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The suburbs around NYC have truly driven up the market. With historical low rates, people are willing to pay more. Rates are gradually increasing which will lower the demand. As the city opens back up in September, I hope to see supply increase. This will gradually turn back into a buyers market. On top of that, builders aren't building like they used to. The price of lumber is through the roof. Most people tend to stay longer in their current houses. It's an interesting market right now.
from your lips to god's ears lol
yes supply is starting to slowly get back to normal. everything moves in cycles. I hope we get back to a normal buyer's market soon.
i hope people don't regret their impulsive meaningless 1950 built home purchases.
While home prices for a normal 2500-3000 sq ft home with a normal sized lot in Colts Neck may not be too crazy (600-800k), the property taxes flat out suck. One of the main reasons I moved away from Colts Neck (though its not like the property taxes in Northern Virginia are much cheaper). The fact that Colts Neck doesn't really have much businesses and it is mostly sprawling horse farms and the military base prevents the town from generating much tax revenue aside from peoples homes.
yes supply is starting to slowly get back to normal. everything moves in cycles. I hope we get back to a normal buyer's market soon.
i hope people don't regret their impulsive meaningless 1950 built home purchases.
The difference this time around is the loan to value is so low so you shouldn't expect to see defaults. If individuals plan to stay in a house for over 20 years, paying more right now isn't terrible. However, if they plan to sell in 5-10 years, then they most likely won't make their money back. The market should correct as demand decreases and supply increases. If you were able to, it is smarter to sell you house at top dollar and rent for a year to two then purchase a new home then. It isn't easy though when you have a family and rentals are through the roof now too!
Guy,
Thanks in advance I NEED your opinion. Family of 5 moving from Staten Island to NJ. Holmdel/Middletown south/Lincroft/colts neck are our destination choices. Any advice? Getting outbid. We were considering Marlboro but there will be a rush of Staten islanders there in the next ten years. Trying to avoid that. I’ve done a lot of research on the schools and communities. Price range $675-800k. Lincroft looks like our favorite with Middletown south behind the high school being the higher end of our budget. Holmdel has NO inventory. Colts neck has one floor 1950s homes in my price range. Also colts necks commute to SI for work would be a pain. Any thoughts? Lincroft is close to parkway, small town feel that we love, access to stores(walkable) thank you in advance.
Guy,
Thanks in advance I NEED your opinion. Family of 5 moving from Staten Island to NJ. Holmdel/Middletown south/Lincroft/colts neck are our destination choices. Any advice? Getting outbid. We were considering Marlboro but there will be a rush of Staten islanders there in the next ten years. Trying to avoid that. I’ve done a lot of research on the schools and communities. Price range $675-800k. Lincroft looks like our favorite with Middletown south behind the high school being the higher end of our budget. Holmdel has NO inventory. Colts neck has one floor 1950s homes in my price range. Also colts necks commute to SI for work would be a pain. Any thoughts? Lincroft is close to parkway, small town feel that we love, access to stores(walkable) thank you in advance.
I'll bite on this. First, most useful thing would be to start a new post and list your requirements on housing/town/commute etc.
First off you'll find former SI'ers anywhere in the towns you look in these towns, some with more than others, most left to escape what the rock was becoming (less concentration as you move east)
Lincroft is a great area but I wouldn't exactly call it small town, good schools, some good places ot grab food, close to nice parks, large lots, some homes very close to parkway though and Newman Springs can be a parking lot some times. You can also try River Plaza section of Middletown nearby, just watch for flood zones, but very nice area close to parkway and good schools again, feeds into Mtown South HS also.
Depending on housing needs- if yo udon need a huge house on a huge lot you can also look at Shrewsbury, a much more small town feel than the other towns. You'd still get a 3/4 BR on a decent not huge lot, but with a much smaller/walkable town and still close to parkway as well. HS is RBR which is good and rated higher than Mtown South in most rankings.
You can also look to Little Silver but you'll get a surprisingly smaller home and be farther from parkway (could take 15-20 min in AM to get to parkway), but an even prettier town that Shrewsbury with a nice little walkable town center and water nearby. RBR HS as well. Both LS an SB have great parks and schools, rec activities for kids, town events and Red Bank nearby for restaurants/bars/theatre. Shoppingwise you have the Grove in Shrewsbury as well as Red Bank.
Mom's house was $25,000 and that was three years ago. All of Monmouth County is high ,hell all of NJ is high!.
Yes, that was an issue when selling my Mom's house in Bergen County. We didn't know what the taxes were (Dad was 100% DAV, Mom got the property tax exemption as his widow, we are liable for the taxes from the date of her death to closing, but the town apparently had not yet figured out that she died, lol. It will be settled at closing.)
Turns out the taxes are over $17K, but the house needs a ton of updating, and as soon as a buyer does that, the taxes will go up. We're under contract. Fingers crossed it all goes well.
I pay just under $4K. (Unit of <1000 s.f. in a townhouse complex).
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(Unit of <1000 s.f. in a townhouse complex).
