As a professional Realtor I am often asked by homeowners whether they should move or improve their current home. It is an age old dilemma that people ponder over and over, year after year. When I council clients about whether they should put on an addition, or renovate bathrooms and/or kitchens or make other major home improvements, my advice is only do it if you absolutely love the house. But if you are going to feel like you might spend a lot of money only to end up feeling like the home is still unsuited to your tastes etc. you are better off moving.
I was counseling a couple with this conflict and took them to see several larger homes with more property. One of them was the magnificent Tudor style home (pictured here) several years before it was on the market– I knew the owners, and knew they were thinking of selling it in the next few years. The buyers adored the home but felt it was out of their price range. So, I continued showing them homes that would be a better fit financially; but they felt nothing they saw could compare.
Then in early May, this home came on the market priced at $1,695,000 and I called them immediately. In just 2 years the market/economic recovery had a lasting impact on both the sellers and the buyers. The sellers offered their home for what they felt it was worth, even though it set a new list price record for both South Orange and Maplewood. This was possible because so much inventory in town had been sold, leaving little competition and an increasingly motivated buyer pool. On the other side, the economic recovery meant the buyers had saved more money than they thought possible in such a short time. They were now comfortable purchasing a property in this price range.
All in all, it ended up to be a win/win situation for both and I am so happy my buyers will be calling this magnificent house, perched on 1.3 acres, with a perfect NYC skyline view their home in just a few months.