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.
IMHO, we have only seen the tip of the iceberg regarding the real estate meltdown. Interest rate adjustments have not yet peaked, and will not until August/September. Accordingly, foreclosures will not peak until 2010. The market will then need time to recover. I'm not expecting price progress until 2012 or later. My greater concern is the magnitude of further regress we may still see.
In the interim, I'm thankful that I don't own a house in Florida ... but sometime in 2010 or 2011 may be a great time to buy one!
Short term -- bad. Mid term -- worse! Long term -- excellent.
The safest NJ markets: Middle-income neighborhoods with bread-and-butter homes.
Markets most prone to disaster: Urban neighborhoods where prices have been unrealistically propped up by government rent and tax-abatement subsidies. (The subsidies can't go up any more since the various governments ... fed, state, municipal ... are all going broke!)
Just my three cents. (Inflation!)
You are oh so right. We own a house in Fl, Land o Lakes right outside of Tampa. Our house has depreciated in value over 70,000 dollars if not more. We have not done an assessment recently. We bought new construction and the builder out right lied to us. Rental market in Fl is so saturated you can not even rent your house to cover your mortgage. Let alone when it comes to jobs forget it. I have lived in fl since 91 and we are leaving the state. Even though NJ might be having issues nothing compared to FL.
You are oh so right. We own a house in Fl, Land o Lakes right outside of Tampa. Our house has depreciated in value over 70,000 dollars if not more. We have not done an assessment recently. We bought new construction and the builder out right lied to us. Rental market in Fl is so saturated you can not even rent your house to cover your mortgage. Let alone when it comes to jobs forget it. I have lived in fl since 91 and we are leaving the state. Even though NJ might be having issues nothing compared to FL.
Sorry to hear that, my friend down the street thought he was the next Donald Trump and he bought 3 new condos right next to each other 2 years ago in Florida. He tried to suck me in and was telling me how much he's going to make and so on. Needless to say they dropped over 100,000 each and he is pondering bankruptcy. He gets pissed when I tell him that he was,is one of the flippers that got us into this mess. He stays at one and can't find anyone to rent the other 2. Real Estate is like stocks they go up and down. Your screwed if you paid to high.
Sorry to hear that, my friend down the street thought he was the next Donald Trump and he bought 3 new condos right next to each other 2 years ago in Florida. He tried to suck me in and was telling me how much he's going to make and so on. Needless to say they dropped over 100,000 each and he is pondering bankruptcy. He gets pissed when I tell him that he was,is one of the flippers that got us into this mess. He stays at one and can't find anyone to rent the other 2. Real Estate is like stocks they go up and down. Your screwed if you paid to high.
Well, were did not invest we were lied to by the builder. We ended up buying a house in one area. Come to find out that we could not have a fence that we needed with four kids. Then the developoment like you stated ended up being bought by investors and most became rentals. So, we decided to move the 2nd builder promised to sell our house if we bought. Of course that did not happen and now we are stuck with 2 homes. We live 20 miles or 20 minutes from most grocery stores etc. Most jobs are in Tampa which is 45 minutes from land O Lakes. So, our dreams and lives have been ruined by greedy builders and over zellious investors. Florida is going to the dumps. Yes, you pay more taxes in NJ but the jobs and transportation are far better. Not to mention the schools.
But again, in areas that are less desireable.. we've seen homes that have been sitting there unsold for a long time.
I've been watching homes in watchung for several months, and watchung is not exactly an "undesireable" area, and yet all 5 homes that we were considering are still there on the market, one of them for nearly 1 and a half years (using 2 consecutive listings to hide the length of DOM)
Sure they can, but I bet they can spot trends better then your realtor can. So while the estimate on one home might be off, the trending up/down of a neighborhood/town/zip code is probably accurate.
Use trulia as another tool...they actually use SOLD data to show changes in town sales. using Trulia, towns that were going up in zillow z-ESTIMATES were actually going down weekely or quarter by quarter according to trulia.
I remember 2 years ago everyone saying "No way, housing prices will never drop, especially not this close to Manhattan".
Reminds me of when people thought the internet bubble would never burst. and someone actually predicted a 100,000 Dow in a few years (LOL). I still remember those magazine articles that celebrated how large and successful internet companies were (in market price) compared to traditional brick and mortar companies (who nevertheless had revenues many times that of internbet companies), and how the internet companies should swallow up the older traditional companies.
Well, were did not invest we were lied to by the builder. We ended up buying a house in one area. Come to find out that we could not have a fence that we needed with four kids. Then the developoment like you stated ended up being bought by investors and most became rentals. So, we decided to move the 2nd builder promised to sell our house if we bought. Of course that did not happen and now we are stuck with 2 homes. We live 20 miles or 20 minutes from most grocery stores etc. Most jobs are in Tampa which is 45 minutes from land O Lakes. So, our dreams and lives have been ruined by greedy builders and over zellious investors. Florida is going to the dumps. Yes, you pay more taxes in NJ but the jobs and transportation are far better. Not to mention the schools.
It's a shame that this happened to you and thousands of others. I don't trust my brothers never mind builders in Florida.
We just took our house off the market after being on for four months. I know it doesn't seem like a long time, but we were very realistic about the price and it just wasn't selling. tooo frustrating I guess we are here for a while longer.
we hava a four bedroom two bath home on a cul de sac in a desirable area of middletown. We purchased the house in 2005 (the height- coming from MA so we weren't very familiar with NJ prices) we paid $415,000.00. the house was built in the 50s had one addition (kitchen) put on in the 60s and hadn't had any updates since. oh, sorry landscaping in front had recently been done(to put on market prop) hardwood floors thruout (covered with carpet on 2nd floor). my husband and I are in the construction/design field. we totally updated the house, all new baths with ceramic tile, new kitchen with granite counter tops, tore out the carpet refinished floors, more landscaping, rebuilt deck, etc. etc. Our realtor told us that alll the feedback from showings was "it shows beautifully, and it is priced right" yet we had not ONE offer. we had reduced the price by 52000 in that time frame. last two weeks we stopped getting any showings. we feel people were waiting for us to come down more. we couldn't do it. we paid as i said 415,000- we put approx. 100,00(includes sweat equity) into it in renovations and we were asking 487,000. Due to the fact that we have only lived here for 3.5 years we have no room to come down. fortunately we don't have to move. we were trying to get closer to husband's work, I guess for some reason we are meant to stay in NJ. Sorry so long but couldn't make my point with out the backup.
We just took our house off the market after being on for four months. I know it doesn't seem like a long time, but we were very realistic about the price and it just wasn't selling. tooo frustrating I guess we are here for a while longer.
we hava a four bedroom two bath home on a cul de sac in a desirable area of middletown. We purchased the house in 2005 (the height- coming from MA so we weren't very familiar with NJ prices) we paid $415,000.00. the house was built in the 50s had one addition (kitchen) put on in the 60s and hadn't had any updates since. oh, sorry landscaping in front had recently been done(to put on market prop) hardwood floors thruout (covered with carpet on 2nd floor). my husband and I are in the construction/design field. we totally updated the house, all new baths with ceramic tile, new kitchen with granite counter tops, tore out the carpet refinished floors, more landscaping, rebuilt deck, etc. etc. Our realtor told us that alll the feedback from showings was "it shows beautifully, and it is priced right" yet we had not ONE offer. we had reduced the price by 52000 in that time frame. last two weeks we stopped getting any showings. we feel people were waiting for us to come down more. we couldn't do it. we paid as i said 415,000- we put approx. 100,00(includes sweat equity) into it in renovations and we were asking 487,000. Due to the fact that we have only lived here for 3.5 years we have no room to come down. fortunately we don't have to move. we were trying to get closer to husband's work, I guess for some reason we are meant to stay in NJ. Sorry so long but couldn't make my point with out the backup.
i'm sorry you couldn't sell. but...i just have to say that if you were realistic about your price, it would've sold. i understand your need to walk away with $X, but the market doesn't care how much you paid or how much you put in. a realistic price is one that sells the house, not one that people say is "priced right" or one that allows you to walk away with money in your pocket.
it's great you don't have to move though, you're fortunate in that regard. wait a few years, try again and maybe you'll get more!
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.
Real Estate Predictions
