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In your community....are prices still coming down? staying even? going up? sitting? What's the inventory?
In my town...there is very little for sale, and what is for sale are on two ends of the spectrum --- junk, that has been sitting for over a year and is still way overpriced AND waterfront homes that are waaaaaaaaaaayyyyyy overpriced. These people are delusional! NJ shore ain't no Hamptons!
There hasn't been anything good/new to the market in about 6 months. Seems many people have either removed their homes from the market if they don't HAVE to sell, or going FSBO, or just sitting with their high prices hoping someone will love THEIR home so much, they will pay what they are asking for it.
I find it amazing that someone will sit on a house --- for example, priced at $799 - for over 2 years, without lowering the price. Obviously, the house isn't worth that much or it would have sold.
I SOLD my home last November. However, I priced it to sell, and sold it (unfortunately) below assessed value --- but, it had just been reassessed 9 months before that --- and you all know the situation that has taken place since then.
They're still holding pretty steady by me in Woodbridge. Sitting on the market slightly longer than before, but still moving fairly well.
I went to a FSBO open house this weekend because I had to see what made this house supposedly worth $450k in a neighborhood that never broke $400k, and routinely go more in the $350-360k range. The ad said "completely redone, blah, blah, blah. Well, this guy was smoking crack- sure, he'd "completely redone" everything- he re-painted, put in new carpet, two new baths, and a new kitchen with granite tops- but most of the houses there have had all of that work done in the past 5 years or so, so it's not going to get anywhere near what he's asking for it. He bought the house three months ago for a quick flip, and probably paid too much for it then.
I've seen many houses that were way overpriced in Bergen come down and then go, and this is after 6+months on the market. A lot of the homes my wife and I have looked at 4Br/2Bth either new constr or redone have slowly left the market. There has been a lot less inventory to choose from as well, and the nice ones that do pop up seem to go quickly as they have been priced better.
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Bergen
