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Old 11-02-2009, 10:27 AM
 
1,983 posts, read 7,523,040 times
Reputation: 418

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I guess it just depends on the property but my neighbor's house went under contract in 2 months on the market, and they sold it FSBO. In addition, their house is smaller than mine and they have an offer over my sales price from June 2007. Their house is 110 years old, mine is 50.

I doubt this is the normal experience throughout the state, but it certainly appears that in very desirable areas, the housing market is doing just fine and has held up in reasonable shape.

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Old 11-02-2009, 11:03 AM
 
364 posts, read 827,150 times
Reputation: 101
Good that when you kids want to buy houses they will be priced out especially with mortgage rate shooting around 8/9% in the future.
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Old 11-02-2009, 11:13 AM
 
1,235 posts, read 3,957,147 times
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I noticed that last summer was horrible in my neighborhood, tons of signs up, nothing moving. This summer, stuff moved and there is maybe one sign.
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Old 11-02-2009, 03:15 PM
 
Location: Forest Hills
555 posts, read 1,655,190 times
Reputation: 345
Rising interest rates will make NJ look more affordable by comparison to other places. One of the issues right now is the $400 a month difference in property taxes equates to about $70,000 in mortgage value... you can afford a lot more home in states with lower property taxes... however as interest rates rise, that $400 a month won't buy you much more house at all.

As for houses moving... I looked at 60 - 80 homes... what I found was a LOT of okay homes but not many great homes... from what I saw, great homes moved VERY quickly. Less desirable homes aren't moving and okay homes are moving in a few months... but the great properties get snatched up quickly.
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