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Hence the economic situation...Why thousands are underwater. The force driven behind our economic crisis today. Banks, realtors and sellers should have never gone overboard. Hence the new strict regulations that will be put into place making it harder to by homes/get loans. Here we see homes being bought for short sale/foreclosure prices driving everone elses homes down farther. Why are people losing jobs...because buyers who were forced to buy overpriced homes couldn't spend anymore. Therefore businesses were doing badly...employers jobs cut. Buyers had no choice at the time to purchase an overpriced home...it was either live in Newark(bad schools) or move out of state away from family and friends. I think these home declines will be much worse than the 1980's house bubble. So home seller/realtors/bankers pat yourselves on the back. Ha...and the irony of it all...we have to bail you (banks) out. Good Job! If you sellers were buyers today you would be furious. Put yourselves in our shoes.
“The turnaround is likely to be very slow,It may be 2016 before home prices match the highs of 2006.” New Jersey Real Estate Report
I get your point, BUT no one put a gun to the head of buyers a couple of years ago and forced them to buy a house. Many people rent.
I think the market in NJ is unfortunately flooded with greedy/unrealistic sellers and delusional agents. I routinely visit open houses that the agent claims has a "ton of interest" yet I'm one of 2 people on the sign in sheet around 3:30 p.m. Anyone who reads reputable sources and studies the markets knows that the majority of listings in NJ right now are way out of tune with reality. If a house is priced properly, I have no doubts that it will sell in a week or two. I saw one listing where the house was listed for a total of 9 days and I still think it was slightly overpriced by about 5%.
My fiancee and I are looking to buy a cape style house in the Mercer County area. We have established a price ceiling of about 190-205k for most of the capes we've seen, which is not unreasonable given that they were selling for 120k in 1999. I do most of my research on sales history via tax records. The current sellers are asking 240-260k for these houses which is still way too high.
The way I see it, there aren't many buyers out there. The banks are not able to lend people as much money as they used to. People are losing their jobs and will continue to in the next year. Foreclosures are way up in NJ. I don't see a single bit of information that points to these sellers being able to get their price or even 90% of it. I don't know if we'll see California or Florida type drops in real estate but it's going to be bad and I'm sure most people who have for sale signs out there will be wishing that they had listed their house for 20% less 2 years from now.
Every once in a while, we run into a agent that is realistic at an open house and he/she will flat out admit the house is overpriced as are others on the market.
Every once in a while, we run into a agent that is realistic at an open house and he/she will flat out admit the house is overpriced as are others on the market.
While those agents may in fact be correct, if the agent at an open house is telling you, a potential buyer, that they feel the house is overpriced, that's a poor agent. Likely desperate for a sale, and willing to do whatever he has to to get one. Why? Because the agent at an open house is supposed to be representing the SELLER. Perhaps they might encourage you to mnake an offer and see how the seller feels about it, but they should NEVER be telling anyone walking inthat the house is over priced. These agents telling you that the house is overpriced are forgetting for whom they work.
I think the market in NJ is unfortunately flooded with greedy/unrealistic sellers and delusional agents. I routinely visit open houses that the agent claims has a "ton of interest" yet I'm one of 2 people on the sign in sheet around 3:30 p.m. Anyone who reads reputable sources and studies the markets knows that the majority of listings in NJ right now are way out of tune with reality. If a house is priced properly, I have no doubts that it will sell in a week or two. I saw one listing where the house was listed for a total of 9 days and I still think it was slightly overpriced by about 5%.
My fiancee and I are looking to buy a cape style house in the Mercer County area. We have established a price ceiling of about 190-205k for most of the capes we've seen, which is not unreasonable given that they were selling for 120k in 1999. I do most of my research on sales history via tax records. The current sellers are asking 240-260k for these houses which is still way too high.
The way I see it, there aren't many buyers out there. The banks are not able to lend people as much money as they used to. People are losing their jobs and will continue to in the next year. Foreclosures are way up in NJ. I don't see a single bit of information that points to these sellers being able to get their price or even 90% of it. I don't know if we'll see California or Florida type drops in real estate but it's going to be bad and I'm sure most people who have for sale signs out there will be wishing that they had listed their house for 20% less 2 years from now.
Every once in a while, we run into a agent that is realistic at an open house and he/she will flat out admit the house is overpriced as are others on the market.
I need to find one of those realisitc realtors since I just parted ways with who I was using. I like no nonsense tell you like it is realtors. Be honest upfront with me and we will be fine. Most tend to sugar coat everything and are plain stupid.
While those agents may in fact be correct, if the agent at an open house is telling you, a potential buyer, that they feel the house is overpriced, that's a poor agent. Likely desperate for a sale, and willing to do whatever he has to to get one. Why? Because the agent at an open house is supposed to be representing the SELLER. Perhaps they might encourage you to mnake an offer and see how the seller feels about it, but they should NEVER be telling anyone walking inthat the house is over priced. These agents telling you that the house is overpriced are forgetting for whom they work.
I got the wrong quote its the quy who said he is looking for a cape in Mercer , here is my question
Hey Bill or anyone, I dont understand this above statement. I mean lets say I want a house in Florham Park, NJ for example. And all the houses in my price range are lets say 700,000 - 750,000/ and there is 6 houses for sale in my range. I mean who cares what someone paid 6 years ago, the question I have is I want a house, I have my price and in that town so I either pay that or go somewhere else, or go to Dover for cheaper. I mean should one base their whole buying a house on the idea that the house is overpriced for 6 year ago what someone paid. Unless I want to wait, and that a big if , I am going to buy. Explain that guys statement on how houses are overpriced when a town has 6 houses all in the same price range??????? Im confused.
While those agents may in fact be correct, if the agent at an open house is telling you, a potential buyer, that they feel the house is overpriced, that's a poor agent. Likely desperate for a sale, and willing to do whatever he has to to get one. Why? Because the agent at an open house is supposed to be representing the SELLER. Perhaps they might encourage you to mnake an offer and see how the seller feels about it, but they should NEVER be telling anyone walking inthat the house is over priced. These agents telling you that the house is overpriced are forgetting for whom they work.
Lets get realistic here. Regardless of how noble some people are, the majority of agents are representing themselves and will continue to do so until the end of time. They line their own pockets with commissions. If a house is priced 50k over what it should be, the seller has a 0% chance of selling, and the point is moot. The agent would actually do the seller more harm by keeping the price there given that houses are selling for less and less each month.
I have a lot more respect for the real estate agent that does not lie to my face and try to convince me that a house is a great deal than the real estate agent who "works for the seller" and tries to convince me that 280k is a great price for a 3 br cape with dated kitchens and bathrooms.
The only way a house will sell is if it is priced right. The way the price gets there is irrelevant to me. The truth hurts, but in the end, I'd rather deal someone who tells the truth than someone who lies.
I messed that up alittle but my point is if all the houses right now are priced around the same in a certain town, and I want a house, why not buy???? I just dont get the logic of why people think they are overpriced when if your in a town looking and they basically are similiar and similiar in price How can they be overpriced?????
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