what is the average time a house is on the market in Bergenfield, NJ?

Asked by topgun4hhguy, Bergenfield, NJ Wed Jun 5, 2013

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Barbara Weis…, Agent, Tenafly, NJ
Wed Jun 5, 2013
Actually the absorption rates aren't working because the market is changing too quickly. Right now if a home is marketed correctly, it will get an offer within a few weeks and be firmly under contract in 1 month. That is IF it is marketed correctly. I just closed on a listing in Bergenfield that had a drainage easement that was in the form of a brook. I emphasized the picturesque, country feeling of having a brook on a property so it became a positive instead of a negative, got an offer we accepted in just over 2 weeks and it was firmly under contract in 29 days. Bergenfield is a great town with a good school district and it sells well.
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Peter J Roge…, Agent, Mahwah, NJ
Wed Jun 5, 2013
there are 96 current listings in Bergenfield and there are 14 that have gone under contract in the past 30 days. Therefore if no new listings on the market and the solds continued at the same rate it would take 6.8 months for all to be sold.
This is called the absorption rate and is the tool we use to gauge market turnaround.so it could take over 6 months to sell your house.
However there are other factors at work If your house is in top condition and priced well it will sell more quickly. i suspect that the rate in Bergenfield is somewhat skewed by a large number of short sales which take a long time to sell.
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