As summer winds down and we head into fall, homeowners often ask me the same question: Is the market still strong, or did I miss my opportunity to sell?
The best way to answer that isn’t by looking at national headlines. It’s by looking at what’s actually happening right here in Totowa.
From June 1 through August 1, 13 residential homes closed in Totowa, ranging in price from $550,000 to $1,350,000. While every home and every transaction is different, the numbers tell us something important: buyers are still willing to compete for the right home.
Several properties sold above their asking prices. A home listed at $525,000 sold for $601,000, approximately 14.5% over asking. Another listed at $499,900 sold for $550,000, approximately 10% over asking. Homes listed at $749,000 and $899,000 sold for $795,000 and $950,000 respectively.
But not every home sold above asking.
One property listed at $1,259,000 ultimately sold for $1.1 million, while another listed at $999,999 sold for $980,000. Days on market varied considerably as well, from just 7 days for one property to more than 100 days for others.
What does this tell us?
There isn’t one Totowa market. There are many small markets within it.
Price range, location, condition, updates, layout and, perhaps most importantly, the asking price can dramatically affect how buyers respond to a property.
A strong market doesn’t automatically mean every home will sell immediately or above asking. Buyers today have access to more information than ever and recognize when a property is priced appropriately. When the price, presentation and property align, competition can still be significant.
For sellers considering a move this fall, that makes the pricing conversation especially important. Pricing a home isn’t simply about choosing the highest number the market might support. It’s about positioning the property so buyers see its value and are motivated to act.
For buyers, the summer numbers carry a message as well. An asking price isn’t necessarily the final price. Some homes attract multiple interested buyers and sell above list, while others provide room for negotiation. Understanding the individual property, rather than assuming every home will behave the same way, is key.
As we move into the fall market, Totowa continues to show why local real estate really is local. National headlines can tell us where housing may be headed, but they can’t tell you what’s happening on your street.
And sometimes, the most useful real estate information is much closer to home.
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