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This is an article from a nationally recognized real estate attorney that I think everyone should read. His name is William Bronchick.
P.S.
Sorry if this is not within posting guidelines but I tried copy and Pasting the article, there are too many words. If moderators feel this is necessary, please delete. Although I think this information is very informative for every prospect in real estate given that it is from a "professional" point of view.
I saw this before on TP and it makes a lot of sense. There is no "national" market. Here in NJ, there is a flattening (ok northern nj) and people who have bought in the past two years will likely lose money if they sell now. But it's not a bubble type market because of the constant demand, and the diverse economic opportunities.
It's a good time to buy, that is for sure. Just buy what you know you really want, and be ready to hold it for the long term. Flipping here only really works if you have the ability to fix the house, turn it into something more valuable quickly, and sell it quickly.
Not in the NYC / NJ metro area. There is too much wealth & high income (especially for recent college grads) for any serious correction or even slowdown in housing prices.
Even in the worst parts of Jersey City & in Jersey City Heights, 1 Bedroom railroad style condos are priced close to 400K and rent for over $1,500 a month.
Closer to the waterfront or in 'historic downtown' you will pay over $500,000 for a one bedroom condo in a restored tenement.
Prices are just crazy and the only thing that happened in 2006 was home prices slowed (but not fell at all) and rents skyrocketed. Bergen & Hudson County are crazy in terms of rents.. Unlike Queens & Nassau County on Long Island heat & hot water is NEVER included in any of the rentals listed on Craigslist in most parts of Hudson county especially in Jersey City which is supposedly the trendiest area in North Jersey these days.
If theres an affordability crisis then house prices gotta go down. I do know that where I live in s. Florida prices went down 10-20% so far and people are still not buying. Theres lots of jobs but the pay sucks! Many of the people here are retired and have money to buy. The rest(over 90% dont!)
I would say the prices are definately heading in a good direction for buyers. The seller of the house we're buying dropped his selling price $60k when we found it. The buyers weren't there for the higher price and he wanted to get rid of it. I'm not in Hudson County so I can't speak to the prices there, but here in Middlesex County things are looking up. Taxes are still high, but some towns are better than others.
Not in the NYC / NJ metro area. There is too much wealth & high income (especially for recent college grads) for any serious correction or even slowdown in housing prices.
Even in the worst parts of Jersey City & in Jersey City Heights, 1 Bedroom railroad style condos are priced close to 400K and rent for over $1,500 a month.
Closer to the waterfront or in 'historic downtown' you will pay over $500,000 for a one bedroom condo in a restored tenement.
Prices are just crazy and the only thing that happened in 2006 was home prices slowed (but not fell at all) and rents skyrocketed. Bergen & Hudson County are crazy in terms of rents.. Unlike Queens & Nassau County on Long Island heat & hot water is NEVER included in any of the rentals listed on Craigslist in most parts of Hudson county especially in Jersey City which is supposedly the trendiest area in North Jersey these days.
Whatever, Nick. Talking to you is like talking to a wall
Good feedback people. I work primarily in South Jersey, I know the market down here. It's always good to know how it really is up in Northern NJ/NYC.
But Yes, There was such an abundance of buyers within the past few years, the homes for them were more rare than none. So..the market went into "Supply and Demand" mode.
How much do you pay for Gas nowadays?(We're not really running out of gas, just the fact that we couldn't get it transported properly)
Gas Station owners raised the price all over the country. They think, well alright, these people need to drive, we'll raise it to 10$ per gallon if we have to because we're not getting enough of it.
That's what happened in the past few years. There wasn't as many people selling their homes as buying homes. Homes went into bidding wars 20k over asking price.
So the next time someone else on the same street wants to put their house on the market, you get, " Well the one down the street sold for xxx,xxx".
Homebuyers have a wide selection to choose from now(presently), because they're are more SELLERS than BUYERS. It's taking longer for buyers to make up their minds. Not running and grabbing what ever they can get their hands on.
Yes, Market is FABULOUS for Buyers. Homes are selling for What They Are Worth. Just like they said 1-2years ago.."If your thinking about selling, sell now while the market is hot"..
Well now is quite the contrary..."If your thinking about buying, buy now while the market adjusts".. Good Luck
Good marketing campaign, Ryan. (and I don't mean that in a bad sense). The fact that real estate agents have to go an extra mile (like finding these forums) to find prospects, speaks volumes about the current state of affairs in the real estate market.
Good marketing campaign, Ryan. (and I don't mean that in a bad sense). The fact that real estate agents have to go an extra mile (like finding these forums) to find prospects, speaks volumes about the current state of affairs in the real estate market.
We all know the market is very slow and house prices are eroding further every month. Ive read that the situation wont improve till a couple years from now. Ill be moving out before that but if houses get really cheap, I may move again and into a bigger house!
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Couldn't have said it any better, cmsvmom.
(and I don't mean that in a bad sense). The fact that real estate agents have to go an extra mile (like finding these forums) to find prospects, speaks volumes about the current state of affairs in the real estate market.
