking a mortgage, the home MUST appraise for the sale price.  If a buyer is paying cash, the appraisal is not important.  

So if you offer to waive the appraisal, that doesn’t mean it’s literally not going to happen.  Your lender still has to have an appraisal done, it just means that if the house doesn’t appraise, you are willing to make up the difference in cash.  This method isn’t going to work for everyone and remember you must have the difference in liquid cash.  You also have to be willing to pay above the appraised price for a home.  On a side note, you can also put a cap on it.  Meaning you can say you are willing to cover up to a certain amount of money for example $10,000 

Number 5

Don’t waste time messing around if you really want the house.  Get that offer submitted.  That means working diligently with your agent to get the paperwork filled out and sent over asap. If the listing agent calls for the highest and best by a certain time, get your offer in with plenty of time to spare.  It doesn’t matter how amazing your offer is if you are late.  If you are serious, get your offer in.  The seller doesn’t even have to acknowledge your offer if it comes in after the deadline!

There is another tactic you can use when dealing with bidding wars, and although I’m not a fan, I am doing a super short video all about escalation clauses soon, so be sure to keep an eye out for that one!

So I shared 5 things with you that may or may not help determine the outcome of your offer on a home.  Some of these things really could make a difference in making your offer stand out to the sellers, but in a market like this, sometimes it’s really just out of your hands.  Remember to talk to your realtor about the pros and cons of implementing any of these tactics, and always try and put your best foot forward.  

Oh and one more thing, a little prayer doesn’t hurt when the market is so crazy.  Thanks for joining me, I’ll see you on the next one!

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Cori Dunphy is local, she’s a life-long resident of Monmouth County. Why is that important?  Because she has knowledge of the area. Cori Covers all of Monmouth County but has a very strong following with listing and selling homes in also has experience listing and selling houses in Marlboro, Morganville, Manalapan, Freehold, Hazlet, Holmdel, Matawan, Aberdeen, and more. She has a true understanding of the market in Monmouth County.  

Cori Dunphy is a Marlboro Township resident.  If you need extensive information about Marlboro Township, Everything from Real Estate, to Restaurants, From Schools to Shopping.  JUST ASK!

Cori Dunphy is Realtor®. When you are a realtor.  You are forced to follow an extreme code of ethics and Cori stands by that.  Her client’s needs have and will always come first.

Cori Dunphy is a Certified Pricing Strategy Advisor. This means she can help you determine the most competitive and realistic sales price when listing your home. Relying on your tax assessment or an online estimate just isn’t accurate. A Pricing Strategy Advisor knows how to determine the market value, AND how to help you determine a price that will make your home competitive with other houses for sale.

Cori Dunphy is a Certified Real Estate Negotiator.  This means after you receive an offer on your house, she will use proven negotiating strategies to get you under contract and sold.

Cori Dunphy is a Senior Real Estate Specialist. This means she has the training and experience to meet the needs of the over-55 homeowners who are typically considering retiring and/or downsizing, and whose needs are different than those homeowners under age 55.  Cori currently specializes in the Adult Community of Greenbriar.  www.greenbriarmarlboro.com

Cori Dunphy is a certified e-Pro. This means she uses extensive creative online marketing to get homes sold. Why? Because the majority of buyers find the house they end up buying online! Your house, like most houses for sale, will be found on the thousands of real estate websites showing homes for sale. Cori will extensively market your home on a wide variety of social media platforms. Cori will ensure your house has its own dedicated property webpage, and will also ensure your house is a “featured property”. Ask Cori about the one unique marketing concept she uses that NO ONE else in the area is doing!

Cori Dunphy has proven experience working with home sellers.  Every house Cori has ever listed has SOLD!

Cori Dunphy knows the real estate market.  She knows the average days on the market of homes for sale. She knows the sales price trends. She knows whether it’s a buyer or a seller’s market, and can provide the advice to get homes sold!

Do you have a house to sell outside Cori’s area? Cori will connect you with a Realtor® in her network.  Currently, her network includes New York, Pennsylvania, Texas, California, Tennessee, Georgia, North Carolina, South Carolina, Arizona, Las Vegas, Maryland, Rhode Island, and Kentucky.  This network is growing every day!

Curious about the Marlboro NJ market? Hop over to my website and take a look around. www.corisellsnj.com

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