Predictions for 2009 NJ Real Estate Market? (Rumson: foreclose, homeowners insurance, house)

[p_r]

Originally Posted by darylnb

I don't have any predictions to make but we just bought a house and since late last year we were out there looking for a house to buy. The first one we liked was on the market less than a week when we saw it and we didn't get a chance to bid since they accepted an offer that same day. The second house, we had to compete with 3 other bidders. We lost! We saw a couple more homes that were nice and reasonably priced and they were off the market pretty quick. These homes were all priced well and are in good neighborhoods. I don't think the market is that bad in NJ. But houses that are overpriced, fixer uppers, those with structural issues and those that are on a busy street stay on the market longer.

We have been looking to buy the last few months.. and have been outbid 3 times! And one of those we had even gone over listing price. You are absolutely right about homes in good school areas, quiet streets, decent street appeal and priced right.. they leave the market within a couple of weeks.

One thing that is obvious about most portions of northen jersey is that most people have been living in their homes for 10 years or more and hence seem to have no mortgage burden. Hence the prices have held well for the decent homes.

[Irish Eyes]

For an area with good schools - like Hazlet or Middletown - what were housing prices like for a 3 bedroom? I don't believe we're really at the bottom yet, but it's hard to imagine houses there ever going below say 260-280,000. Were they really that much cheaper before prices really got out of control everywhere?

[kalim2008]

Originally Posted by darylnb

I don't have any predictions to make but we just bought a house and since late last year we were out there looking for a house to buy. The first one we liked was on the market less than a week when we saw it and we didn't get a chance to bid since they accepted an offer that same day. The second house, we had to compete with 3 other bidders. We lost! We saw a couple more homes that were nice and reasonably priced and they were off the market pretty quick. These homes were all priced well and are in good neighborhoods. I don't think the market is that bad in NJ. But houses that are overpriced, fixer uppers, those with structural issues and those that are on a busy street stay on the market longer.

You might wanna tell us where this hot market with savvy humble sellers is, cause we've been looking all around North/Central jersey (Watchung, Greenbrook, Bridgewater, Bernardsville, Mountainside, Morris Plains, Randolph, etc) since November 2007 and I have yet to see any of the houses we looked at being bought within weeks (although that's obiously possible if it is priced right - read, cheaply). Of the houses we liked, one house went under contract but then showed up again several weeks later, another was delisted, cause unknown, and a third did sell, but it was a view lot with a huge front lawn and great developer possibilities in Green Brook (it sold for $500k, but had originally been listed near $800k I think). Things will always sell, the question is how low will it sell for.....

[apvbguy]

Originally Posted by kalim2008

You might wanna tell us where this hot market with savvy humble sellers is, cause we've been looking all around North/Central jersey (Watchung, Greenbrook, Bridgewater, Bernardsville, Mountainside, Morris Plains, Randolph, etc) since November 2007 and I have yet to see any of the houses we looked at being bought within weeks (although that's obiously possible if it is priced right - read, cheaply). Of the houses we liked, one house went under contract but then showed up again several weeks later, another was delisted, cause unknown, and a third did sell, but it was a view lot with a huge front lawn and great developer possibilities in Green Brook (it sold for $500k, but had originally been listed near $800k I think). Things will always sell, the question is how low will it sell for.....

colts neck, rumson to name 2

[juliann1977]

Originally Posted by Irish Eyes

For an area with good schools - like Hazlet or Middletown - what were housing prices like for a 3 bedroom? I don't believe we're really at the bottom yet, but it's hard to imagine houses there ever going below say 260-280,000. Were they really that much cheaper before prices really got out of control everywhere?

My inlaws bought their 3 BR house in Middletown in 1988 for 200k. In 2005 those same houses were selling in the 500s, and now they're back down in the 400s. I highly doubt, even in the worst case scenario, they'll ever dip into the 300s.

[juliann1977]

colts neck, rumson to name 2

You beat me to it apvguy.

Any lookers at your house?

[kalim2008]

Originally Posted by apvbguy

colts neck, rumson to name 2

hmmmm.south jersey?

I looked at the zillow estimates for that town (rumson) and it dropped by 14% just this year ($1.25m to 1.09m). I'm assuming that those estimates are affected by sales in the area.

[CuCullin]

Originally Posted by kalim2008

hmmmm.south jersey?

I looked at the zillow estimates for that town (rumson) and it dropped by 14% just this year ($1.25m to 1.09m). I'm assuming that those estimates are affected by sales in the area.

When I was looking last year, my house (before I bought it) had a zestimate $25k under what I paid. Today, its more than $50k over what I paid, and a recent comp sold for $100k more than I paid. Zillow should be taken with a grain of salt.

[MPBsr]

Just as an observation, I'm starting to see more "under contract" and "sold" signs just within the last few weeks.

Granted it is the Spring, but that's a good sign. Friends of ours just sold their house after being listed for 2 months and the price was within the ballpark. Listed for $477G and sold for $469G.

[juliann1977]

hmmmm.south jersey?

Rumson is in Monmouth County--Central Jersey.