Main Content

Home » What are buyers paying more for in Bergen County?

What are buyers paying more for in Bergen County?

Median home prices in Bergen County are above the stage average, and home prices in the area are some of the most expensive in the country. Given that, why are home buyers still flocking to invest in Bergen County real estate? What are buyers paying for more? We list down the factors that make Bergen County real estate irresistible.

Proximity to New York City

Being a suburb of New York City has a lot to do with the high prices in Bergen County. Location always plays an important factor in the total value of a land and home. Looking at it this way, being close to New York City can be both a blessing (endless work and play opportunities are easily accessible) and a curse (Bergen County homes are some of the priciest in New Jersey).

Expensive home prices don’t seem to be a major drawback, however, as Bergen County still remains as one of the top choices for home buyers looking to relocate in New Jersey. This rings especially true, since more and more city dwellers are looking to move back into the suburbs for a higher quality of life, and Bergen County, aside from its proximity to NYC, offers just that.

Move-in ready homes

Move-in ready homes are considerably more expensive than their not-so-ready counterparts due to the cost premium associated with the properties. Still, the high demand for ready-to-move in homes in Bergen County clearly shows it is not an issue.

One of the biggest pros of investing in a move-in ready property is the chance to save money since you don’t have to rent while waiting for the home to be finished. If you’re not planning on making it your primary residence, you can immediately have it rented out and, as a result, generate income. Move-in ready homes also completely cancel out the off-chance a builder fails to meet completion and possession deadlines.

Home buyers’ preference for move-in ready homes also has something to do with their needs. On one hand, if you’re in need of a home ready for immediate use, the obvious course is to purchase a ready-to-move in home. On the other hand, if you’ve got time to spare and you’d also like to do some customization, buying an under-construction property isn’t an issue at all.

Why is there a premium on new constructions?

Regardless of where you’re going to buy a newly constructed, move-in ready home, new constructions often cost more than their used counterparts. According to an analysis made by Trulia, a real estate website, home buyers spend 20 percent more on new homes than existing ones. Why? The answer is simple: new homes come with a bevy of perks.

Compared to an existing property, new constructions nowadays tend to be more energy-efficient, adhering to latest rules and regulations. Modern technologies and sustainable materials might have also been used, which can contribute to lower maintenance costs. With all these advantages, it’s easy to see why there is a premium on new constructions. To make sure you get your money’s worth, have the home appraised and inspected by a professional.

Tenafly, NJ and Bergen County, NJ real estate awaits. To explore your real estate opportunities in the area, contact me today at stacy@stacyesser.com or (917) 621-6794.