The Bergen County real estate market is now defined as much by buyer psychology as by pricing, according to Gina Gerszberg, a broker with Douglas Elliman Real Estate. After more than a decade in the industry, Gerszberg has seen both buyers and sellers become more strategic and selective, with location and property condition taking on new importance in decision-making.
Education Over Pressure
Gerszberg’s approach centers on education, not high-pressure sales. She conducts consultations with every client, walking them through the process and explaining the forms and steps involved. “I am not a salesy salesperson at all. I am more into education,” she says. This method has become increasingly valuable as first-time buyers make up the majority of her clients. Most are moving out of rentals due to major life changes—marriage, expanding families, or simply needing more space—which pushes them into homeownership for the first time.
Urban-to-Suburban Migration Persists
Although the intense pandemic-era migration out of cities has slowed, Gerszberg continues to see a steady flow of buyers leaving high-cost urban areas for Bergen County and beyond. Many come from places like Hoboken and Jersey City, or from pricier parts of Bergen and Essex counties, seeking more affordable homes and lower taxes further west.
Lifestyle remains the primary driver of these moves. Gerszberg notes that buyers who value an urban environment and quick access to the city rarely consider the suburbs, and vice versa. “People who want a little property, a little yard, the easy pace of being able to park your car in your driveway—they cannot visualize themselves living in the urban atmosphere,” she says. The decision to move is less about market timing and more about day-to-day life.
Pricing Strategy
Today’s market requires sellers to be acutely aware of buyer psychology when setting prices. Gerszberg explains that buyers now expect new listings to attract multiple offers. If a property is priced too high for its condition or location, buyers hesitate; few are willing to bid above list price unless the home clearly justifies it.
This creates a delicate balance. Sellers must price with an understanding of what buyers perceive as fair value, while buyers need to recognize when a home is realistically priced. Gerszberg advises sellers that if their home hasn’t received offers within the first 10 to 20 days, the price is likely too high. “If your house is the only house that hasn’t had an offer in the first 10 to 20 days of being on the market, you’re priced too high,” she says.
Distinct Segments, Distinct Dynamics
Bergen County’s market divides sharply by price point. At the high end — properties above $1.5 million — homes that are well-located and in good condition tend to sell quickly. Buyers in the $3 million range, Gerszberg notes, are more focused on location and lot size than on turnkey condition, as they often plan to renovate to their own tastes.
The middle market, from $800,000 to $1.5 million, is more challenging. These buyers are cautious and unwilling to overpay. Homes in this range often sit unless they are aggressively priced. Below $800,000, demand far outstrips supply, making it difficult for buyers to secure a move-in-ready property. “You’re going to win the lottery if you get a house that’s in decent condition,” Gerszberg says of this segment.
Interest Rates
Contrary to widespread belief, Gerszberg does not see interest rates as the main barrier for buyers. Instead, she argues that current rates are helping to stabilize the market. “I think interest rates are at a very reasonable historic norm right now, and if they can just hold steady for a while, we’re going to have people who need to move. They’re going to move regardless of the interest rate,” she says.
The real hurdle for most first-time buyers is not the monthly payment, but the upfront cost. “The biggest challenge right now for new home buyers getting into the market is having a good down payment,” Gerszberg explains. With prices high and competition fierce, assembling enough cash for a strong offer is often the biggest obstacle.
Cash Offers Dominate, Financing Faces Headwinds
Multiple-offer situations remain common at all price points, but buyers relying on financing — especially with less than 20% down — are at a disadvantage. “If you have less than 20% down, it is very difficult to win in a multiple offer situation. It’s almost impossible,” Gerszberg says. Cash offers are prevalent across the market, making it harder for financed buyers to compete.
For those unable or unwilling to enter bidding wars, Gerszberg recommends considering homes that have lingered on the market, often due to outdated interiors or needed repairs. These properties may offer opportunities for buyers willing to invest in improvements, rather than chasing after the most desirable listings.
Market Outlook
Looking ahead, Bergen County’s real estate market is expected to remain competitive but increasingly stable. Rather than dramatic price swings, the coming year will likely bring a gradual return to normalcy, with sellers becoming more realistic about pricing as the era of unchecked appreciation fades. Prices are expected to stabilize — not decline sharply— to reflect true market demand, rewarding strategic pricing over wishful thinking.
While Bergen County is often viewed as prohibitively expensive, affordability challenges are not necessarily greater than in neighboring areas. In many cases, the biggest barrier is psychological: buyers’ hesitation about committing to homeownership. In this environment, education, transparency, and patience matter more than ever. Buyers must be prepared for competition, prioritize location over cosmetic upgrades, and maintain realistic expectations about their budget. Sellers, meanwhile, need to understand that overpricing can lead to longer days on market and missed opportunities.
As the market settles into a more balanced rhythm, success on both sides will depend on informed, level-headed decision-making. Buyers and sellers who approach the process with flexibility, clear expectations, and a firm grasp of current market dynamics will be best positioned to navigate Bergen County’s evolving landscape.
