Home values up, sales down sharply in NJ

This is a buyers market. If you are looking to buy a home, you should do so soon before the interest rates go up. The price you see is not what you will pay. Homes have been on the market for a long time and prices keep going down. I am a Real Estate agent and know this market and what you should do is buy now. If the prices start going up, who will be able to buy?

It would be nice if we could afford these houses. They have overinflated home values so much that the people starting new families cant afford to buy. A house that's worth 140 is going for 250 in parts of NJ. Its rediculous!

I agree, but I bought my house 3 years ago at 220,000 and now others on the market are going for 400,000. I can't complain.

ScottZ0

You wouldnt, nor would I complain if I made 180k on a house in just 3 years. Its good but its also bad. The real estate industry is out of control and continues to skyrocket real estate prices through the roof!!!!!!

AMEN.

It goes both ways, folks. I have a 3 bedroom lake front house that easily appraised for $450k and I get offers of $275-$325k! After all the fees and real estate transfer taxes, I wouldn't even be able to pay off my current mortgage! I am trying to move for my job and I haven't been able to sell my house for 6 months. It may be a buyer's market, but it won't do buyers any good if the sellers can't afford to lower their prices!

Advertisers should be banned from this site.

There is no hope for New Jersey. There isn't any going back in the real estate market because it is driven by many factors, one of the prime being greed.

There are deals out there to be had like the house next door that just sold. My neighbor sold it way below the appraised value, but then again he is going through a divorce so it needed to be liquidated fast.

I love this state, but I can't wait till I move to 'some other place'.

Have a good day!!

I blame these f'in real estate appraisers and brokers for the problems in the real estate market. A bunch of no good hustlers they are! Its a worse racket than what the mafia had years ago.

What goes up must come down!!!

You know what's really sad is that my husband and i want to buy a house but my credit isn't what it use to be and my husband's income isn't as much as mine (not claiming tips). So most banks won't even approve us. But no one minds us paying $1400 on an apartment. If we can afford one, surely we can afford the other. This is the world we live in.

Kiki wrote:

You know what's really sad is that my husband and i want to buy a house but my credit isn't what it use to be and my husband's income isn't as much as mine (not claiming tips). So most banks won't even approve us. But no one minds us paying $1400 on an apartment. If we can afford one, surely we can afford the other. This is the world we live in.

Kiki, there are so many people in the same boat you are in. Its a damn shame the way society uses credit scores against us. You make one mistake and youre screwed. Im 23 and I keep up on my credit as best as I can. But I know sometimes things get tight and you may forget to make a payment on time. Next thing you know, your credit is shot for 7 years.

yeap...and like I said, this is the world we live in. I've actually been a victim of fraud and so has my husband, so that also goes on our credit AGAINST us. It's so hard to prove that you were victimized as well.

Buyers market?? Where? I purchased a townhome for WAY more than I should of...I was destined to do so by the bidding war that ensued during MY attorney review. Is it not true that our state is the ONLY one to allow "alternate bids"?!? What a crock of !@#$!!!! One minute you own it, the next you don't. And a lot more money has to be brought into play. Bravo to our reps in office for letting this all get way out of control. They can do whatever they want and have us sacrifice so much for so little...

Scott wrote:

Buyers market?? Where? I purchased a townhome for WAY more than I should of...I was destined to do so by the bidding war that ensued during MY attorney review. Is it not true that our state is the ONLY one to allow "alternate bids"?!? What a crock of !@#$!!!! One minute you own it, the next you don't. And a lot more money has to be brought into play. Bravo to our reps in office for letting this all get way out of control. They can do whatever they want and have us sacrifice so much for so little...

I made an offer on a home here in New Jersey. I offered the asking price...no haggling, no other buyers, home was on the market for six months. I signed the papers in the AM and in the PM, a miracle occured; another buyer decided to "bid" on the home. My agent called me and asked if I wanted to "bid" another offer. No I said, I will walk away. Well, shortly thereafter, my agent called back and said the second bidder did not qualify for a mortgage and that I could still have the house. No I said, no longer interested. This caused a stir but I chose not to buy house and then went out and found another realtor. Seems funny, no offers for six months, I offer to buy, someone else bids and were off to the races. No I did not buy. Seemed all to "fishy" to me!

Evan wrote:

<quoted text>
I made an offer on a home here in New Jersey. I offered the asking price...no haggling, no other buyers, home was on the market for six months. I signed the papers in the AM and in the PM, a miracle occured; another buyer decided to "bid" on the home. My agent called me and asked if I wanted to "bid" another offer. No I said, I will walk away. Well, shortly thereafter, my agent called back and said the second bidder did not qualify for a mortgage and that I could still have the house. No I said, no longer interested. This caused a stir but I chose not to buy house and then went out and found another realtor. Seems funny, no offers for six months, I offer to buy, someone else bids and were off to the races. No I did not buy. Seemed all to "fishy" to me!

- You messed-up. I would of come back with a much 'lower' offer. If they asked you why you are lowering the offer, just say the typical b/s excuse,'emotinal trauma due to rejection of first offer' and say that you have to spend some money for therapy (or booze).
All well next time you'll know what to do...

Jersey Immigrant wrote:

<quoted text>
- You messed-up. I would of come back with a much 'lower' offer. If they asked you why you are lowering the offer, just say the typical b/s excuse,'emotinal trauma due to rejection of first offer' and say that you have to spend some money for therapy (or booze).
All well next time you'll know what to do...

I did not think that fast.........

Evan wrote:

<quoted text>
I did not think that fast.........

That's OK. I am sure your talents excel in other areas. lol

RoseAnn wrote:

This is a buyers market. If you are looking to buy a home, you should do so soon before the interest rates go up. The price you see is not what you will pay. Homes have been on the market for a long time and prices keep going down. I am a Real Estate agent and know this market and what you should do is buy now. If the prices start going up, who will be able to buy?

I moved from Brick to PA one year ago and Im looking to move back to Brick. I don't like PA, My home here has gone up in price and I will have to down size to get back to NJ, What is so hard is that my current rate is 4.5% fixed!! Now I will have to spend more for a smaller house than the first one I sold and at a higher rate! I wish I could make myself like it here but im used to low crime areas, this area is scarey! Lehigh Valley is being plaqued with gangs and crazy crazy crazy crimes!! My town is'nt that bad but its worse than anyplace I have ever lived. Some people try to tell me that PA reports there crimes differently than NJ but I think there nuts and making excuses for an area going way down hill due to the influx of high risk familes that come here with all there high risk kids. Allentown is a nitemare with crime and Easton PA has had its 4th murder this year and its a small city with like 25,000 people. I don't live in either town but the crime spills out of the cities and into the little suburbs like no place Ive ever known!! I will take my little house in my happy town and pay the grossly higher mortgage on a house with about 900 square feet less than what I have now but at least I won't have to worry about a gang war breaking out one town over from me!... This place is creepy, stay away from the Lehigh Valley area of PA... yikes!!!!!!!!!

Alex wrote:

It goes both ways, folks. I have a 3 bedroom lake front house that easily appraised for $450k and I get offers of $275-$325k! After all the fees and real estate transfer taxes, I wouldn't even be able to pay off my current mortgage! I am trying to move for my job and I haven't been able to sell my house for 6 months. It may be a buyer's market, but it won't do buyers any good if the sellers can't afford to lower their prices!

That is because the real estate market is so volatile. I escalated ridiculously, and then we have to realize that the prices are out of control and your average Joe cannot afford them. INFLATED. So, your appraisal may not be correct. Some people occasionally lose in real estate. This is b/c banks allow way too much debt to be taken on properties. It's a shame.

Evan wrote:

<quoted text>
I made an offer on a home here in New Jersey. I offered the asking price...no haggling, no other buyers, home was on the market for six months. I signed the papers in the AM and in the PM, a miracle occured; another buyer decided to "bid" on the home. My agent called me and asked if I wanted to "bid" another offer. No I said, I will walk away. Well, shortly thereafter, my agent called back and said the second bidder did not qualify for a mortgage and that I could still have the house. No I said, no longer interested. This caused a stir but I chose not to buy house and then went out and found another realtor. Seems funny, no offers for six months, I offer to buy, someone else bids and were off to the races. No I did not buy. Seemed all to "fishy" to me!

Good for you! Teach these crooks a lesson.