Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm in the Fanwood / Scotch Plains area and was browsing recent sales, current for sale, and of course, the Zestimate. All indicators are that property values in this area have declined substantially within the past year. Houses that were selling for $650k to $700k are now listed in the upper $500s. It's not just a few, it appears to be across the board. I'm curious as to why? Interest rates? NJT issues?
In general, the sale price drop would probably be the cause of less buyer in the market. When you have less buyer in the market, less offer comes in. So, that force the seller to drop their selling price. On top of that, once that sale finalize, the future sale would be subject to the historical sale price of the similar type of home.
I'm in the Fanwood / Scotch Plains area and was browsing recent sales, current for sale, and of course, the Zestimate. All indicators are that property values in this area have declined substantially within the past year. Houses that were selling for $650k to $700k are now listed in the upper $500s. It's not just a few, it appears to be across the board. I'm curious as to why? Interest rates? NJT issues?
How are the markets in the rest of the state?
I live in the same area. We have friends that sold this year, and they were quite happy. I'm not seeing price drops (just the opposite)
I live in Parsippany and right now houses are selling like hot cakes. Many times they go on the market and with one open house they get under contract. I have seen this at least a half dozen times just in my area in the last 6 months.
I live in Parsippany and right now houses are selling like hot cakes. Many times they go on the market and with one open house they get under contract. I have seen this at least a half dozen times just in my area in the last 6 months.
There was an inventory shortage of houses > $500k in Morris County during the winter. The market has significantly changed though. My realtor provided me an analysis that house prices are expected to dip in Morris County over the next 6 months.
I know these are just a few and I'm not selling anytime in the foreseeable future but was just curious if values are really falling or if it's just a few here and there.
OP: are you asking why the houses listed last year dipped in asking price this year? If so, some people don't price to sell at original listing.
Not necessarily. The last few years, houses by me were selling immediately in bidding wars and, from an outsider perspective, current prices seem lower. Like I said, just an observation and I could be wrong.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
