thoughts on direction of bergen county home prices? (Oakland, Hillsdale: 2010, refinance)

[sweetpotato]

hi, just wanted to get some of your thoughts on the housing market in bergen county. we're in no rush to buy and just need to move before my son starts k in fall 2010. we did find a nice house we liked in northern valley area, put in a par for the course offer of 10% below asking. the owner didn't give a polite counter imo - probably bc it's only been on the market a few days. should we just walk or is that a bad idea? have been looking for almost 2 mos now and wondering if prices will go up, down or stay the same for the next 12 mos? the house is v old but well maintained, gorgeous kitchen but no central a/c in the house, which i expect will be costly if they haven't done it themselves by now, given that everything else has been updated.

[JMC49]

I think they will go down for the rest of this year.However if thr home is just on the market the owner is not aware of what they will have to do to sell it to you or anyone else.I would just watch it for awhile and see what happens.You have already made your offer let it simmer for a while.Good Luck!

[stevemorse]

funny northern bergen county is holding kinda steady. I dont see a big drop in MOST of the houses. Some I do see, but for the most part people are holding their ground. They are not selling but people are not lowering as much as I thought they would have in towns like Hillsdale and Ho Ho Kus. I think we need to see people;s saving and unemployment run out so I think in 6 more months the deals will be sweeter, they have to be. But for now people are not budging.

[JG183]

Originally Posted by stevemorse

funny northern bergen county is holding kinda steady. I dont see a big drop in MOST of the houses.

correct.

it depends on where in Bergen County, and of course a given home's condition.

but overall, prices aren't budging in the more desirable towns.

[blackaegean]

It's been interesting, listing prices haven't been reduced, or if it has happened, its been on a small scale of properties in Bergen. However, I have been getting calls from realtors for properties I have been investigating and they are expressing they are willing to negotiate now - but not willing to drop the listing price - just yet.

As for an offer of 10% off asking - that's a very reasonable offer given the current market.

Good luck. Again, good time to buy to look in the low rates - will more than make up the difference given where interest rates will potentially be in a couple of years.

[elflord1973]

Originally Posted by blackaegean

Good luck. Again, good time to buy to look in the low rates - will more than make up the difference given where interest rates will potentially be in a couple of years.

When interest rates go down, you can refinance.

When prices drop, you're still stuck with the price you originally paid for it.

[Waldwick04]

Well prices have just started to go down in my town over the last few months (Waldwick).

I would recommend holding tight on this one if your not in a hurry to move. Not sure if the super wealthy towns will come down, but the regular communities are just starting to become close to affordable (Waldwick, Midland Park, Oakland, Mahwah, etc)

[EEEPNJ]

I agree, I've just started to see prices go down. What I DO see though is that houses are SITTING on the market for a LONG time. Many sellers think it is still 2 yrs ago, and frankly, it's not. But if there is someone that wants THE house, THE town or THE address enough - there are some buyers willing to fork over the cash.