Bergen County Buyers Are Overpaying for Move-In Ready Homes

Written by:

Alejandra Rodriguez

Date:

08 Sep 2026

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In northern Bergen County, New Jersey, two nearly identical homes on the same street can sell months apart – one in a bidding war within a week, the other lingering with price reductions. The difference is not location, lot size, or school district. It is whether the kitchen has been updated and the bathrooms look current. In a market with one to two months of inventory and appreciation running 6 to 7 percent annually, according to Scott Selleck, broker associate and team lead of the Selleck Group at Keller Williams City Views Realty, the premium buyers pay for turnkey condition has widened enough to create what amounts to two separate markets operating at different speeds.

Selleck has sold over 500 transactions in Bergen and Hudson County over 33 years. He sees the split playing out in towns like Leonia and Fort Lee, where the inventory divide between updated homes and older properties means some listings sell in days while others sit for weeks or months.

The Seven-Day Divide

When a home comes to market in decent condition and is priced near comparable sales, Selleck says it moves fast. “They go off the market within seven days.” Multiple offers push the final price 15 to 20 percent over asking. Buyers are waiving appraisals, competing against seven or eight other offers, and structuring their bids to appeal to sellers rather than protect themselves.

Homes that need significant renovation – older colonials with original kitchens and dated systems – follow a different pattern entirely. Even when priced to reflect the condition, they can sit. Selleck describes a common scenario: a family member moves to a facility, the home needs $150,000 to $200,000 in work, and if the listing does not price that cost clearly, it stalls.

The gap between these two categories is widening because of buyer psychology, not market fundamentals.

Why Buyers Are Avoiding Renovation

With mortgage rates hovering near six and a half to just under seven percent, buyers in this market already face intense financial pressure. According to Selleck, the median sale price in northern Bergen County runs roughly $850,000 to $900,000. A buyer putting $150,000 to $200,000 down is stretching to keep monthly payments under $7,000. Adding $150,000 or more in renovation costs on top of that is not something most buyers want to absorb.

“The buyers in this era now, a lot of them don’t want to do a lot of work if they don’t have to,” Selleck says. The result is that buyers pay a premium for move-in-ready homes. In a market with one to two months of inventory, that premium is substantial – buyers are bidding against each other for the subset of homes that need no work, while passing over properties that might offer more value per square foot.

The Risk of Following the Crowd

For buyers willing to take on a renovation project, the math can look different. A home priced well below its updated neighbors, needing significant work, might still come in below what a turnkey home sells for after a bidding war pushes it 15 to 20 percent over asking. The catch is that renovation timelines, contractor availability, and carrying costs during construction all introduce uncertainty that a move-in-ready purchase avoids.

There is no guarantee that a fixer-upper is the smarter financial play – construction budgets overrun, and living through a renovation or paying rent elsewhere adds costs that are hard to predict. The point is not that every buyer should chase older colonials. It is that the current frenzy around turnkey properties has compressed the pool of competitive homes so tightly that buyers are paying prices disconnected from what the underlying structure and lot would suggest.

Pricing Strategy for Dated Properties

For sellers sitting on a dated property in this market, the implication is direct. Pricing to reflect true renovation costs – not just discounting slightly below updated comps – is what separates a listing that attracts value-oriented buyers from one that lingers. Selleck notes that 30 to 40 percent of sellers are looking at price reductions if they want to sell. With appreciation running 6 to 7 percent annually, an overpriced fixer does not simply wait for the market to catch up – it falls further behind the updated homes that keep resetting comparable sales upward.

Selleck says the market remains aggressive within 40 minutes of the city and still favors sellers overall. But that strength is concentrated in the turnkey segment. Buyers who recognize the price distortion between updated and dated homes – and sellers who price honestly for condition – are the ones positioned to avoid overpaying on one side or languishing on the other.

About the Expert: Scott Selleck is a Broker Associate and Team Lead at The Selleck Group, Keller Williams City Views Realty, covering Bergen and Hudson County, New Jersey since 1993.

This article is intended for informational purposes only and does not constitute legal, financial, or investment advice. The views and opinions expressed herein reflect those of the individuals quoted and do not represent an endorsement of any company, product, or service mentioned. Readers should conduct their own due diligence and consult qualified professionals before making any investment decisions.