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Old 07-28-2009, 09:24 AM
 
1,983 posts, read 7,494,732 times
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Quote:
Originally Posted by elflord1973 View Post
Not months, but years. You were screaming "now is the time to buy" when it was actually the time to sell.

A stopped clock is right twice a day.
The time to buy was when inventory was at its peak during this bust cycle which was Spring 2008, and you could name your price on a great house AND get financing.
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Old 07-28-2009, 09:25 AM
 
1,983 posts, read 7,494,732 times
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Quote:
Originally Posted by bahiaboyz View Post
So what happens now to NJ real estate - is it rock'n'roll time again?

Is the recession over now?
The recession's been over since June.
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Old 07-28-2009, 09:33 AM
 
364 posts, read 823,621 times
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Only if RE bulls knew how bad it is to have high home prices!!! They will realize that when their kids go out to buy houses in 10/15 yrs.

BTW.. it's a bear (and little bit bull) market rally going on on the wall street. Some corporations made some profits because of cost-cutting (layoff etc) and some (like the wall street banks) made some money because they got free tax payer's money to run their business. Where is the actual revenue growth?

Real test of home price will be in the fall/winter. BTW there will be some uptick in November, 2009 (right before the 8K rebate expires).

MarketWatch.com Story

Last edited by Delphi; 07-28-2009 at 09:47 AM..
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Old 07-28-2009, 10:00 AM
 
Location: New Jersey
2,257 posts, read 5,165,162 times
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Quote:
Originally Posted by MoorestownResident View Post
The recession's been over since June.
I wish it was!

U.S. recession easing but likely not over: survey | Reuters
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Old 07-28-2009, 10:12 AM
 
Location: Ocean County
1,057 posts, read 1,907,169 times
Reputation: 326
Like I said in another thread, this is actually kind of a shame since New Jersey's home prices are still nowhere near back down to Earth, and many middle class people (especially young people) are shut out of our state's housing market.
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Old 07-28-2009, 10:53 AM
 
Location: Montgomery County, PA
2,771 posts, read 6,256,731 times
Reputation: 605
Quote:
Originally Posted by MoorestownResident View Post
The time to buy was when inventory was at its peak during this bust cycle which was Spring 2008, and you could name your price on a great house AND get financing.
I'm not worried about getting financing, I have well over 20% down.

I wish financing costs would come up a little more, it would help bring prices back down to sensible levels and keep the "no money down" crowd from distorting the market.
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Old 07-28-2009, 11:08 AM
 
744 posts, read 1,402,312 times
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Quote:
Originally Posted by Delphi View Post
BTW there will be some uptick in November, 2009 (right before the 8K rebate expires).
So Americans aren't as smart as us Aussies then?

First-home incentive is deterring more buyers
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Old 07-28-2009, 11:29 AM
 
364 posts, read 823,621 times
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Quote:
Originally Posted by sholden View Post
So Americans aren't as smart as us Aussies then?

First-home incentive is deterring more buyers
Haha...who knows? Americans are not that patient!!!!!!!!!!!!!!! They want instant coffee!!!!
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Old 07-28-2009, 11:46 AM
 
Location: Montgomery County, PA
2,771 posts, read 6,256,731 times
Reputation: 605
Quote:
Originally Posted by sholden View Post
So Americans aren't as smart as us Aussies then?

First-home incentive is deterring more buyers
yeah, unless I see a deal I really like, I'm sitting it out until the start of next year.

If you want to distort the pricing system, allowing someone with 6k life savings to buy a 400k house (or someone living paycheck to paycheck to buy 200k condo) is a pretty good way to go about it.
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Old 07-28-2009, 11:58 AM
 
Location: Ridgewood NJ
592 posts, read 2,182,402 times
Reputation: 316
Quote:
Originally Posted by elflord1973 View Post
yeah, unless I see a deal I really like, I'm sitting it out until the start of next year.
you really need to evaluate how long you plan to live there, if it's <10 years then it make sense to wait for further price drop, but if you plan to live there for a while, waiting may not be the best option. Price will probably drop a bit more but it willl be a slow grind nothing spectacular, meanwhile you risk (high probability) the rate going up, wiping out any gains from the price drop.
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