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OP, I sympathize with you too. My fiancee works in the city and all the areas close to NYC seem to still have pretty high prices when we looked. I agree that the area surrounding NYC has pretty much held its own. Places may be discounted but we're talking like a $1M home is now $600K. Yeah its a 40% drop but I mean $600K.
It doesn't matter what the seller asks. You just offer what you think the house is worth to you. When you submit an offer, they will counter offer you.
If you don't come to a price agreement with the seller, just walk. There are better bargain.
For example: one of the property I saw was asking for 550k, very nice 4/2 colonial. My wife like it a lot but I didn't. So we walk. Then few days later, the listing expired, and the seller relist for 500k, and it was sold the very same day.
You really need to consider the towns that you are looking in. We have been looking for a while in Union County, and I do not think the seller there noticed the credit crisis. Total oblivion. But the houses keep on selling, unless they are really decrepit, then they are still listed very high, and still sell, just not as fast.
This is hilarious.. The sellers are oblivious and completely out of touch, yet their houses are selling at their high list prices.. Not a very logical statement.
You really need to consider the towns that you are looking in. We have been looking for a while in Union County, and I do not think the seller there noticed the credit crisis. Total oblivion. But the houses keep on selling, unless they are really decrepit, then they are still listed very high, and still sell, just not as fast.
If they are selling, they are not overpriced. Period. What *you* feel about the price is irrelevant to the market.
I think people expect to pay 50 cents on the dollar. I think there has just been so much press about the housing crisis that people's expectations are just out of wack.
Buying a foreclosure could be a headache...especially if you don't know what you are doing. Don't think you are getting a good deal with a foreclosure or short sale either. Most likely the person underwater bought at an astronomical price.
The houses out there are still overpriced. All I see are houses that are either bland with no character, or have some kind of other major drawback.
In my opinion we have a way to go in terms of the bottom for NJ real estate. I have been watching the market for a while now and nothing that I have seen would make me change my opinion. Add in rising property taxes and now all public employees paying another 200 to 500 out of their checks every month and I just cant see any recovery in the near future. In fact I think things could actually get much worse. Rates are at all times low and this has not done anything for the market. We will over shoot on the low end for sure.
In my opinion we have a way to go in terms of the bottom for NJ real estate. I have been watching the market for a while now and nothing that I have seen would make me change my opinion. Add in rising property taxes and now all public employees paying another 200 to 500 out of their checks every month and I just cant see any recovery in the near future. In fact I think things could actually get much worse. Rates are at all times low and this has not done anything for the market. We will over shoot on the low end for sure.
bababua,
Thats interesting. I have the same sentiment here in San Diego regarding housing which is obviously tied to jobs. Its been terrible here and I am really surprised to read about the headaches going on over there as well.
I bought some property out here in November and it was traditional sale of all things (retired couple moving out of state). My inlaws live in Monmouth County and its pretty bad there too.
Crazy times across the board it seems.
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All I see are houses that are either bland with no character
