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Old 04-13-2007, 05:35 PM
 
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I saw this in jest and part seriousness. Just read a post stating that with 4 dollar gas prices the real estate market is going to plunge soon. Honestly...any thoughts on that? I am looking to buy in nov/dec..or sooner if a good "plungy" deal came my way.

Bergen or rockland is my first choice....but of course like everyone else we are priced out.

I honestly dont see a plunge happening..sure there are alot of houses on the market but they are by no means a "deal"..in fact most of the houses were bought in the prime and people are still trying to sell it at a premium.

To me a plunge would be seeing prices between 2000-2002....I dont think its going to happen....


But I still remember friends buying in wycoff/allendale (sp?) a 3 bedroom lovely split for 400k They say its valued at 800k and their taxes are almost 18k.

Now come on folks....I highly doubt there home is going "plunge" 400 grand in the next year or two---gas prices or not.

Any thoughts or comments...would appreciate hearing both sides of the fence (people who are selling or buying or general homeowners themselves)..

Is the market going to tank?
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Old 04-13-2007, 07:15 PM
 
Location: Bronx, NY
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Well I am the one who made that remark, but I wouldn't be too alarmed. If the market does tank after you've purchased a house you can just ride it out for a couple of years.

However, what goes up, must always come down and from all that I have read it appears that is going to happen sooner rather than later.

Housing Boom Graph from the NY Times: http://graphics10.nytimes.com/images...aph2.large.gif
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Old 04-13-2007, 07:49 PM
 
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So you really think it will tank then? I know its bad for people that purchased..but its a great time for those that have been waiting and waiting to finally become homeowners to buy a home. We purchased in 1998 prekids and now we are going to have three..so we need to upgrade..and we have been waiting out this supposed bubble since 2004.

I see a tad bit of a leveling..but nothing to run out and grab a mortgage for. Thankfully our current mortgage is practically peanuts and if needed be we could carry two and just rent the current home we are in.
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Old 04-13-2007, 08:40 PM
 
Location: Danbury CT covering all of Fairfield County
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Prices are holding pretty steady in the NYC area for about the last few months. If you are going to be staying in the area, you might not get as much $ as you would in June '05 (peak of bubble), but you will be saving that much when you buy.
It is a good time to trade up. The interest rates are close to historic lows, there are plenty of homes to choose from, and the economy is pretty good.
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Old 04-14-2007, 11:23 AM
 
Location: Missouri
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I don't think prices in NJ will drop that much. There are too many people priced out of the NYC market, who are buying in NJ but continuing to work in the city.
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Old 04-14-2007, 12:58 PM
 
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I think it will still be a while before pricing drops. Many towns, I feel are at their peak and prices and some are only lowering due to taxes increasing. And with all the "revitalizing" going on in certain neighborhoods prices stay they same or increase.
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Old 04-14-2007, 03:03 PM
 
Location: Bronx, NY
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Another thing to consider is that the baby-boomers are going to start retiring en-mass in the next 5-10 years. What happens when these folks want to sell their houses and buy a condo in Florida? Prices go up?
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Old 04-14-2007, 05:07 PM
 
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So florida I guess will be "hot" again. I think people may be willing to deal a bit only because alot of people are moving south....and just are so tired and want to get out. Honestly in my opinion good for the country...I mean if the south and midwest are in a position where people want to flock to AND people are willing to give up small things (IMO)..good pizza (lol), maybe having one major museum instead of entire city at your disposal....or whatever it is. It benefits the state too.

There is alot of growth and development in NY/NJ..but the problem is that industry doesnt follow..so we are forced into 70-80 mile commutes. At least give us a break on housing. I get tired off hearing how we are on the bubble and how low the interest rates are.

I mean come on already...be real with housing prices....I have heard that there are more foreclosures happening in the California area than in NY too.
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Old 04-18-2007, 08:35 PM
 
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Default Plunge?

From everything I have heard threw the grapevine of Realestate people we are pretty much where we are going to stay in NJ . Some states are still coming down but NJ is not one of them. I am currently on the market myself and have to say that I actually have had alot of traffic which means people are starting to look to buy again.Last year this time nothing was even been looked at. I myself figure with the market/interest rates low this is a good time for me to upgrade to a bigger house.
P.S. born and raised in Bergen but couldn't afford to live there when it can to buying our first home 4 years ago, between the prices of homes in the towns we wanted to live and the taxes. We came to monmouth county and it is actually a shorter commute for my husband to NYC
Hope that helps
Nancy
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Old 04-19-2007, 08:40 AM
 
857 posts, read 1,897,364 times
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Quote:
Originally Posted by Angel-Star View Post
From everything I have heard threw the grapevine of Realestate people we are pretty much where we are going to stay in NJ .
Lemme get this straight - people you know who sell real estate for a living are telling you that the value of real estate is not going to decline?
Internet venture capitalists and bullish investors rode the market to the very bottom through 2003 saying "the worst is over" every single month.
This is exactly what happens in a bubble.

Here's my opinion [just another opinion]:
We are still in for a long decline in housing prices. Inventory has significantly increased over the past year, and will continue to do so - especially with the subprime breakdown. The flippers are done flipping. Now, the market will correct itself and come down to sanity.

However, I do feel that NJ will not "plunge" like some other areas of the country that have seen unhealthy growth. In NJ, we will probably see the steady decline in housing prices we are seeing now - certainly through the rest of 07, and probably into the first half of 08 - once prices for decent homes level off with middle class salaries so that those folks aren't priced out anymore and can resume buying again. It will always be a very desirable area to live, just because of it's proximity to NYC. One caveat - the one area of NJ that I feel will suffer the biggest hit is Angel-Star's Monmouth county. Waaaaay to much building, too fast, and the homes are waaay overpriced (similar to what happened in other areas of the country).
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