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Meanwhile many of the properties I've been following in NJ keep being reduced in price. It's too bad as I am interested in buying, but don't want to borrow more than what it's gonna be worth just a few years from now.
Does anyone think the market has bottomed out in NJ yet?
I have 3 friends in the market in Livingston (1 seller and 2 buyers) and a all three have been involved in bidding wars. Too much to be a coincidence. I think the market is back.
The seller accepted a bid the first day on the market for $15K less than offering. 1 week later someone offered asking price, and she initially turned them down because she already accepted the first offer. Then the first buyers came back with a demand that the house be appraised, and if appraised lower than their price they can renegotiate. Needless to say, she dumped them for buyer #2 and full asking price.
The 2 friends who were buyers both ended up buying above asking.
I'm sure every market is different, and the economy can change directions at any time, as can interest rates, but I think we may be at bottom.
Town of Verona, Essex actually priced higher than they were in 2006. Now that no one can believe, but it's true.
Good towns with good schools are still at 2005-2006 levels, bad, and okay towns have fallen to 2002 levels.
has there been a recent surge in real estate prices in Verona? according to zillow, the median values there as of the end of 2011 were around 2004 levels...
in either case, you are absolutely correct. i also observed that home values held out better in places like westfield and princeton... but i wonder if it's a matter of time before they too follow suit?
You can spend your whole life waiting to buy. Waiting for prices to stop going up. Waiting for prices to continue to go down. No one can predict the future.
I am expecting a slow, steady decline for a few years still.
That said, a good deal is a good deal. I am passively looking. I have absolutely no pressing need to purchase anything. If the right property comes along at the right price, that is when I pull the trigger.
If I had a pressing need for a house I would probably buy one though. I don't think the gains from waiting 2-3 years are going to be all that significant
We just got out bidded for a property in Westfield yesterday even though we have submitted an above asking price. There were a total of six offers on the table for the seller to choose from
I agree with the sentiment that if you think its a good deal and have the money and everything then go for it. The low interest rates are definitely a plus to buying now. Especially if you're going to live in the place for a while.
I also don't agree that the housing market has been going lower as others have said....at least not in the surrounding NYC areas including northern NJ.
I find it funny how in the article, the person is complaining her Manhattan River view apartment went from $2500 to $3000 after her two yr lease was up and she settled for a place with a non-riverview for $2700.
You pay for convenience to live in Manhattan. She says she feels "trapped" by the rising rental costs. Ridiculous...these people haven't learned to sacrifice anything.
There are plenty of apartments within 30-45 min of Manhatten that are half the price of what she's paying now. Makes me sick how some people think they have it hard compared to others.
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