Thinking about listing your Bernardsville home around $1,000,000? One small pricing choice can add weeks on market or leave cash on the table. You want a plan that respects the $1M threshold, current financing rules, and New Jersey fees. In this guide, you’ll learn how to avoid the most expensive mistakes and position your home to sell well. Let’s dive in.
Know the $1M Bernardsville market
A $1M price in Bernardsville sits inside a normal band for quality single-family homes. Recent closings in 2024 to 2025 regularly landed from roughly the low $1.1Ms to the mid $1.5Ms, with select estates selling higher. Inventory is thin and highly segmented by property type and acreage.
The bottom line: pricing must be anchored to very local comps. A village home near town, a wooded estate, and a condo will each pull different buyer pools and price responses.
Avoid the pricing threshold trap
Buyer search filters often use round numbers. Pricing choices that sit just above or below $1,000,000 can change who even sees your home online. Industry pros recommend aligning list price with how portals display price brackets so you do not miss qualified eyeballs. See guidance on filter effects in this Inman analysis of price increments and this deep dive on real estate pricing strategies.
Consider these options and tradeoffs:
- Price at $999,999 to capture “up to $1M” searches, then drive competition if demand is strong.
- Price at $1,000,000 to straddle both sides of the round number, depending on portal behavior.
- Price at $1.02M to $1.05M when comps clearly support it and you want to signal premium positioning.
There is no universal rule. Test portal filters and align with your target buyer.
Understand financing at $1M
Here is a common misconception: buyers at $1,000,000 always need jumbo financing. For 2025, the Federal Housing Finance Agency lists a high-cost conforming limit of $1,209,750, which applies to Somerset County. That means many $1M buyers can use conforming loans. Review the official FHFA 2025 loan limits and county detail from Bankrate’s New Jersey loan limit page.
Even when a buyer chooses jumbo, underwriting can be stricter on credit score, debt-to-income, and reserves. Know the differences outlined in this Investopedia overview of jumbo vs. conventional loans.
Plan for appraisal risk
If your home is unique, acreage-rich, or recently renovated, comparable sales may be limited. That can increase the chance of a low appraisal relative to your contract price. Learn how appraisal gaps work in this NerdWallet guide to appraisal gaps.
Two smart steps: provide a robust comps package for the appraiser and consider a pre-listing appraisal for one-of-a-kind properties. Both reduce surprises.
Budget for New Jersey fees and taxes
New Jersey’s Realty Transfer Fee is paid by the seller and is graduated. Transfers over $1,000,000 trigger supplemental graduated percent fees that can move your net meaningfully. Review the state’s tables on the NJ Division of Taxation RTF page and build those costs into your target proceeds.
Also plan for carrying costs. Bernardsville’s property tax burden is materially higher than national averages, which affects buyer affordability and your pricing strategy. For rate history and payment details, see the Bernardsville tax office page.
Marketing that earns top offers
At this price point, presentation matters. Professional photography, careful staging, and a compelling story about lifestyle and location can attract higher-quality buyers and faster offers. Matching the marketing plan to the most likely buyer profile is key, from social and email to regional luxury channels.
Seller checklist near $1M
Use this quick list to stay on track:
- Confirm current local comps and micro-market trends before pricing. Avoid relying on a single automated estimate.
- Verify financing assumptions using the FHFA loan limits. Remember that Somerset County’s 2025 conforming limit is $1,209,750.
- Decide your pricing band strategy around $1M after testing portal filters. See Inman’s pricing increment guidance.
- Prepare for appraisal with a comps packet and consider a pre-list appraisal for unique homes. Review how appraisal gaps work.
- Model net proceeds including New Jersey RTF and supplemental fees using the NJ Taxation tables.
- Highlight affordability clearly, including property taxes. Share links to the Bernardsville tax office for reference.
- If your buyer uses jumbo financing, anticipate stricter documentation. See jumbo vs. conventional differences.
When to list below $1M
List near $999,999 when comps are tight and you need maximum exposure to “up to $1M” searches. List at or above $1,000,000 when the comp set is strong and you want to signal premium value. Your agent should test search filters, review buyer feedback, and adjust quickly.
Ready to price your Bernardsville home with confidence and a clear plan for financing, fees, and marketing? Reach out to Margy DeFazio and Denise Flanagan of The DeFazio Flanagan Team for a tailored strategy and concierge-level execution.
FAQs
Should I list at $999,999 or $1,000,000 in Bernardsville?
- It depends on comps and buyer targeting; test portal filters and align with your strategy to either capture “up to $1M” searches or signal premium value.
Do buyers need jumbo loans at a $1M price in Somerset County?
- Not necessarily; the 2025 conforming limit is $1,209,750, so many $1M buyers can use conforming loans per the FHFA loan limits.
How do New Jersey fees change above $1M?
- Sales over $1,000,000 trigger supplemental graduated percent fees in addition to the base Realty Transfer Fee; check the NJ Division of Taxation tables for exact amounts.
How can I avoid appraisal surprises near $1M?
- Provide a strong comps package and consider a pre-list appraisal for unique properties; understand options if an appraisal gap occurs with this NerdWallet guide.
Do Bernardsville property taxes affect buyer affordability?
- Yes; the area’s higher property tax burden impacts monthly costs, so set expectations early and share the Bernardsville tax office for reference.
