If you think buying a home in Montclair is stressful, you’re not wrong. Some locals have compared the experience to “The Hunger Games”—an all-out competition where only the most prepared survive. With low inventory, aggressive bidding, and fast-moving deals, it’s one of the toughest suburban markets in New Jersey.
But with the right preparation and mindset, you can succeed. Here’s what you need to know—and the strategies that can make the difference between winning your dream home and losing out.
1. Understand the Market Dynamics
Montclair is deeply competitive. As of late 2024, most homes sold between $1.25M and $1.75M, and nearly 40 homes closed above $2M. In some cases, buyers paid 40%, 50%, even 80% over asking price.
Real estate agent Heather Kandawire explains why: sellers often list homes lower than true market value to spark bidding wars—or, as agents prefer to call them, “best and final” scenarios. It’s not unusual for a house listed at $999K to sell for $1.7M.
Action:
Always assume the listing price is just a starting point. Prepare to offer well above it—and make peace with that reality early.
2. Best and Final Offers: It’s About More Than Money
In a “best and final,” buyers submit their strongest offer without knowing what others are offering. And it’s not just about who bids the highest.
Sellers care about other factors too: how quickly you can close, whether you’ll waive inspection contingencies, whether you’ll allow them time to stay in the home after closing, and how solid your financing is.
Action:
Work closely with an agent who knows Montclair’s playbook. Align your offer with the seller’s “wish list” whenever possible—and don’t underestimate the power of flexibility.
3. Get Financially (and Emotionally) Ready
In a fast-moving market, hesitation kills deals. Mortgage pre-approval is essential—but Farnoosh Torabi, one of the podcast hosts, also stresses the importance of finding a lender who understands non-traditional income if you’re self-employed.
Credit matters too. Co-host Mike Schreiber shared that keeping your credit score high can help you lock in better loan rates and terms.
Action:
Get pre-approved, understand your budget after factoring in potential bidding wars, and mentally prepare for the ups and downs. You may lose multiple homes before you land one—and that’s normal.
4. Renovating? Budget More Than You Think
Given the competitive buying environment, many families opt to renovate instead of move. But Montclair’s historic homes present challenges: hidden structural issues, outdated wiring, and costly zoning restrictions.
Local architect Courtney Rombough warns that major renovations (like a two-story addition) can cost between $500,000 and $900,000. Even basic kitchen remodels can easily run $100,000–$200,000.
Action:
Before buying a “fixer-upper,” get realistic about renovation costs. Always build in a significant cushion for the unexpected.
5. Be Open to Nearby Towns
Not everyone who dreams of Montclair ends up there—and that’s okay. In a recent episode, “Johnny Caldwell,” a hopeful buyer, shared how his family shifted their search to Caldwell after realizing Montclair’s bidding wars and pricing didn’t align with their needs. In Caldwell, they secured a spacious four-bedroom home within budget and without the high-pressure competition.
Action:
Expand your search radius. Towns like Caldwell, Verona, and Bloomfield offer many of the same suburban perks—with fewer bidding wars and more space for the price.
6. If You Can’t Buy, Consider Renting—But Act Fast
The rental market in Montclair is highly competitive too, though currently oversupplied compared to the sales market. This could change quickly as the school year approaches and frustrated buyers pivot to renting.
Action:
If buying isn’t working out, renting might still allow you to get a foothold in town. But move quickly once you find a good option.
7. Have Patience—and a Thick Skin
Almost everyone interviewed for the episode—buyers, agents, homeowners—agreed: patience is key. Cory Sylvester, who bought his dream home after years of trying, emphasized the importance of staying committed, learning from every loss, and waiting for the right opportunity.
“You have to get steeped in the market,” he said. “Every failed offer taught us something we needed to know.”
