Where is the house inventory????? (Westfield: real estate, houses, buying)
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I am making one last push to try to find a house in Westfield before my kids head off to middle school, but the inventory this Spring seems really slim. Same houses that we have seen before at higher prices! Is this likely to improve during the Summer?
I am making one last push to try to find a house in Westfield before my kids head off to middle school, but the inventory this Spring seems really slim. Same houses that we have seen before at higher prices! Is this likely to improve during the Summer?
Prices will continue to rise. Those who sat it on the sidelines waited too long. People are buying again and that is the problem...demand is exceeding supply which is resulting in higher prices and bidding wars. Housing has recovered and it is going to be ugly for those who waited it out. Interest rates are also going to rise a little bit as the Feds pullback on quantitative easing. However, the increase in rates will be modest and won't do much to slow down the price increases as there are simply too few homes to meet the demand. And a great town like Westfield is going to be one of those places where it will be ugly if you're a buyer.
I am making one last push to try to find a house in Westfield before my kids head off to middle school, but the inventory this Spring seems really slim. Same houses that we have seen before at higher prices! Is this likely to improve during the Summer?
haven't you been looking in WF for quite a while now? while i'm not quite the real estate bull that Miamilife seems to be, I have noticed that things in Westfield that are priced correctly are moving fast lately, and many over their original list prices.
Prices will continue to rise. Those who sat it on the sidelines waited too long. People are buying again and that is the problem...demand is exceeding supply which is resulting in higher prices and bidding wars. Housing has recovered and it is going to be ugly for those who waited it out. Interest rates are also going to rise a little bit as the Feds pullback on quantitative easing. However, the increase in rates will be modest and won't do much to slow down the price increases as there are simply too few homes to meet the demand. And a great town like Westfield is going to be one of those places where it will be ugly if you're a buyer.
You nailed it right in the head with your explanation.
Quantitative Easing is Fed Chairman Ben Bernanke's policies to keep interest rates artificially low to help jump start the economy, right? Consistent with one of the biggest concerns of QE, the housing market is slowly (or is it quickly?) starting to show signs of inflation.
My wife and I are so glad to have bought back in January. Our real estate agent was telling me that she recently had a house on the market in our hometown for just two days, and she also knew of one house which had 17 offers. Insane.
You can always find a house, you just have to pay more than the other guy. People want a town like Westfield, but when buying, they do not want to pay the premium. General housing theories do not apply to places like Westfield where demand never really took a hit. Once you know how it works there, you will find something (you see something the day it hits the market, you have all of your finances in order, and you make a strong off that day)
Things have gotten better but honestly not as much as some people would lead you to believe. The fact remains that even during a buyers market a town like Westfield is always super tough to get into. Its just very very desirable. That being said trying to get into the town before the school year is not helping you. Things should slow down during the summer as people realize they wont be in their homes for the start of the school year. As a whole the northeast has been one of the worst performing markets in terms of avg price increase so you have that going for you. Then again I know RE is always local and Westfield is tough. Best of luck.
Prices will continue to rise. Those who sat it on the sidelines waited too long. People are buying again and that is the problem...demand is exceeding supply which is resulting in higher prices and bidding wars. Housing has recovered and it is going to be ugly for those who waited it out. Interest rates are also going to rise a little bit as the Feds pullback on quantitative easing. However, the increase in rates will be modest and won't do much to slow down the price increases as there are simply too few homes to meet the demand. And a great town like Westfield is going to be one of those places where it will be ugly if you're a buyer.
Prices will continue to rise. Those who sat it on the sidelines waited too long. People are buying again and that is the problem...demand is exceeding supply which is resulting in higher prices and bidding wars. Housing has recovered and it is going to be ugly for those who waited it out. Interest rates are also going to rise a little bit as the Feds pullback on quantitative easing. However, the increase in rates will be modest and won't do much to slow down the price increases as there are simply too few homes to meet the demand. And a great town like Westfield is going to be one of those places where it will be ugly if you're a buyer.
This. I put a house on the market on Thursday at 5PM in Morris County. It is now Sunday. 14 showings, a good offer, and another one on the way.
To those of you who are under water and cannot sell: THE WATER IS RISING, LIFTING ALL BOATS!
This. I put a house on the market on Thursday at 5PM in Morris County. It is now Sunday. 14 showings, a good offer, and another one on the way.
To those of you who are under water and cannot sell: THE WATER IS RISING, LIFTING ALL BOATS!
I agree! NJ took longer to fall when the bubble burst( there were massive drops in California and Arizona long before prices started declining here). Look at those areas now! Booming is an understatement. NJ is lagging those recoveries but its only a matter or time.
I agree, folks that were waiting for prices to drop further are now seeing that not only are prices NOT dropping, but rates ARE rising (i think up to 4% this week). I am thinking there will be a lot of pent up demand.
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