Spring Market? What Spring Market? (real estate, to rent, how much)

[JG183]

Originally Posted by bluemask

Last weekend we went to this open house in HH and there were at least 40 names on the sign-in sheet. Can you believe this?

you talking about Hasbrouck Heights ?

I love that town, but can't afford it...

didn't Bill Parcells use to live there ?

[Lusitan]

I haven't checked any listings, but everything I read has inventories at record highs in NJ. So, while there may not be much "new" stuff on the market, there clearly are record numbers of houses for sale right now.

Of course, as was said, the fact may be that most of what's on the market is vastly overpriced. Hence, "nothing on the market" might be better phrased as "nothing reasonably priced on the market".

Whatever. There will be no bounce and no Second Bubble. I'm happy to see responsible folks buying home they can afford using the traditional values that we always used to rely on, and I'm confident once prices get down to where they should be that there will be some solid, qualified buyers. But we're a long way from normal prices in NJ.

[NatasNJ]

I agree. Most of the current listings are overpriced. It is funny to see a new listing come up for $320k when a SIMILAR but vastly more updated house just sold for under $300k.

I have seen so many houses come up and just chase the market down and still sit unsold.

A few houses have sold. And if you price right (2004 ish #) you will probably sell quickly if you are located on a decent block.

So yes houses are selling. But in terms of NEW listings? Not much...

[halfoffpeak]

Originally Posted by NatasNJ

A few houses have sold. And if you price right (2004 ish #) you will probably sell quickly if you are located on a decent block.

2004ish? Most markets I look at are priced close to 2004 and guess what nothing sells. Not surprisingly as a 2004 price is GROSSLY inflated. A 1999 is a safer mark although even at this level a loss should be anticipated.

[clevedark]

Which houses are you actually looking at to buy or are you just looking at statistics?

[tahiti]

yes, a bunch of homes have come on the market around here in the past 2-3 weeks - 80% of them overpriced (meaning 2005 prices when we're at about 2001/2002).

[kalim2008]

Originally Posted by clevedark

People aren't listing their houses unless it's absolutely necessary.

Someone who makes sense. We also would not sell unless it's necessary. that's how it is when the prices go down.

Also, you had lots of choices before because lots of idiots were turning over homes quickly for a profit (to the same idiots who were buying at very high prices)...kinda like a pyramid scheme - the last unlucky moron gets to hold the over priced home when the market crashes.

But don't despair, you will see more foreclosed homes coming up later cause the job layoffs continue to happen - even google is laying off 200 people.

Plus, there are always those people who want to trade up no matter what the environment, and these people will sell their homes and buy up even at these times.

[Marc Paolella]

Since the government is currently printing money at unbelievable levels to finance these terrible bailouts, incredible inflation will follow. I can't imagine the outcry when prices finally do come down to "normal" levels, but all the buyers laying in wait will no longer be able to afford the 14%-20% mortgages. My advice is to eliminate all consumer debt while you have the chance. Once the Fed starts fighting inflation with rate increases, we're all screwed.

[shannybannany]

HH = Haddon Heights???

OP: You said South Jersey...HH to me means Haddon Heights not Hasbrouck Heights (North Jersey)

Please clarify.

Thanks,
Shanny

[NatasNJ]

HH is a decent area but not one I would think would get 41 people to an open house. So I would doubt that.