Real Estate Market In Jersey City/newark Nj (Society Hill: apartments, credit card)

[Kl_1793]

What Is The Real Estate Market Trend In Jersey City Nj Because In Some Areas Sellers Are Holding The Houses...because Of The Buyers Market Buyers Are Bargaining...i Searched Few Houses In One Area There The Same App. Sq Ft Houses Differ In Their Prices Like Few Are 339k,355k,360k,370k, I Dont Know What The Sellers Opinion, Even Their House Is On Market For More Than 2 Months They Just Holding.... The Trend I Saw From Past 6th Months They Are Reducing 5%...but 339k Seller Is Desperate May Be He Even Reduces If No Buyer Buys He May Even Reduces In That Way The Other Houses May Compulsory They Have To Reduce Or They Have To Hold Where This Market Leads To In 2008..... I Think Buyer Also So Confused Whether To Buy Or Not Because If He Buy May Be After 2 To 3 Months The Next House May Sell Below Price What They Bought This Way Buyers Also Not Rushing.........
Give Your Opinions Of This Market Especially In Jersey And Newark Areas Because The Market Is Slow Compare To Other Areas..

[downtownjc]

I think the trends would be very different across different parts of Jersey City. In the downtown area and certain other pockets where homes are more expensive, there were not too many subprime loans and a large percentage of people can get a traditional loan. So although the open house signs seem to be in front of each home for longer, it doesn't seem like prices are falling a ton. It also doesn't hurt that although not everything on Wall Street is rosy, there are still a lot of people receiving bonuses (which pushes prices up in Matnhattan and sends more people to Jersey City).

Parts of Jersey City with lower housing prices (and a single-family or two-family house worth $350K is low for JC) seem more likely to have had a significant percentage of sub-prime buyers and may be in worse shape. Just a guess on my part, but that part of the market might be slowing if its anything like in other parts of the country.

[Kl_1793]

Thanks for your analysis..... i have saw the area society hill in jersey city which is the best and nice community but some people holding the prices and some are dropping the pricing like the difference 10k to 15k difference of same type of houses and square feet.....if that drastic differences make buyers to wait for some more time even sellers doing upgrades to houses buyers are thinking may be the price drops even less....here buyers have lots of options to select the houses ....few sellers are desperate to lower the prices make other sellers to decrease their prices too.....i think buyers may wait and see for some time for the right price......

[krusher]

Originally Posted by Kl_1793

but some people holding the prices and some are dropping the pricing like the difference 10k to 15k difference of same type of houses and square feet...

I think once those holiday-spending credit card bills come in, you're going to see who really needs to sell their home and who doesn't. Those who do, are going to drop their prices a bit more to get out. The spring should be interesting all over the state.

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Originally Posted by Kl_1793

Thanks for your analysis..... i have saw the area society hill in jersey city which is the best and nice community but some people holding the prices and some are dropping the pricing like the difference 10k to 15k difference of same type of houses and square feet.....if that drastic differences make buyers to wait for some more time even sellers doing upgrades to houses buyers are thinking may be the price drops even less....here buyers have lots of options to select the houses ....few sellers are desperate to lower the prices make other sellers to decrease their prices too.....i think buyers may wait and see for some time for the right price......

In society hill, inventory is increasing, however the low end apartments (250-350k) are selling at reasonable pace even in this market, also i noticed that once a price drops 10-15k for these apartments they get bought pretty soon.

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Does anyone know if the apartments in Society Hill/Droyers Point have bottomed out?
Any forecast as to where the prices would head in the next couple of years in these communities?

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