Predictions for 2009 NJ Real Estate Market? (East Brunswick, Long Branch: condos, homes, neighborhood)

[tahiti]

Originally Posted by juliann1977

Rumson is in Monmouth County--Central Jersey.

south jersey...lol

[apvbguy]

Originally Posted by juliann1977

You beat me to it apvguy.

Any lookers at your house?

I've had a few through the house, 2 this week, one serious, one seems to be a looker. as the spring weather turns warmer we should see more traffic, my next door neighbors both are selling also, and the feedback from the looker was that mine is the best of the 3, and size wise and price wise I am in the middle. time will tell.
My buddy sold his colts neck house at listing in 1 week

[apvbguy]

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.

beware of zillow, they can be way off

[Diane Giam]

Originally Posted by njkate

can you enlighten me or provide a link on this Government credit of $7k for buying a foreclosed home??
hubbie has been looking in Cape Coral Fl.....there is so many homes there in various stages of foreclosure it makes your head spin....being it would be for winter only I don't really care where he buys something..

Be carefull! Its not the Taxes but homeowners insurance in Florida has gone thru the roof. Where I live, we have seen lots of relocating Floridans. There insurance was $900 a month, which I don't pay in a year.

Diane G

[Diane Giam]

Originally Posted by CuCullin

401k's aren't guaranteed for just that reason, its all about timing.

Multiple investment avenues for retirement should be explored, not just one. Also, it would have been more beneficial had your mother started earlier. For people in my age bracket, social security is 100% something that can't be counted on, which is why I have multiple IRA's plus a 401k through my current employer, as well as stocks, my house, and my own business.

You don't *have* to take all of your money out of your 401k the moment you retire, theres a chunk of years before you have to take payouts.

If you do only secure davings in a 401k you won't lose, just gain at a slower pace. That is what we are doing. I rather not gamble with my retirement money.
As far as savings, only do higher interest(4%0 money markets. There isn't any State tax on the interest here, there would be on stocks.

Diane G

[gg08540]

I remember 2 years ago everyone saying "No way, housing prices will never drop, especially not this close to Manhattan". Now I'm reading posts, like "it dropped from the 500's to the 400's... no way will it ever drop to the 300s". I think generally our bias tends towards optimism. I will be interesting to see where it all ends up a few years from now.

[apvbguy]

Originally Posted by Diane Giam

If you do only secure davings in a 401k you won't lose, just gain at a slower pace. That is what we are doing. I rather not gamble with my retirement money.
As far as savings, only do higher interest(4%0 money markets. There isn't any State tax on the interest here, there would be on stocks.

Diane G

if you are only doing low return money markets, of low rate of return 401ks, inflation will eat your savings up as the years go on, you need to find a guy to work with to get you into a properly balanced portfolio

[kalim2008]

Originally Posted by tahiti

south jersey...lol

well, i live north of that, so to me it's south jersey...you know, the world revolves around me

[kalim2008]

Originally Posted by apvbguy

beware of zillow, they can be way off

yeah i know it's just estimates, but it's still a big drop (14%) for no reason then....

i looked at westfield and it had about a much smaller 3% drop in the same period, while cranford barely changed (there was a 0.5% drop)...

the main factor seems to be the median price in the town - the more expensive, the harder they are falling. it' seems consistent in this case....

I know zillow is very quickly affected by listing prices and sold prices as well...a home in watchung that bordered a house that just lowered its listing price significantly suddenly had its own estimate cut by $100k (we're talking about million dollar homes here so...)

[Huckleberry3911948]

wait 4 months then buy.