More N.J. homes are selling below asking price - NJ.com

List price and what buyers actually paid for a home in New Jersey have been wildly different for the past few years.

Bidding wars that drove up sales prices were a hallmark of the pandemic market. And now that the market is cooling — largely due to higher interest rates on mortgages — buyers are gaining more control in the residential real estate market.

“People don’t have as much money to spend because interest rates are so much higher,” said Marybeth Mcgee of RE/MAX Bay Point Realtors. “What they could afford last year is now almost $100,000 less.”

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