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I put an offer for a house in verona for $405k over the weekend, asking price was $429k, the owner accepted an offer for $465k, with multiple offers.
I think market is definitely going hot again.
We are seeing this again in certain towns (train station towns, exceptional school district towns, etc.). It is not widespread, but it does appear to be happening again in some areas.
We are seeing this again in certain towns (train station towns, exceptional school district towns, etc.). It is not widespread, but it does appear to be happening again in some areas.
I agree with you. it's a good town.
I think also, the interest rates are heading higher due to stock market, people waiting on the sidelines are jumping in.
Just wondering what your thought process was. Apparently there wasn't one.
wtf dude?! why didn't you just ask that without the snark then?
btw, i'm not selling for a long while so it doesn't affect me personally, but regardless, it's a little disheartening that after 12 years, housing is basically flat.
It's a little surprising, only because they have owned it since before the housing bubble even started. Historically, 11 years is a little long to only make 10% in NJ, or at least the northern part of the state. If inflation is calculated in, they took a loss on the house over 11 years.
I wouldn't say it's back -- it's just that NJ didn't get hit hard during the housing recession compared to other areas of the country.
At one time, my mom's townhome in central NJ was worth upwards of 500K in 2006 but just sold for 435K. However if you were in say, Miami, a 3 bedroom might have sold for over a million in 2006 and is now worth only 200-300K.
It's interesting. When values were going up year after year, everyone assumed that the gravy train would never derail. Poor decisions were made as a result.
It could be argued that home buyers are now making a similar mistake by assuming that ultra-low interest rates are a "given" and that real estate values will continue to drop forever. People just expect what they've become accustomed to. So they sign a 1 year lease and decide they will just buy "next year" when values are even lower. Or so they think.
Meanwhile, the economy is unmistakably improving. It is going to happen all of a sudden. Interest rates are going to reverse, employment numbers are going to continue to improve, and we are going to return to a market where there will be multiple offers on all the "good" properties, creating some very unhappy buyers.
Don't say I didn't warn you. I am already seeing it start to happen. I have several buyers who are not making the mistake I described earlier. Yet, every time a nice house with lots of good features hits the market, we are in competition with several buyers, and we have lost out to multiple offer situations.
Nothing lasts forever. And low interest rates and 2002 prices will not last much longer.
I suspect the economic Armageddonists who have a basement full of MREs will not like this post. But reality doesn't care about opinions. It just is.
Something is going on--driving around town today I was shocked not just at the number of For Sale signs....but the "Under Contract" ones. I wish I had hard data to support it but I came here looking to see if anyone else had observed the same and found this thread. I live in a train town.
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