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Just because it is alot of inventory does not make it a buyers market
I been searching for over 3 months. Here is the outcome: 7 offers
I got out bid 3 times (bidding war in a buyers market)
Pull offer because the short sale process 3 times
The funniest was a couple that pulled the house out the market that were breaking up so they did not have to split the profits and wants the house to go into foreclosure.. 1 time 7 offers in 3 months and nothing positve to say about this buyers market....
State-wise, I would say buyers have better control now than 2001-2006. Wait for another 6mo/1yr, buyers will have more control once the Wall St layoffs take effect.
Historically, NJ is expensive and it will stay expensive (unless people start leaving in droves). But home price is coming back to earth and will keep doing so for another 1yr or so. It's gonna fall close to historical mean soon. Late but not never.
NJ is still in the early stages of becoming a true buyer's market.
"Most forecasts project that the [New York] will lose more than 150,000 jobs during this recession. The Fiscal Policy Institute report estimates that job losses will average about 10,000 a month from November 2008 through the end of 2009."
This recession is going to get worse before it gets better. And with housing typically lagging behind a recession in general (i.e., usually there is a lag between when the economy goes into recession and when the housing market starts to decline) we can expect next year to be even more of a buyer's market in NJ.
NJ is still in the early stages of becoming a true buyer's market.
"Most forecasts project that the [New York] will lose more than 150,000 jobs during this recession. The Fiscal Policy Institute report estimates that job losses will average about 10,000 a month from November 2008 through the end of 2009."
This recession is going to get worse before it gets better. And with housing typically lagging behind a recession in general (i.e., usually there is a lag between when the economy goes into recession and when the housing market starts to decline) we can expect next year to be even more of a buyer's market in NJ.
what would you categorize today's market then? it's definitely not a seller's market. if it's not a "true" buyer's market, is it balanced? what else is there? what's the definition of a "true" buyer's market.
i can say absolutely, no doubt about it, it's a buyer's market in my neck of the woods.
It will be a buyer's market when median home prices start to accelerate their approach their historic relationship to (a) median income and (b) median rent prices.
On both counts, housing is still overpriced in the NY-metro region, and the wave of layoffs and foreclosures is only beginning in our area.
"Indeed, while prices have fallen 20% from their mid-2006 peak, according to the S&P Case-Shiller national index, they remain 89% above their January 2000 level in Washington, 71% above it in New York and up 60% in Boston. The reason, Baker says, is that appreciating house prices fed speculation that left prices at unsustainable levels - particularly in an economy that is now in recession."
"While real house prices increased by more than 80% in the decade from 1996 to 2006 according to the Case-Shiller national index, real rental prices increased by just 4% over this period," Baker writes. "This gap suggests the extent to which house prices were driven by speculation rather than the fundamentals in the housing market."
It will be a buyer's market when median home prices start to accelerate their approach their historic relationship to (a) median income and (b) median rent prices.
On both counts, housing is still overpriced in the NY-metro region, and the wave of layoffs and foreclosures is only beginning in our area.
"Indeed, while prices have fallen 20% from their mid-2006 peak, according to the S&P Case-Shiller national index, they remain 89% above their January 2000 level in Washington, 71% above it in New York and up 60% in Boston. The reason, Baker says, is that appreciating house prices fed speculation that left prices at unsustainable levels - particularly in an economy that is now in recession."
"While real house prices increased by more than 80% in the decade from 1996 to 2006 according to the Case-Shiller national index, real rental prices increased by just 4% over this period," Baker writes. "This gap suggests the extent to which house prices were driven by speculation rather than the fundamentals in the housing market."
While house prices are still at unsustainably high levels, I would call it a seller's market, at least in terms of prices. Sales may have ground to a halt because prices haven't come down yet, and everyone is fearing job losses and tanking house values so nobody is buying. But prices really haven't come down anywhere near 30% in NJ from what I've read.
How can you look at the graph and think that prices have fallen close to 30%?
(The pink line is the Edison "region", and dark green line is the Newark "region" per the U.S. census data; these two regions are decent representations of northern NJ's housing market.)
We just did!! Signed the papers today. Got a heck of a deal too. South jersey..
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Signed the papers today. Got a heck of a deal too. South jersey..
