‘Very aggressive, low price’ helped this N.J. home sell for $161K over asking

The owners of a home in Parsippany-Troy Hills were building a new place down the Shore.

With the timeline for construction projects almost always fluid, they waited until the new home was nearly complete before listing their old home.

Then, they wanted to sell it fast.

“We made the decision to list it at a very aggressive, low price knowing it would have interest and multiple offers,” said Mary Menard with Compass New Jersey, the listing agent.

The colonial with four bedrooms, two full- and one half-bathrooms on a quarter-acre lot was listed on Monday, Oct. 28, for $559,000. “By October 30 I told the agents that highest and best offers were due on the fifth,” Menard said.

Fourteen offers were submitted, most “in the neighborhood” of the accepted offer, she said.

“There’s low inventory and this is a really desirable neighborhood,” Menard said. “It’s right down the street from a school and parks … close to (routes) 287 and 80.”

The home was under contract on Nov. 8, just 10 days after it was listed. It closed Jan. 24 for $720,000, that’s 29%, or $161,000, more than the asking price.

The median sales price of a home in Parsippany-Troy Hills was $560,000 as of December, according to the most recent data available from New Jersey Realtors.

The accepted offer had the best terms, Menard said. “They were flexible with the closing date, offered a 60-day use and occupancy to the seller if they needed to live in the home after the closing but they didn’t. They did a home inspection only for major issues, waived an appraisal and they were highly qualified.”

The sellers had lived in the home for 44 years and raised their family there. Many years ago, they did a construction project that renovated the kitchen and added a family room and a primary suite above it.

“It has modern amenities but with the charm of an older home,” she said. “And it was really meticulously maintained. They loved it so much and that was very apparent.”

Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.