Housing Market is back??? (Paramus: renting, houses, to buy)

[bbnetworking]

I went to this open house last weekend in Paramus, NJ. The asking price for this house is probably closed to the peak 2006-2007, and to my surprise so many people showed up?

The agent told me they run out of fliers, and said 40 families showed up in 4 hours of open house time.

I think it's a good time to buy now.

[NotWonderWoman]

Yes but did anyone make an offer? That's the question. Sometimes if it's the first open house, you get alot of nosey neighbors coming in.

I'm sure hoping the marketing is coming back. But you get conflicting reports almost every day on that subject.

All I know is that if I were a young person renting, I'd certainly be looking to buy right now with interest rates so low. I can remember a time when rates were about 13%. When we jumped in the market years back, it was around 8%.

It can't get much lower than what it is now.

[manderly6]

I certainly wouldn't base any kind of conclusion on a single house that hasn't even sold yet. Why not look at recently sold houses if you really want a good idea of prices?

[bradykp]

"back"? certainly not. how do you know it's close to the 2006 price?

Regardless, housing seems to have bottomed finally, but "back" is a stretch. And if people go back to the way they viewed housing as investments last decade, it will quickly be not back again...

[tahiti]

so the asking price is at 06-07 levels for this house and you think it's a good time to buy? i suppose with stocks you buy high and sell low?!

i kid, i kid....

[GiantRutgersfan]

I dont think the housing market is "coming back" any time soon.

Going to be a long flat line for quite a while

[JERSEY MAN]

i hope it stabilizes for a year or two. Going back to 2006 levels is like saying the Nasdaq stock market will hit 5,200 again soon.

[camaro69]

Originally Posted by JERSEY MAN

i hope it stabilizes for a year or two. Going back to 2006 levels is like saying the Nasdaq stock market will hit 5,200 again soon.

I'm hearing some rumbles of something going to happen in the market by April.

It should also be noted that the stock market was this high in 2008 and then 4 months later....crash.

[lfsr1544]

Originally Posted by JERSEY MAN

i hope it stabilizes for a year or two. Going back to 2006 levels is like saying the Nasdaq stock market will hit 5,200 again soon.

wait until the FB IPO hits

[davenj08]

its the usual spring time! market usually picks up after the winter lull. but this must not be mistaken for "good time to rush and buy". market is going nowhere for a couple years. save now so you can make a better financial decision whenever you "actually" need a house.