Quote:
Originally Posted by Sean®
I'd say its all over this way.
Houses went up for sale this Spring and sold fast and for stupid money.
New houses went up fast and with over inflated lumber.
Then houses went up for sale everywhere. People looking to cash out. I have to admit I considered doing this. Sell and rent until the bottom fell out and grab a great place at fire sale prices.
But then things went quiet..................
It takes Months to close in NY so those I understand. But the places that didn't sell first wave are still for sale. The prices seem fair for this year. But there they sit.
New people of the first wave are finally starting to move in. Thank goodness they are all nice people. All from Utica in my area.
I'm thinking it was just a small number of desperate buyers fleeing the troubled cities willing to pay anything to not be killed.
All younger people too. Older people know NY real estate always trends downward and were smart enough to know if those prices were real they would drive taxes up and you'd have to pretty much give the house away once the tax increases hit.
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Its definitely not over here in rural NJ. That's why I'm so perplexed as to why they're saying it is.
I came home last night after working a 10 hour day to a BMW 7-series with NY plates parked in front of my house. This is highly unusual here as generally no one parks in front of your house, let alone out of state, as its an unwritten rule its pretty rude for this area anyway.
As I'm walking in carrying a ton of stuff, this woman gets out of the car and asks me if I own the place. I said "who is asking" and she said she's interested in making an unsolicited offer on my house. I say I'm not interested in selling. She said it would be a cash offer, no inspection, its for her and her family, they are in love with my house and the town. They are trying to move out of Brooklyn, where they are renting now and someone was beaten up severely outside their building recently and they also got flooded. In other words, she was desperate.
I said how much? She throws out a number on par with what I'm seeing, which is like probably $100k more than it was worth last year. I said "take that money, go over the border into PA, and you'll get much more house for that money". She said she wants top notch schools (which we have) and houses in my town are sold even before they get on Zillow. So, no PA for her. People working from home and STILL want to stay in NJ, esp rural NJ, even with the outrageous taxes.
If my taxes go up to match the new assessment, simply put I can't afford to live here anymore. Everyone here is waiting for the other shoe to drop. Everyone is scared- sell and make money but then you have to buy an overpriced house where the taxes will still go up, or stay in their house and watch $12k a year in taxes turn into $18k a year, which will force many people out and only the rich can stay. Its a ridiculous situation. And, if you decide to sell when the taxes go up, your house probably won't be worth much and someone will basically steal it from you at a rock bottom price. Hence why the middle class can't get ahead.
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