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08-16-2007, 08:48 PM
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Junior Member
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Join Date: Aug 2007
3 posts, read 6,365 times
Reputation: 10
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the market is not completely hopeless
Quote:
Originally Posted by Shanlynn1012
From what my realtor is saying and the amount of response to my house I am beginging to think it is. Everyone is saying it is the market and it is a bad time to sell. But I am someone who needs to sell, so what can I do. Do you guys think the market is hopeless??
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Hi the market is not completely hopeless, it's definitely a buyer's market your will sell soon. |
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10-23-2007, 09:45 AM
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Member
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Join Date: Oct 2007
31 posts, read 35,540 times
Reputation: 18
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Quote:
Originally Posted by Shanlynn1012
We have been up for two months, it is priced at 279K in ocean county it jsut appraised at 289k so i think we are priced OK. Other homes on my block are priced above or right where I am. It stinks. I feel liek if my realtor is loosing hope I am really screwed.
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Bottom line is, this is NOT a seller's market anymore, and the buyers appear willing to wait for prices to plummet as far down as they can possibly go.
the pricing of housing,especially here in northern NJ, has gotten out of control, and now it is payback time for all the buyers who were priced out of the market in 2004/5, they've now come back with a vengeance and a determination to ride things out to their lowest point. This market needs to correct itself, and as a potential buyer, I'm riding the storm out..this market has a long way to go before it levels off! |
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10-24-2007, 09:54 AM
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Senior Member
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Join Date: Oct 2006
1,261 posts, read 966,632 times
Reputation: 395
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the pricing of housing,especially here in northern NJ, has gotten out of control, [/quote]
I agree, the entire real estate market in NJ and elsewhere, seems to have been over inflated. Many people still want to get on the band-wagon, but unfortunately they missed it. Others who bought high, hoping to flip it, can't afford to correct their price.
The market is now correcting and many buyers do realize this and have priced their property realistically.
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10-24-2007, 10:14 AM
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Senior Member
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Join Date: Oct 2007
Location: Ocean County
1,916 posts, read 1,447,164 times
Reputation: 621
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Ellw2ood, if they priced there homes reasonably they would sell, people are still on pipe dreams, houses went up close to 100 percent in 4 or 5 years. Its now time to pay the piper. My wife and I were driving around the other day and stopped at an open house in Pt. Pleasant. We saw a small ranch on the water and took a guess on the price. We guessed 549K due to it having about 30 feet on the water. We go in and they have 3 10 ft. by 10 ft. bedrooms and a built in pool. The realtor says to us what a great deal this is at 945K YES 945K. She also says that the people bought at 874 two years ago. They raised the price instead of lowering it. I wouldn't offer more than 500k on that home. Yes the market sucks and you must be a realtor if you say that things are moving. Most people can't even sell at a drastically reduced price. If you want a laugh look at that house on realtor.com
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10-24-2007, 11:30 AM
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Senior Member
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Join Date: Oct 2006
1,261 posts, read 966,632 times
Reputation: 395
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Quote:
Originally Posted by JERSEY MAN
Ellw2ood, if they priced there homes reasonably they would sell, people are still on pipe dreams, houses went up close to 100 percent in 4 or 5 years. Its now time to pay the piper. My wife and I were driving around the other day and stopped at an open house in Pt. Pleasant. We saw a small ranch on the water and took a guess on the price. We guessed 549K due to it having about 30 feet on the water. We go in and they have 3 10 ft. by 10 ft. bedrooms and a built in pool. The realtor says to us what a great deal this is at 945K YES 945K. She also says that the people bought at 874 two years ago. They raised the price instead of lowering it. I wouldn't offer more than 500k on that home. Yes the market sucks and you must be a realtor if you say that things are moving. Most people can't even sell at a drastically reduced price. If you want a laugh look at that house on realtor.com
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No JERSEY MAN, I am not a realtor. In reality I will be putting my townhouse on the market in January. I live in Morris County and see real estate in this area that is moving, IMO due to correct pricing.
From what I have seen down the shore, they are so over-priced it is ridiculous. I have a friend who just paid $375K for 900 sq ft. in Beach Haven West, located on a canal. Sorry but I find that over-priced too. I bought a new home, 2000 sq ft., all upgrades on 3.1 acres for considerably less than what those beach shacks are priced.
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10-24-2007, 11:46 AM
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Senior Member
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Join Date: Feb 2007
Location: NJ
6,587 posts, read 5,672,542 times
Reputation: 1375
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Quote:
Originally Posted by Ellwood
No JERSEY MAN, I am not a realtor. In reality I will be putting my townhouse on the market in January. I live in Morris County and see real estate in this area that is moving, IMO due to correct pricing.
From what I have seen down the shore, they are so over-priced it is ridiculous. I have a friend who just paid $375K for 900 sq ft. in Beach Haven West, located on a canal. Sorry but I find that over-priced too. I bought a new home, 2000 sq ft., all upgrades on 3.1 acres for considerably less than what those beach shacks are priced.
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Beach Haven West and LBI have been, IMHO, the 2 top places in NJ that have gone completely out of control during the boom. Increases of up to 500% were not uncommon over the past 8 or so years - it's crazy. Prices are coming down slowly (I can guarantee that your friend's $375K shack could've been priced at near $500K 2 yrs ago), but are still completely out of reach for the middle class who were the ones buying around 10 yrs ago.
I agree with you about Morris County RE - it seems the ones that are moving are houses priced aggressively. There are 2 houses on my way to work that have been on the market over 1 year, WAY overpriced, but they purchased new in 2005 and can't seem to come to grips (or whatever the situation may be) that they ARE.NOT. going to get what they paid (new construction).
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10-24-2007, 12:24 PM
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Senior Member
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Join Date: Oct 2006
1,261 posts, read 966,632 times
Reputation: 395
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[quote=tahiti;1817472]Beach Haven West and LBI have been, IMHO, the 2 top places in NJ that have gone completely out of control during the boom. Increases of up to 500% were not uncommon over the past 8 or so years - it's crazy. Prices are coming down slowly (I can guarantee that your friend's $375K shack could've been priced at near $500K 2 yrs ago),
If I was going to spend $375-$500K for a beach house, I'd rather spend the money on an ocean front condo in Hawaii. The weather is beautiful all year round and you can rent it out to tourists. I spent every summer growing up at the shore but it has become much too crowded to enjoy the beach, except in May and September.
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10-24-2007, 03:28 PM
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Member
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Join Date: Oct 2007
39 posts, read 47,063 times
Reputation: 12
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Quote:
Originally Posted by Ellwood
No JERSEY MAN, I am not a realtor. In reality I will be putting my townhouse on the market in January. I live in Morris County and see real estate in this area that is moving, IMO due to correct pricing.
From what I have seen down the shore, they are so over-priced it is ridiculous. I have a friend who just paid $375K for 900 sq ft. in Beach Haven West, located on a canal. Sorry but I find that over-priced too. I bought a new home, 2000 sq ft., all upgrades on 3.1 acres for considerably less than what those beach shacks are priced.
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WOWWWWWWW..
Its hard to get such a big house for a reasonable price in central jersey 
Nan |
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01-26-2009, 04:33 PM
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Member
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Join Date: Jan 2009
14 posts, read 4,343 times
Reputation: 21
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NJ homes are still wayyyy to overpriced in Bergen County 4 sure, when sellers relalize they will NOT get 500k for a dumpy old home and correct the prices..... then they will sell!!!! Sick of seeing dumps in 2008-9 for that price!! Get real ppl! oh & forget the HIGH taxes here 2....just as big of a concern for most of us!
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01-26-2009, 04:45 PM
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Senior Member
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Join Date: Feb 2008
1,506 posts, read 853,096 times
Reputation: 336
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Usually I don't like zombie threads coming back to life for no reason ... but this was an interesting look back.
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