Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We've searched through MLS's and went out to open houses The majority of what we saw were dumps!! One house in Summit claimed to be new, but it obviously wasn't as everything in the house was slanted/crooked, and all the craftsmanship was so shoddy and unprofessional.
I am not sure what you want or asking for. This is the market today.
Of course, the prices for the houses you mentioned are laughable. Who on earth, who makes 200K+ a yea,r would buy that chatham house? And, who on earth, who makes 300K+, would buy the summit house? Incomes today are decreasing and jobs are more insecure.
Houses in NJ or Westchester or LI are still in a bubble, and sell 60% more of what they were selling in 2000. That is, what you see as selling for 1.6 mil today went for 1 mil in 2000 on average. Prices will be going down for the next few year,s so if you want something better for your money you need to wait. Smart buyers wait, that is why there are so few sales. Or, if you can't wait, spend more or drop some of your requirements.
Asking owners to ask less for their houses makes no sense. They believe that they can get this price (and some do) and only time and market can change this belief.
I am not sure what you want or asking for. This is the market today.
Of course, the prices for the houses you mentioned are laughable. Who on earth, who makes 200K+ a yea,r would buy that chatham house? And, who on earth, who makes 300K+, would buy the summit house? Incomes today are decreasing and jobs are more insecure.
Houses in NJ or Westchester or LI are still in a bubble, and sell 60% more of what they were selling in 2000. That is, what you see as selling for 1.6 mil today went for 1 mil in 2000 on average. Prices will be going down for the next few year,s so if you want something better for your money you need to wait. Smart buyers wait, that is why there are so few sales. Or, if you can't wait, spend more or drop some of your requirements.
Asking owners to ask less for their houses makes no sense. They believe that they can get this price (and some do) and only time and market can change this belief.
prices may keep going down, but interest rates will also rise eventually, cancelling out some of those price declines. if you can afford the monthly payment, buy. you don't have to wait if you can afford the payment. a house is not an investment, it's a place to live. you don't have to "buy low" and worry about "selling high". sounds like the OP is purchasing a house they will be in long term, so if they pay $1M now at 5% or $900,000 in 2 years at 6%, they would actually have a lower monthly payment buying the $1M house now.
prices may keep going down, but interest rates will also rise eventually, cancelling out some of those price declines.
No they will not-not at least for a couple of years as Bernanke promised. Also, who says that when rates go up prices will go up? Actually, the opposite is true. If and when rates go up, then prices will go down, because people can borrow less.
No they will not-not at least for a couple of years as Bernanke promised. Also, who says that when rates go up prices will go up? Actually, the opposite is true. If and when rates go up, then prices will go down, because people can borrow less.
I don't think you get what the poster was saying. If the price goes down, but the rates go up more significantly, the monthly payment still goes up. The seller gets less money for his house, but the bank gets more money for the buyers loan. This could happen, as it did in the 80's, but as you pointed out, it doesn't look like rates are going anywhere any time soon.
Give me $600,000 and I will find a beautiful home with all of those requirements. The 'perfect' house has to be built ground up; think rolls Royce. Otherwise, there will always be something you're unhappy with.
That's why we decided to go with bank owned property and dump the cash to renovate the hell out of it.
While we were house hunting, we saw in 500k, 600k and even 700k range. None of them can 100% satisfied both of us. Then we turn to look in lower price range house with good location and size and take the cash to renovate to what we want. However, it's very tiring process to go through unless you have enough cash to hire the designer and project manager to handle the process. We did all planning and designing by ourselves and spent lots of time dealing with permits, contractors, drawing plan and shopping for the materials.
Hi. I don't want to pay almost a million bucks to basically live on Summit Ave. The house is practically on the street. I can't imagine hearing traffic all day/all night with that price tag!
Hi. I don't want to pay almost a million bucks to basically live on Summit Ave. The house is practically on the street. I can't imagine hearing traffic all day/all night with that price tag!
Then DON'T. Find another town, lower your expectations, and work the market.
No one is forcing you to buy something you don't want to buy. And to be honest, spending a million dollars in a real estate market that's been stagnant for almost five years now especially given property taxes in NJ makes me question your claims of intelligence.
I can find you a bunch of homes in NJ with excellent schools, decent taxes, and the commute you want, but you have to be more flexible and stop being so negative.
I don't think you get what the poster was saying. If the price goes down, but the rates go up more significantly, the monthly payment still goes up.
? The buyer usually allocates a certain monthly amount for housing. If rates go up, then that amount can only buy a cheaper house so prices need to go down. There is no way you can make a buyer spend over a certain monthly limit unless the buyer knows that the house will appreciate and treat as an investment. This is what happened at the peak of the bubble but now more people realize that house is only a LIABILITY not an investment. In fact, anyone in NJ who bought after 2002 and sells now, will lose money. And will only get worse.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
