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It’s bonkers. We’re in Morris County, a 3bed 1bath ranch which hasn’t been renovated since the 90’s went on the market for 325k. They had 1 open house on Saturday, highest and best by 5pm Monday, they received over 40 offers. Neighbor told me the highest was 450K all cash no contingencies or inspections, unreal. Makes us want to sell and relocate but we also don’t want to change schools again… golden handcuffs
Hey a 90s renovation is kind of new In Morris County, given the age of many of the homes.
$325k sounds suspiciously low, unless it was a total gut job, in a flood zone or backs up to an interstate/highway as $450k is the new $300k.
I also live in Morris County, and a realtor just mailed a list of recent sales in my neighborhood. 2 homes went $100k over asking in May.
Morris County has always been tough to buy a single family homes as there is a serious inventory shortage of them, the shortage existed several years before even covid happened.
Hey a 90s renovation is kind of new In Morris County, given the age of many of the homes.
$325k sounds suspiciously low, unless it was a total gut job, in a flood zone or backs up to an interstate/highway as $450k is the new $300k.
I also live in Morris County, and a realtor just mailed a list of recent sales in my neighborhood. 2 homes went $100k over asking in May.
Morris County has always been tough to buy a single family homes as there is a serious inventory shortage of them, the shortage existed several years before even covid happened.
Yeah can’t believe list prices anymore. Nearly all realtors are listing them too low to create the bidding war. My aunt-in-law was trying to buy and every single place ended up going for way more than asking. A house around the corner was posted for $385k, sold at $435k. Down the street - listed at $805k, sold at $850k. The listing price is just bait now. Some are fishing too high, however. I’ve seen some price reductions but not too many.
It’s bonkers. We’re in Morris County, a 3bed 1bath ranch which hasn’t been renovated since the 90’s went on the market for 325k. They had 1 open house on Saturday, highest and best by 5pm Monday, they received over 40 offers. Neighbor told me the highest was 450K all cash no contingencies or inspections, unreal. Makes us want to sell and relocate but we also don’t want to change schools again… golden handcuffs
That's totally insane! I lived in Lk Hopatcong for many years.If the house is in Lk Hopatcong some of those small ranches are former summer cottages, the town is still on septic and to not have an inspection of the system is nuts.
That's totally insane! I lived in Lk Hopatcong for many years.If the house is in Lk Hopatcong some of those small ranches are former summer cottages, the town is still on septic and to not have an inspection of the system is nuts.
Not really. If you'd buy the house even having to pay the extra $10K-$15K for septic system replacement, it makes perfect sense to buy it without inspection if the alternative is not getting the house.
Not really. If you'd buy the house even having to pay the extra $10K-$15K for septic system replacement, it makes perfect sense to buy it without inspection if the alternative is not getting the house.
Is that really all it costs to replace septic?
My buddy recently had an offer accepted and backed out after septic failed inspection. I had it in my head that it was more like a $40k job, but I dont know where I got that figure from (since I am on sewer and we didnt look anywhere that was on septic)
I have noticed homes definitely sitting for longer in recent weeks even in NJ, listing agents informing that the property is still available, wanting to talk, etc. Perhaps 7+% mortgage rates is the magic number, and/or the eager beavers have all finished buying, and the marginal buyers are waiting it out. This was for reasonable priced property, in reasonable distance to NJ Transit, and solid middle class area.
Kids are college aged now, and we have a nice rental deal, not in any hurry or need to buy.
I have noticed homes definitely sitting for longer in recent weeks even in NJ, listing agents informing that the property is still available, wanting to talk, etc. Perhaps 7+% mortgage rates is the magic number, and/or the eager beavers have all finished buying, and the marginal buyers are waiting it out. This was for reasonable priced property, in reasonable distance to NJ Transit, and solid middle class area.
Kids are college aged now, and we have a nice rental deal, not in any hurry or need to buy.
Spoke with my realtor, towns with highway and train access are still hot. Seems that the market for $750k+ homes is cooling off a bit but everthing under that is in frenzy still.
Spoke with my realtor, towns with highway and train access are still hot. Seems that the market for $750k+ homes is cooling off a bit but everthing under that is in frenzy still.
All I can say is one of the listing real estate agents is calling me back after a few days, and their house has only been listed for less than 3 weeks. And it is an affordable houser, desirable area, good school district, considered a town served well by rail, except it is a bit distant from NYC.
Just to extrapolate to overall economy / housing sub-segment -- I was furniture shopping a few days back, and seems demand for furniture has definitely cooled off, confirmed by sales person. They said some of the furniture prices may even be lower than 2019 levels!
All I can say is one of the listing real estate agents is calling me back after a few days, and their house has only been listed for less than 3 weeks. And it is an affordable houser, desirable area, good school district, considered a town served well by rail, except it is a bit distant from NYC.
Just to extrapolate to overall economy / housing sub-segment -- I was furniture shopping a few days back, and seems demand for furniture has definitely cooled off, confirmed by sales person. They said some of the furniture prices may even be lower than 2019 levels!
It makes sense, people aren't moving and there are way less homes on the market than previous years.
Spoke with my realtor, towns with highway and train access are still hot. Seems that the market for $750k+ homes is cooling off a bit but everthing under that is in frenzy still.
I'm seeing houses sell for 8-15% over asking in NW bergen co. I'm not in the market but watch surrounding towns.
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