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Old 08-18-2007, 02:41 PM
 
Location: Middlesex Nj
26 posts, read 171,995 times
Reputation: 33

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The Days On market Are Up, The Inventory Is Up And Home Prices Are Falling!

Some would say cash out now , Others say wait and ride it out

What do You say
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Old 08-18-2007, 11:12 PM
 
Location: Bronx, NY
2,806 posts, read 16,365,289 times
Reputation: 1120
When have prices been falling? Nothing is selling, everything has been sitting on the market for while. But when did prices start dropping? Has anyone else noticed this?
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Old 08-19-2007, 03:53 AM
 
9,319 posts, read 16,655,876 times
Reputation: 15772
I think the market is in the process of correcting. Real estate became over inflated. I don't see any large drop in prices where I am (Morris). Also due to the time of the year (end of summer) buyers aren't out there.
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Old 08-19-2007, 05:13 AM
 
Location: NJ/NY
18,458 posts, read 15,236,363 times
Reputation: 14326
Prices haven't dropped in West Essex either.

Prices in our area are very much tied to the stock market. I hope that picks up soon or else prices may start to drop. We need the wall street guys keeping the top end of the market high or else everything else will crumble.
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Old 08-19-2007, 09:19 AM
 
Location: NJ
12,283 posts, read 35,677,666 times
Reputation: 5331
Quote:
Originally Posted by mead View Post
When have prices been falling? Nothing is selling, everything has been sitting on the market for while. But when did prices start dropping? Has anyone else noticed this?
i've seen a few houses drop over $100K (morris). but still on the market. of course, they were absolutely outrageously priced to begin with. these homes have been on the market for over 1 year.

most houses right now have only been dropping $10K, $20K, but are still sitting. the new construction (built ~2 yrs ago) that are for sale are definitely not dropping since the owners would lose $$$. i guess they aren't serious about selling.

my next door neighbor sold her house last november after being on the market for 6 mos. got about 98% of asking. now, there's another house, same size/model, worse location, WAY smaller yard, asking $75K MORE than my neighbor got. i seriously don't know what some ppl are thinking.
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Old 08-19-2007, 10:01 AM
 
Location: Nashville, TN
2,865 posts, read 9,363,994 times
Reputation: 693
Quote:
Originally Posted by Niceguynj View Post
The Days On market Are Up, The Inventory Is Up And Home Prices Are Falling!

Some would say cash out now , Others say wait and ride it out

What do You say
Houses are dropping, but the realtors there are not omiting it. Three neighbors sold after me, and for quite a bit less. 2 were on market over a year, the 3rd just got lucky because the realtor had a buyer for the one accross the street and that one was finally gone. They went on the market a few months after I did last year but I had dropped my price and there price reflected 2005 prices where 2 of the houses sold in the $500,00S. Both houses that sold had less land than I did, and one did not have a pool. I had a Lazy L pool , Deck, Gazebo, and 1 1/4 acres.
Our Market here in TN is not dead because we have large companies moving here for tax advanages and bringing their employees.
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