The four bedroom, four bathroom colonial was listed for $689,000.
The more than 3,000 square foot home has four bedrooms and four bathrooms.A newer construction home in Bloomfield recently ignited a bidding war that brought its sale price up 27% over the asking price.June 16 for $689,000 and closed August 16 for $875,050.
“A lot of people refinanced and have 2 to 3 % interest rates,” Morris said. “it doesn’t make sense for them to sell and buy anything else when they would have to pay 7 to 8% interest rates to do it. Until the Federal Reserve brings the interest rates into the 5% range or structures a reduction on capital gains there’s no incentive for anybody to sell their home.”
The couple who ended up winning the bidding war had started a search for a home 9 months earlier in Livingston, said Ellen Gonik of Coldwell Banker Realty, the buyers’ agent. “It was a newer built home. The rest of town, the homes were built in the 1940s and 50s. It was in move-in condition — and they were getting desperate. They wanted more space,” she said. “So If they were going to bid that much for other homes, I thought this is the one to go for.”
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