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I just pulled up Zillow to see what has sold in Bergen County. Theres been over 50 homes over a million that have sold since November 1. If you know someone who isnt getting offers on a house there, its pretty obvious they are just way overpriced. You can twist the facts any way you want, but million dollar homes are selling there.
only 48.... and most have been on the market 6-9 months.
Most sold literally at market value.
No deep discounts related to price.
not twisting facts. no buyers/offers for months on end.
10 months to sell a $1M+ home isn't normal. NJ is Mississippi.
I think what is scaring people from buying 1 million plus homes who can otherwise afford them are the property taxes and the “millionaires tax” on said homes. I could be Bezos or Gates and still would not spend more than $750,000-800,000 on a home in NJ. Plus, depending on the town, some of these homes are dated and need reno on top of the price. Not worth it.
Why would I be jealous? I wouldn't buy a million dollar home no matter how much money I had. We never had a gross joint income of over $125K. I never needed or wanted $300K a year. But we are retired 14 years and could buy a half dozen Cadillacs or Lexus cars for cash plus twice the house for cash without blinking or any debt if we wanted to. We have no debt, no mortgage, no money worries. We buy whatever we want and are happy with it. I'm not angry. I'm just not stupid. Of course I'm a Bernie supporter. I never envied rich people. They are on display and looking for approval every day of their lives. There are exceptions of course. I admire Jimmy Carter. Though he has a net worth of 8 million he lives in a $167,000 house in Plains, Georgia and shops in the dollar store. He knows how to live.
Quote:
Originally Posted by astrocytoma
lmao. People who make $300K, and buy $1M homes aren't rich. You just seem angry. Are you a bernie supporter by any chance?
Taxes/fixed expenses take away much. You aren't left with alot.
Rich people in NJ make $1M gross a year. Talk about them.
Why would I be jealous? I wouldn't buy a million dollar home no matter how much money I had. We never had a gross joint income of over $125K. I never needed or wanted $300K a year. But we are retired 14 years and could buy a half dozen Cadillacs or Lexus cars for cash plus twice the house for cash without blinking or any debt if we wanted to. We have no debt, no mortgage, no money worries. We buy whatever we want and are happy with it. I'm not angry. I'm just not stupid. Of course I'm a Bernie supporter.
Thought so. Your railing against the upper middle class, and supposed happiness with what you have are what define bernie supporters.
The major problem with Bernie Supporters is that they don't believe in employers, or even having different classes.
Thats the problem, and the problem the lack of offers in NJ on $1M homes are proving. Socialism just doesn't work. One day when you can't even sell the current home you live in.... as no one can afford it.... you will change your mind.
The government needs cash to run.
Printing money makes money worthless.
Stealing money through taxes harms society as a whole, and people run away, and the government run out of money to take.
I think what is scaring people from buying 1 million plus homes who can otherwise afford them are the property taxes and the “millionaires tax” on said homes. I could be Bezos or Gates and still would not spend more than $750,000-800,000 on a home in NJ. Plus, depending on the town, some of these homes are dated and need reno on top of the price. Not worth it.
I agree. As usual the government of NJ is the problem. As usual NJ is a dying state, and the people still haven't woken up or live in denial.
We need a Greta Thunberg to wake people up about what an absolute shiithole NJ is, and how we have a dark future without changes.
Those were lone exceptions, and they ended up selling at market value anyway 7 months later. Its not like they went below market value...
the time period reflects lack of offers.
No it doesnt. If reflects lack of accepted offers.
Theres plenty of million dollar homes selling in Bergen County. If your friends are having problems selling a home, its not due to a lack of buyers. They are overpriced. Market value is what a house will sell at, not some arbitrary number that you want for a house.
Actually free does work. That's why we have public high schools. Back in the 60's I lived at home and attended UCLA for $150 tuition a semester. I worked and could easily pay my own tuition, car, and clothes and entertainment expenses. Today at $13,000 a semester tuition I never could have gotten a college degree at UCLA. I get SS and medicare and pay for supplemental health and prescription insurance. 4-1/2 years ago I had medical bills of $375K in a few months. I only paid $1,700 out of pocket. Without those programs I couldn't have gotten an education, a good paying job I enjoyed, and a comfortable retirement. They only worked because the larger group supported them. That's democratic socialism at work. The rich are still rich. But the middle class lives comfortably at a lower scale.
Quote:
Originally Posted by astrocytoma
Thought so. Your railing against the upper middle class, and supposed happiness with what you have are what define bernie supporters.
The major problem with Bernie Supporters is that they don't believe in employers, or even having different classes.
Thats the problem, and the problem the lack of offers in NJ on $1M homes are proving. Socialism just doesn't work. One day when you can't even sell the current home you live in.... as no one can afford it.... you will change your mind.
The government needs cash to run.
Printing money makes money worthless.
Stealing money through taxes harms society as a whole, and people run away, and the government run out of money to take.
There are 2 important factors that have not been mentioned:
1. Mortgage interest deduction is limited to $750K mortgages on Federal income taxes
2. Property tax and income tax deduction is limited to $10K on Federal income taxes
These 2 factors affect the $1million plus market vs the 700K-900K market.
These were both limited by the 2017 Tax Reform that said FU to the metro area. Maybe one or both of these will be eliminated by the new administration. The limits on the deductibility of property tax and state income tax are particularly heinous.
There is a selling price for the house - they have just not got to it yet.
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