The housing market (East Brunswick, Old Bridge, Kendall Park: sales, 2014, houses)

[mom2cjj]

Is the housing market really that bad? I have been looking online at home prices in central Jersey (specifically Old Bridge, East Brunswick and Kendall Park) and they just don't see that low. At least they aren't listing for that low? Are they selling lower than the asking price?

[syncmaster]

Not all towns have experienced similar decreases.

And yes, practically all sales today are at less than list price.

[veuvegirl]

Where are you moving from? It is all relative. We sold our house a little over a year ago, had we put it on the market 9 months earlier we would have been able to sell it for at least 100,000 more.

[Kevin1975]

Things still aren't cheap in NJ. Looks like things are stabilizing though but we won't see the appreciation we had 5-6 years ago.

Things typically sell below the list price, but it depends on how the property is priced.

[AndrewMensch]

Originally Posted by veuvegirl

Where are you moving from? It is all relative. We sold our house a little over a year ago, had we put it on the market 9 months earlier we would have been able to sell it for at least 100,000 more.

Just remember that the house you bought to replace the one that you would have been "able to sell for $100K more" is also down in price... and interest rates are at record lows.

[mom2cjj]

I am from moving from PA. I actually found the house I want to buy, now waiting for my husband to get the job to make it happen!!!!!!!!!!!!1

[Delphi]

Originally Posted by Kevin1975

Things still aren't cheap in NJ. Looks like things are stabilizing though but we won't see the appreciation we had 5-6 years ago.

Things typically sell below the list price, but it depends on how the property is priced.

Housing looks to be stabilizing with the Federal life support. If/when life support stops by mid 2010, we will see how it goes by 2010 end/2011.

I bet it will go another leg down by 2011.

[AnthonyB]

Compared to PA (except the tony areas) Jersey will be high.

I have noticed though that in the areas you are looking, sales prices are considerably less than listing prices. For South Brunswick (Kendall Park), some 40% lower. This is partly because only the lower priced houses are selling and the high end ones sit and also because the houses on the MLS right now for the most part are the homes that haven't sold, probably in part because of too high pricing.

You should really get sold comps for these areas before considering bidding, the disparity is quite strong.

[JerseyGirl08]

Many areas in NJ were priced so high a few years back that even though prices have come down quite a bit, they are still very high compared to other states. Add in our taxes and it is very hard to find an affordable home.