Gonnella Team News
14 Chestnut Road, Chatham. Asking $1,549,900. Best Value in Chatham!! Check out the Matterport 3D Floor Plan!
Arlene Gonnella of The Gonnella Team was quoted in CNN Business article: “All-cash offers are King in this hysterical real estate market. Here’s what you need to know”
Here’s an excerpt from the section Arlene was quoted in, and there’s a link above to the full article.
“The real estate stories are swirling about homes that sold in record time, with multiple bids — and “all-cash offers.”In this wild housing market, with 21% fewer homes on the market than last year and demand pushing prices to record highs, the competition for a home is fierce. One thing that can put a potential buyer on the top of the heap is an all-cash offer.An all-cash offer doesn’t mean showing up with a suitcase full of cash. But it does mean a buyer has the means to purchase the home without taking out a mortgage.
That may seem impossible to people struggling just to save up for a 20% down payment, but the all-cash offer is becoming increasingly common. In April, 25% of all home sales were all-cash deals, up from 15% a year ago, according to the National Association of Realtors.
To sellers, the appeal of a cash offer is that there’s less risk of the deal falling apart and they usually close faster than a mortgage-contingent offer, said Arlene Gonnella, an agent with Weichert Realtors in Short Hills, New Jersey.”It makes a stronger offer in this market where sellers are faced with many competing offers,” she said. “Sellers are able to know with certainty they have a done deal.”
This home in Short Hills, NJ, sold in April for $1.425 million as an all-cash purchase.
While cash buyers will usually still conduct an inspection, the deal is not contingent on mortgage financing being approved or the possibility the home will appraise under the agreed upon price.But the cash offer isn’t always the end of the story. Some buyers who win bidding wars by offering cash will ultimately finance the home. And there are even ways buyers who need a mortgage can use all-cash offers to be competitive.”
OUR HOME SALE IN NY TIMES, IN THE WHAT’S SELLING NOW FEATURE! 136 HOBART AVENUE, SHORT HILLS. CLOSED FOR $1,425,000! SHORT HILLS REAL ESTATE. WE REPRESENTED THE BUYERS & SELLERS OF THIS STUNNING HOME. IT WENT UNDER CONTRACT WITHIN 7 DAYS OF GOING ON THE MARKET!
Amazing New Price at 11 Heritage Road, Florham Park! Now Asking $1,490,000! Ideally located on 2.35 totally level acres on a quiet cul de sac, this spectacular 7 bedroom brick front Colonial features a grand 2-story entrance hall features great natural light & opens to the living & dining rooms with chair rail, beautiful molding & hardwood floors. Gourmet kitchen with custom white cabinetry, new quartz countertops, top of the line appliances, built-in desk & French doors to huge deck, open to family room with floor to ceiling fireplace. Home office, walk-in pantry, laundry room & mudroom complete the 1st level. Luxurious master suite with walk-in closet, sitting room & spa-like bath with jetted tub & shower, 5 additional bedrooms & 2 full baths complete 2nd level. Beautifully finished lower level has a media room, recreation room with incredible bar, exercise area, bedroom & full bath. Great amenities! This one of a kind home in the ideal location is sure to impress! Call me at 201-306-1357 for a showing of this gorgeous home!
Stunning Summit New Construction, 74 Templar Way, Asking $1,848,000. Open House Saturday & Sunday 2-4pm!
Stunning New Construction with 10 year homeowner’s warranty. This extraordinary Northside Colonial, constructed by Mountainview Developments, offers lifestyle, location and design enhanced by beautifully appointed amenities including higher ceilings, hardwood floors, stylized moldings and spacious rooms. The open floor plan introduces you to a bright and airy living room, formal dining room flanked by a chef’s kitchen with custom white cabinetry, quartz workstations and high end appliances along with a comfortably-sized family room with gas burning fireplace. The front and rear staircases ideally connect the formal rooms to the casual living areas. The private rear yard is perfect for patio entertaining and recreational activities.