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We've been house hunting in WF for almost 8 months now and we were told the market would really pick up in the spring but honestly, everything we see is so dumpy. We arent looking for perfect but, wow!! Seems like there is so little that's decent out there right now. And it may be a buyers market in the rest of the US but certainly not in WF. I guess thats a good thing for future resale.
We actually just got our offer accepted on a house that we agree is good but Im still feeling like I wish I could have found better. to top it all off I doubt its going to appraise for the price we had to come up to to get the sellers to accept our bid. On the up side, our house in Brooklyn sold FAST!
Knowing both states equally well, I have come to the conclusion that people from New Jersey are not up to upgrading their homes, as much as New Yorkers are. New Jerseyites are quite content in living in a house without having to change something every month, while in NYC it is expected. They change inside as well as outside quite often.......
We are having a similar experience, slightly further north. We have been looking in Ridgewood and finding not much. It's scary to me that for over $600K we can't find anything that even meets most of our criteria (which are pretty reasonable!) that doesn't get snapped up in a bidding war very quickly. We've even been checking out some places in Glen Rock and Wyckoff, just to see if we can find a better match.
We have the same thoughts as you do--this is a good sign for the relative strength of the markets in these towns. (At least that's what my husband and I are telling ourselves, anyway!)
The upper end is having the most economic success lately. This is being reflected in the housing market with the premiums for the ultra top towns remaining so high
We are having a similar experience, slightly further north. We have been looking in Ridgewood and finding not much. It's scary to me that for over $600K we can't find anything that even meets most of our criteria (which are pretty reasonable!) that doesn't get snapped up in a bidding war very quickly. We've even been checking out some places in Glen Rock and Wyckoff, just to see if we can find a better match.
We have the same thoughts as you do--this is a good sign for the relative strength of the markets in these towns. (At least that's what my husband and I are telling ourselves, anyway!)
Not sure why this is unexpected in a town like Ridgewood. You are looking for a house on the lower price range in a very desirable town in which houses usually cost more than your price range. Don't you think everyone else is also trying to find a lower-than-normal-priced house in a good town, too?
Because there is nothing good in the $XXX price range either (where XXX is YOUR upper limit). For reasons covered in other threads a bunch of people really like Westfield. So if you see a house for XXX in some other town and then come to Westfield, you cannot expect to get the same house there. Most people (including me) want the house just out of their range, so they are convinced there is nothing in their range. Lucky for me, my spouse is reasonable and understood that too.
Not sure why this is unexpected in a town like Ridgewood. You are looking for a house on the lower price range in a very desirable town in which houses usually cost more than your price range. Don't you think everyone else is also trying to find a lower-than-normal-priced house in a good town, too?
Of course they are. The "scary" (not unexpected) part, to me, was that more than $600K is considered lower end in these towns. Our budget, though within our comfort zone financially, still feels like a lot of money to us. We've saved like crazy for years, worked tons of hours, passed up vacations, etc to be able to maximize our housing budget, and we're trying our best to spend it as wisely as possible.
There are actually quite a few listings in our price range (realtor.com currently has 71 listings under $650K in Ridgewood), so we thought perhaps we'd have a bit of an easier time than we're having. We actually have a new realtor now, which I am hoping will help (our prior realtor actually cost us a very nice house, which ultimately went for less than we offered, because she delayed in getting our offer in).
Around the part of Westfield that I live (north side, near Wilson) there are a few nice looking homes, not at $550k, but around $600k. One on Raymond, another on North Chestnut, a couple on Mountain Av. They look nice, maybe the price reflects some updates that are needed. As sonofagunk said, same house may sell for lower price elsewhere, but I would look at the potential of updating these, getting some equity, and living in a top neighborhood
We've been house hunting in WF for almost 8 months now and we were told the market would really pick up in the spring but honestly, everything we see is so dumpy. We arent looking for perfect but, wow!! Seems like there is so little that's decent out there right now. And it may be a buyers market in the rest of the US but certainly not in WF. I guess thats a good thing for future resale.
We actually just got our offer accepted on a house that we agree is good but Im still feeling like I wish I could have found better. to top it all off I doubt its going to appraise for the price we had to come up to to get the sellers to accept our bid. On the up side, our house in Brooklyn sold FAST!
Ahhhh the joys and woes of house buying.
Does anyone else think this market stinks??
Thanks for letting me vent!
C
Good for you that you are trying to get into Westfield its a great town. Its all too bad all the upper middle class folks are struggling.
Of course they are. The "scary" (not unexpected) part, to me, was that more than $600K is considered lower end in these towns.Our budget, though within our comfort zone financially, still feels like a lot of money to us. We've saved like crazy for years, worked tons of hours, passed up vacations, etc to be able to maximize our housing budget, and we're trying our best to spend it as wisely as possible.
There are actually quite a few listings in our price range (realtor.com currently has 71 listings under $650K in Ridgewood), so we thought perhaps we'd have a bit of an easier time than we're having. We actually have a new realtor now, which I am hoping will help (our prior realtor actually cost us a very nice house, which ultimately went for less than we offered, because she delayed in getting our offer in).
I agree, that is "scary"! From my perspective, I can't ever imagine being able to shop for a $600K house--I live in a $180K condo and it took me until my 50's to be able to get THAT, lol.
But if your heart is set on Ridgewood, then stick with it, and you will find something sooner or later. I grew up in, and then returned to raise my daughter in, neighboring Midland Park. (Much smaller town than Ridgewood, though.) It's a nice area. Good luck in your search, and I hope it ends soon!
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