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If there are two houses next to each other on the same block built 25 years ago does Zillow come in and see which owner made upgrades and maintained there property while the other one didn't?
Of course not. Now, do you see the value of Zillow?
Rising quickly is a very general and relative term. In examining real data -- no, I don't think so. There is more interest, and activity. There is still product available, and demand as well. So, the market is "efficient" per se. However, in short, any house will sell for what it's worth -- and a house is worth what someone is willing to pay. Unfortunately, external, non-economic, and other factors come into play. However, that doesn't drive an entire market. If someone says they got an offer on their house from a qualified buyer one year ago for $750,000...and they got an offer on their house from another equally qualified buyer today for $800,000...that is not reflective of an entire marketplace. It is more an exception than the norm.
All of this "exodus" and "masses" is part of the veil, the motivation, etc. It is no different than the "Lakefront property in the Poconos" façade. If you don't believe it, that's OK. Call your local broker, put your house on the market, sell, and move. Good luck!
Relative just sold their home 550K, listed at 530K. Had 20 groups within one weekend tour in central NJ. They had trouble selling 2 years ago even at 500K and delisted it until recently.
Yes, Covid created a housing boom. Who would have thought? Super low fake interest rates do the trick...just not sure what the flip side of all this will be.
so the word is that our friend's house is in contract after only being on the market 4 days and for above asking (i dont know how much). so it would seem like things are relatively hot over here.
interestingly, they are planning on moving to florida for a while to feel it out over there and possibly stay if they like it. another family we are friends with is moving the tennessee.
The NJ market generally and 4 zip codes where I have been looking at properties did record a jump in prices during summer. As per our realtor sellers were able to add up to $100,000 over their asking price what my realtor termed a 'covid premium' and they were able to sell at those prices.
In the last two weeks however there has been a start of correction in expectations. This does not indicate a fall in prices by any stretch of imagination but the premium has started to recede.
On a separate note the investment banks in NY have started their 2020 layoffs (Nov/Dec is when it will be put into action). This coming on back of a rather splendid 3rd and possibly a good 4th quarter!! What is even more interesting is some of them have asked to pull forward their 2021 layoff guidance and actually act on it. It essentially translates into orders to layoff for 2021 targets in 2020 itself. Does indicate the lack of confidence banks have in our recovery anytime soon.
This reality will reflect in the market movement in Jan/Feb 2021.
Seems like around these parts that anyone who had planned to move to the suburbs over the next two years ago just accelerated their timeline and pulled the trigger this year given a) COVID and b) historically low interest rates. My guess is after the initial wave, which has been going on for 6 months, the market will likely settle back into something more normal.
Certainly, the market in Hoboken/Hudson County is not up 10%, or even up at all (probably closer to down 10%). The increased flow from Manhattan to Hoboken has not been able to offset the flow from Hoboken to the suburbs so there is a glut of inventory right now. It probably won't turn around here until next summer when offices start opening back up and people realize their commutes suck.
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The Covid premium
