Foreclosures Are a Symptom, Home Prices Are the Problem (Toms River: mortgage, property taxes)

[TheEmissary]

Originally Posted by Sarah07080

is this a starter home ?
http://www.weichert.com/search/reale...ypeid=32&pg=20

gimme a break look at the price and condition ....

http://www.realtor.com/search/listin...cnt=315#Detail

and if you're talking about this one ..hmmm i would not buy it for 100k ...
thats the problem people asking for unrealistic amounts for their what they this is their version of a McMansion

Rumson,Short hills, Alpine...saddle river are not even is some people's vocab when it comes to a house ....

We're talking whats suppose to be average middle class towns where a 300k home does not look like crap ...as yes those homes listed out there for those prices are crap and are really worth 100k if that...This has nothing to do with ego but economic smarts ...sellers were fleecing buyers now the tables are turning and some people are trying to justify the prices of some really shabby shabby homes...Look around in Edison some boxes are for sale asking 400k ...Why can't some people really see that home prices are not in line with wages...

Sarah07080

I wanted to post a couple of places by me showing what you get for the same amount of money!

http://rebhan.weichert.com/search/re...=250&maxpr=433

http://rebhan.weichert.com/search/re...maxpr=433&pg=3

[emanon]

Originally Posted by TheEmissary

Sarah07080

I wanted to post a couple of places by me showing what you get for the same amount of money!

http://rebhan.weichert.com/search/re...=250&maxpr=433

http://rebhan.weichert.com/search/re...maxpr=433&pg=3

No doubt about it you absolutely get more for you money in NC.
For NJ residents retiring it is almost a no brainer. But for a young couple from NJ to relocate to NC they are not going to find work that pays like NJ. I know there are always exceptions and some exceptional people transfer with great salaries but that is not the norm. Most seeking greener pastures in NC are usually disappointed.

E

[stevemorse]

I kinda disagree alittle bit, I have seen some great homes for sale in Morris County for about 350-380 range and they are all fixed up, renovated and nice. I have never seen such a good choice in homes all redone. Now granted they are not brand new, but just as good. I also found a great house in Hardyston for 379,900 Beech Street really nice all redone beautiful. I think you can get a good house for money right now. Yes there are some old wrecks but some people have went the opposite HGTV crazy and re did everything on an old foundation and they are pretty nice!!!

[TheEmissary]

Originally Posted by emanon

No doubt about it you absolutely get more for you money in NC.
For NJ residents retiring it is almost a no brainer. But for a young couple from NJ to relocate to NC they are not going to find work that pays like NJ. I know there are always exceptions and some exceptional people transfer with great salaries but that is not the norm. Most seeking greener pastures in NC are usually disappointed.

E

emanon - You're quite right! If a young couple comes down here expecting to quickly land jobs and buy a house they'll be in for a big disappointment. I would say this to anyone planning to move to NC - Make Sure You Have A Job or a firm job offer Everybody and their grandmother is moving down to NC and job growth has not kept pace. The most successful NJ transplants are usually people in their 30's who have owned a home for a number of years and have a good chunk of change to put down on a house down here.

[AnthonyB]

Originally Posted by Sarah07080

is this a starter home ?
http://www.weichert.com/search/reale...ypeid=32&pg=20

gimme a break look at the price and condition ....

http://www.realtor.com/search/listin...cnt=315#Detail

and if you're talking about this one ..hmmm i would not buy it for 100k ...
thats the problem people asking for unrealistic amounts for their what they this is their version of a McMansion

Rumson,Short hills, Alpine...saddle river are not even is some people's vocab when it comes to a house ....

.

I agree wholeheartedly, that $433 Edison house would have been lucky to sell for $200k 6 or 7 years ago, and at that price, with all the work it appears to need, it may have been worth it. Just remember that house with taxes would cost around $3000 a MONTH to own. Hardly starter prices.


I totally agree with the original post, prices are absolutely insane.
In my town, Franklin, Somerset, hardly a "top town", a typical starter home in 1999 was a 2 bedroom townhouse for $100k or a 1960's ranch for between $150 - $180k. Fast forward to today and that 2 bedroom townhouse was suddenly over $300k and that ranch $400k+, without a lick of work done to it since the '80's. I'm not sure what planet exists where those are "starter" prices, but for $400,000, a lot of money in an area with a median salary of $62,000 a year, I'm not surprised that peoples expectations are high.

Perhaps it would be fairer to say that people will gladly accept a modest house for a modest price - but when asking prices are in the stratosphere it is no wonder that buyers want more.

[BobKovacs]

Originally Posted by stevemorse

I kinda disagree alittle bit, I have seen some great homes for sale in Morris County for about 350-380 range and they are all fixed up, renovated and nice. I have never seen such a good choice in homes all redone. Now granted they are not brand new, but just as good. I also found a great house in Hardyston for 379,900 Beech Street really nice all redone beautiful. I think you can get a good house for money right now. Yes there are some old wrecks but some people have went the opposite HGTV crazy and re did everything on an old foundation and they are pretty nice!!!

OK, so using the 3x salary rule and assuming even 20% down, you've got to make at least $100k to afford one of those homes. Doesn't sounds quite like a "starter home" for probably 75% of the population to me............

[tahiti]

Originally Posted by BobKovacs

OK, so using the 3x salary rule and assuming even 20% down, you've got to make at least $100k to afford one of those homes. Doesn't sounds quite like a "starter home" for probably 75% of the population to me............

a couple each earning 50K isn't all that crazy or unlikely.

[emanon]

I think todays smart young couples will both bank some money before they are 30 instead of having a couple of kids like people did 30-40 years ago. You definately need two fulltime salaries and save enough for a 20% DP before you get saddled with kids. Yes prices are definately up so you have to start banking money before you start banging out kids. Sorry to be so blunt but times have changed.

E

[UKOK]

Originally Posted by tahiti

a couple each earning 50K isn't all that crazy or unlikely.

Right, all they need is a 1st years teachers salary each and they are all set!

I really don't think 100k for two people in Northern NJ is that out of whack. The 20% down will more likely be an issue.

[tahiti]

Originally Posted by UKOK

Right, all they need is a 1st years teachers salary each and they are all set!
I really don't think 100k for two people in Northern NJ is that out of whack. The 20% down will more likely be an issue.

LMAO - i honestly thought the same thing when I posted, and thought "oh no, I'm NOT going there", LOL