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The Boomers moved into their McMansions and as they begin the Great Migration south to Florida, their homes may languish on the market, much to their surprise. These big ol ugly houses are not popular with my generation, which is the generation having children who would be the ones purchasing larger homes to accommodate a growing family. Certain towns are growing in popularity as people in my generation are freed from their debt burdens and finally begin the homebuying process. Other towns are declining in popularity and population as older residents move out and younger ones have different priorities. It doesn't mean the state is dying, it just means that trends and tastes change and home types and towns will have different popularity based on these changes.
The Boomers moved into their McMansions and as they begin the Great Migration south to Florida, their homes may languish on the market, much to their surprise. These big ol ugly houses are not popular with my generation, which is the generation having children who would be the ones purchasing larger homes to accommodate a growing family. Certain towns are growing in popularity as people in my generation are freed from their debt burdens and finally begin the homebuying process. Other towns are declining in popularity and population as older residents move out and younger ones have different priorities. It doesn't mean the state is dying, it just means that trends and tastes change and home types and towns will have different popularity based on these changes.
great migration to Florida. so true.
So what are the priorities, trends, and tastes that this generation looks for?
Hoboken/Jersey City? lmao J.K.
In all seriousness.... what is it that sellers need to know?
So what are the priorities, trends, and tastes that this generation looks for?
Hoboken/Jersey City? lmao J.K.
In all seriousness.... what is it that sellers need to know?
The son of friends of ours spent $800K on a one bedroom apt. in Hoboken a couple of years ago. He has a cleaning lady and a dog walker and gets his laundry picked up and delivered. He spends his money travelling to Europe, the Caribbean, to unwind. His sister is buying a $450K one bedroom coop in Manhattan on the upper east side. It's two blocks from her job. A 5,000 sq. ft. house with 5 acres is taking on large perpetual maintenance costs, and a hard commute if you work in NYC. It's not going to appeal to many people. At one point in time it may have been the American dream, but not so much anymore.
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.
It seems you're just angry because no one is willing to pay $1mm for the house in question. Any house is only worth what someone is willing to pay for it. It doesn't matter what the Zestimate, or any other estimate is.
Are there comps? How recent? Not listing prices, but actual sales. Did the comps sell in the area of $1mm? If yes, then you have to look at what it is with this particular house that's the problem: Location? Is it on a busy street? Too close to a major highway? How is the landscaping? Does it have features others might not want, like hot tubs, pools, koi ponds, etc? How old is the house? Is there new construction in this price range nearby? Is anything like furnace, a/c, roof, near end of useful life?
What about inside? Are there unusual paint colors? Anything weird that would turn off a buyer?
You also seem to think that everyone who isn't a CEO (and they are not job creators; in fact, they are more likely to CUT jobs to meet Wall St. targes) is somehow human trash that doesn't deserve to live in your fine state. That attitude alone tells me that the house is priced too high. It may also be that the new housing market is such that millennials who are of home buying age have decided that having a "lawyer foyer, " "bridal staircase," and other accoutrements of the generation that cut its teeth on "Lifestyles of the Rich and Famous" is not important to them.
As someone who sold a 4-bedroom, 1900 square foot Cape Cod in 2015 that a lot of people snubbed because it didn't have a "formal dining room," but that sold within $3K of asking in 19 days because it was priced right, it's hard for me to sympathize with the lawyer foyer and palladian window crowd.
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.
Can you at least say the town?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Well, I think what everyone here is saying is that, by definition, those houses you mention not selling are not, in fact, at market rates. It means that particular market has dropped, and the market rates are now below what they were at the time of purchase.
You don't mention the specific town. Some towns just don't support the $1M+ homes that they did in years past, for whatever reason. I'm guessing in, for example, Ridgewood those homes would be moving pretty fast. Others around it, maybe with less developed downtowns or fewer express trains, perhaps don't.
I say this fully understanding how painful it is to acknowledge. We bought our condo at the "market rate" in Hoboken 3 years ago. Unfortunately (for us), the market here has sunk like a stone and if we sold now we would not recoup what we purchased it for. It is what it is.
The Boomers moved into their McMansions and as they begin the Great Migration south to Florida, their homes may languish on the market, much to their surprise. These big ol ugly houses are not popular with my generation, which is the generation having children who would be the ones purchasing larger homes to accommodate a growing family. Certain towns are growing in popularity as people in my generation are freed from their debt burdens and finally begin the homebuying process. Other towns are declining in popularity and population as older residents move out and younger ones have different priorities. It doesn't mean the state is dying, it just means that trends and tastes change and home types and towns will have different popularity based on these changes.
Oil heat, yuck
For starters
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
$300,000 income nets $220 after federal and state tax. A $1m home is $75-$80,000/year in mortgage, property tax, upkeep. Throw in $15-$20,000/year for healthcare growing 5%/year, $10,000 in food/entertainment, $5,000 in cars - your fixed nut starts at $110,000. Seems reasonable on the surface at $220 net. But job security isn't what it used to be and mid-career resets aren't pretty. $600-$800k gets you, depending on the town, the quality school district, a reasonably modern house with central air, attached garage, and a smaller nut that you can probably cover out of investment income and a lower paying job if your career fails somewhere along the way. Millennials are risk averse.
So what are the priorities, trends, and tastes that this generation looks for?
Hoboken/Jersey City? lmao J.K.
In all seriousness.... what is it that sellers need to know?
JC and Hoboken are extremely popular for a reason - there are things to do.
People my age care about experiences. We value being close to restaurants, shopping and cultural happenings. Towns with walkable downtowns are popular. Why live way the heck out in the middle of nowhere and have to drive 20 minutes to get anywhere when you can sacrifice a bit of space and live close to things? My FIL commuted from Warren to NYC for years. He drove the 15 minutes to the train station in the neighboring town and then sat on the train for 1.5 hours, then another 15-20 on the subway to get downtown. That's bonkers to me and a horrible quality of life, just to get what, an acre of land, a million dollar house and more privacy?
Far flung towns in Sussex and Warren will continue declining, unless job centers are created or enhanced. Even towns in other counties that have been popular alternatives to more crowded suburbs may decline. People my age do not want the big house on the big lot with big property tax bills and big commutes. The median days on market for the Mendhams and Chesters is over 100 days. It's 65 in Madison. Under 60 for Maplewood. 70-75 in Summit, South Orange and Morristown. Homes still sell, they just take a little longer.
When we were house hunting, oil heat was a no-go. So was septic and well.
We own a second property in Sussex County on a lake. It has all 3, but we don't live there so it's okay. The home is right off a major secondary highway and yet, only ONE Internet option that isn't DSL. I didn't even know DSL was still a thing. The only real Internet option is Service Electric, which sounds like something run out of Uncle Jimbob's basement, though it is now owned by Altice. I would never live there.
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