Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New Jersey
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-19-2012, 07:41 AM
 
11,337 posts, read 10,990,760 times
Reputation: 14993

Advertisements

Quote:
Originally Posted by petecheng View Post
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.
Reply With Quote Quick reply to this message

 
Old 03-19-2012, 07:54 AM
 
54 posts, read 265,163 times
Reputation: 27
Quote:
Originally Posted by Marc Paolella View Post
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.
Reply With Quote Quick reply to this message
 
Old 03-19-2012, 07:56 AM
 
16,433 posts, read 22,133,152 times
Reputation: 9622
Quote:
Originally Posted by petecheng View Post
I
I think also, the interest rates are heading higher due to stock market, people waiting on the sidelines are jumping in.
Not all of us. I beleive there's much more bad news on the way.
Reply With Quote Quick reply to this message
 
Old 03-19-2012, 11:39 AM
 
Location: NJ
12,283 posts, read 35,612,174 times
Reputation: 5331
Quote:
Originally Posted by manderly6 View Post
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.
Reply With Quote Quick reply to this message
 
Old 03-19-2012, 11:40 AM
 
Location: NJ
12,283 posts, read 35,612,174 times
Reputation: 5331
Quote:
Originally Posted by AnesthesiaMD View Post
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.
thank you.
Reply With Quote Quick reply to this message
 
Old 03-19-2012, 12:27 PM
 
Location: New Jersey
11,301 posts, read 16,604,438 times
Reputation: 13291
Quote:
Originally Posted by petecheng View Post
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.
Boy, send them down my way.
Reply With Quote Quick reply to this message
 
Old 03-23-2012, 02:03 PM
 
Location: Los Angeles, CA
2,098 posts, read 3,512,612 times
Reputation: 998
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.
Reply With Quote Quick reply to this message
 
Old 03-28-2012, 04:56 AM
 
7 posts, read 15,622 times
Reputation: 10
Yes it is good time to buy
Reply With Quote Quick reply to this message
 
Old 03-28-2012, 06:05 AM
 
11,337 posts, read 10,990,760 times
Reputation: 14993
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.
Reply With Quote Quick reply to this message
 
Old 03-28-2012, 07:39 AM
 
396 posts, read 705,754 times
Reputation: 708
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.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New Jersey
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top