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Mine is 4% higher than I bought it for in 2006 for $320K, moved in in 2007. But I'm not looking to sell. Just going on what similar homes sold for recently. But my home is now worth $332K, it's 1250 sq. ft plus a garage on 1/3 acre. But I'm retired so NJ is a good fit. State income tax is negligible (never paid more than $300 for the year). Property tax is about $6200.
It's hard to sympathize with anyone having a hard time selling a 5000 sq. ft. home with 5 acres for 1.25 million, or even making $350K per year. Even if I had that money, I wouldn't buy that big a house. I'd have to hire a staff to maintain and clean it.
I've never been to Mississippi but I'm sure they have million dollar homes there too. Rich is rich anywhere, and middle class is middle class anywhere.
Quote:
Originally Posted by astrocytoma
Taking 10 months to sell a 20 year old.... for $1.1M home .... in a good condition.... with all the latest updates.... worth $1.2M in terms of market value... and with an asking price of $1.25M ... is not normal.
Its literally begging to be noticed. Its literally the next Mississippi waiting to happen.
In TX... similar priced homes... take less than a month to sell.
TX is a booming state that respects all. NJ is a dying state that has lost its way.
In terms of population gains over 10 years, or GDP growth on a yearly basis we are in the bottom 10.
Our companions are Alabama (for now), Mississippi, and New Mexico.
In most areas of NJ... homes that sold in 2005-2008... still have not reached that value in 2020, but some are just touching.
One person said his home is now worth a whopping 4% higher than 2007. No indication about how it sells.
I don't know why OP thinks it should sell right away just because it's a million dollar home. What style of home? Is it on a hill? Corner lot? Busy road? There can be so many variables as to why (for reasons which I can understand you probably don't want to disclose) that the house is not selling. Without viewing the listing, the most likely answer is that the asking price is too high, as others have said. No need to insult Mississippi when they've done nothing.
PS: I feel the more expensive the house, the pickier people are. At that price point, who's truly willing to settle/compromise on amenities and features?
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Mine is 4% higher than I bought it for in 2006, moved in in 2007. But I'm not looking to sell. Just going on what similar homes sold for recently. But my home is now worth $332K, it's 1250 sq. ft plus a garage on 1/3 acre. But I'm retired so NJ is a good fit. It's hard to sympathize with anyone selling a 5000 sq. ft. home with 5 acres for 1.25 million, or even making $350K per year. Even if I had that money, I wouldn't buy that big a house. I'd have to hire a staff to maintain and clean it. I've never been to Mississippi but I'm sure they have million dollar homes there too.
So the message at the end of the day is... NJ is a dying state. Not a state for job creators/risk takers.
The fact that you can't get back what you bought your house for (when it comes time to sell)... possibly 14 years later... speaks volumes.
Anyone that claims hyperbole is lying.
No wonder our GDP gains/population gains are in the bottom 10 of the country.
Ohio has a higher overall GDP than NJ.... and its OHIO.... and the midwest. I rest my case.
I don't know why OP thinks it should sell right away just because it's a million dollar home. What style of home? Is it on a hill? Corner lot? Busy road? There can be so many variables as to why (for reasons which I can understand you probably don't want to disclose) that the house is not selling. Without viewing the listing, the most likely answer is that the asking price is too high, as others have said. No need to insult Mississippi when they've done nothing.
PS: I feel the more expensive the house, the pickier people are. At that price point, who's truly willing to settle/compromise on amenities and features?
House across the street took 10 months... House behind 6-8 months I guess. All similar homes. All $1M+ range.
No one expects their house to sell immediately.... but these wait times reaching 1 year of more.... is a sign of clear weakness in NJ. This isn't the 90s anymore.
I agree with you about variables, and people unwilling to compromise... but when the situation is this bad when the times are so good (interest rates etc)... I can't imagine what happens when everything cycles back.
This is a county wide trend.... and possibly state wide... struggling $1M+ homes... so I wouldn't point to anything specific in any one home. Its just a NJ problem, and being out of sync with the times.
Mississippi is used as a benchmark for how low any one state can go in any objective way. NJ is right next them on many lists. Not a good place to be.
There is a 1800 square foot SFH near me that is about 13 years old that took 3 years to sell.
They started trying to sell it in summer of 2018.
At the time the builder was still building the last phase.
Their realtor kept holding open houses.
Nothing.
It finally went to contingent in November 2020.
I don't know if the house wasn't priced right or what.
There are other houses that sold very quickly, but considering all the updates they put in, they made no profit.
I was always an employee. I have no understanding or sympathy for rich people, for job creators, for whatever drives up GDP. I've never wanted more than a nice home in a middle class neighborhood. I've leased a 4dr Toyota Camry every three years since 1995. I don't have expensive tastes. I'm not a show off with a million dollar home. NJ has decent housing at decent prices, good health care, a decent climate, lots of trees. I see deer, groundhogs, skunks, hawks, owls, in the woods behind my back yard. Neighbors are diverse, down to earth and live and let live. I've been to most of the US states (except the deep south), Canada and Mexico. I've lived in L.A., San Francisco, Seattle, and Detroit. NYC is where I chose to spend my working life life and raise a family. NJ is where I chose to retire to.
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Quote:
Originally Posted by astrocytoma
So the message at the end of the day is... NJ is a dying state. Not a state for job creators/risk takers.
The fact that you can't get back what you bought your house for (when it comes time to sell)... possibly 14 years later... speaks volumes.
Anyone that claims hyperbole is lying.
No wonder our GDP gains/population gains are in the bottom 10 of the country.
Ohio has a higher overall GDP than NJ.... and its OHIO.... and the midwest. I rest my case.
There is a 1800 square foot SFH near me that is about 13 years old that took 3 years to sell.
They started trying to sell it in summer of 2018.
At the time the builder was still building the last phase.
Their realtor kept holding open houses.
Nothing.
It finally went to contingent in November 2020.
I don't know if the house wasn't priced right or what.
There are other houses that sold very quickly, but considering all the updates they put in, they made no profit.
These kind of horror stories are becoming common in the $1M+ range.
Price really isn't an issue... as most are priced fairly.... and thanks to the internet most people aren't gullible about what its worth
Its just a lack of buyers/demand. NJ has failed to attract/retain the best people.
I was always an employee. I have no understanding or sympathy for rich people, for job creators, for whatever drives up GDP. I've never wanted more than a nice home in a middle class neighborhood. I've leased a 4dr Toyota Camry every three years since 1995. I don't have expensive tastes. I'm not a show off with a million dollar home. NJ has decent housing at decent prices, good health care, a decent climate, lots of trees. I see deer, woodchcks, skunks, hawks, owls, in the woods behind my back yard. Neighbors are diverse, down to earth and live and let live. I've been to most of the US states (except the deep south), Canada and Mexico. I've lived in L.A., San Francisco, Seattle, and Detroit. NYC is where I chose to spend my life, and NJ is where I chose to retire to.
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No offense... but without employers... a state cannot sustain. Unless we go full socialism, and everyone works for the government. but even then we collapse as the govt cant make money to give out.
Its less about showing off, and more about reaching your full potential, and enjoying what you have.
NJ is often mocked by everyone in the country.... and I'm starting to realize we deserve it.
What a mismanaged disaster. Salute to the fact that we retain people or retain what we have.... I guess thats better than getting smaller Detroit Style. Stagnation is better than Depression.
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