Northern New Jersey Weekly Inventory Update
GSMLS - http://www.gsmls.com
(Garden State Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
8/2 - 18,643
8/9 - 18,605 (0.2% Decrease)
NJMLS - http://www.njmls.com
(New Jersey Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
8/2 - 9,201
8/9 - 9,228 (0.3% Increase)
MLSGuide - http://www.mlsguide.com
Single Family Homes, Condo, Coop
(Hudson County)
8/2 - 2,714
8/9 - 2,660 (2% Decrease)
(Garden State Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren Counties)
8/2 - 18,643
8/9 - 18,605 (0.2% Decrease)
NJMLS - http://www.njmls.com
(New Jersey Multiple Listing Service)
Single Family Homes, Condo, Coop
(Bergen, Essex, Hudson, Passaic Counties)
8/2 - 9,201
8/9 - 9,228 (0.3% Increase)
MLSGuide - http://www.mlsguide.com
Single Family Homes, Condo, Coop
(Hudson County)
8/2 - 2,714
8/9 - 2,660 (2% Decrease)
28 Comments:
I hope new readers don't misinterpret your sarcasm...
grim
I'd have to disagree Richard. This house has been on the market a long time, yet is "priced to sell":
http://realtor.com/Prop/1058571920
Nice location, 1/3 acre, built-in pool.
No Greater Fools in sight. Very few deals are happening in the "top towns" I watch, such as this one.
The number of withdrawals and relistings at lower prices is staggering though.
And the houses continue to sit.
Anyone else notice that gsmls.com redesigned their public website? Listings are now sorted by price instead of MLS number, which makes it very difficult to see what new properties have been added without looking through the whole list.
Maybe they're hoping to help stale properties move, and camouflage all the daily new listings?
Just getting to it before Lehrer starts shouting it... :)
You mean Lereah, right? Lehrer's not much of a shouter... :)
HAHAHAHA!!!!!!
INVENTORY IS DECREASING!
HAHAHAHA!!!!
GOOD TIME TO BUY AND BE A "FOOL"
FOOL SALE SIGNS ALL OVER..GLUTS OF THEM!
Builder: Oversupply slump worst in 40 years
Toll Brothers slashes outlook on new homes as orders plunge and revenue misses forecasts.
http://tinyurl.com/ry43q
GO AHEAD AND BUY....FOOL!
I KNOW I KNOW REAL ESTATE IS THE GREATEST ASSET CLASS ON THE FACE OF THIS EARTH!
NOT NOW!
Guess things aren't completely dead.
Friends of mine just sold their house in a small bidding war. Two weeks of no lookers changed into two very qualified buyers both meeting the asking price of $520,000. They bought this Hillsbough house 30 months ago for $330,000. Put in about $50,000 in remolding, deck, patio, finished basement, etc. Well they sold it for $526,200.
The house their now buying will cost $910,000. They bid on it a month ago, contingent upon the sale their Hillsbough home. Closing is scheduled for both in Sept. The asking price of the new purchase was 1,100,000 then marked down to $ 980,000.
A few more months of steady decrease and this will signal that the housing market has stabilized. No bubble. Sorry.
IMHO
"The house their now buying will cost $910,000."
How much did that owner pay, $526K?
See: taxrecords.com
Moving up to a new house now is a poor financial move. If they had waited, the difference in price between their current house and the "move up" house, would be much smaller.
For example, if prices drop 15%, they would have saved $59,000.
If a 20% drop, $79,000.
A 25% drop, $98,000.
Etc...
Anonymous said...
Guess things aren't completely dead.
Friends of mine just sold their house in a small bidding war. Two weeks of no lookers changed into two very qualified buyers both meeting the asking price of $520,000. They bought this Hillsbough house 30 months ago for $330,000. Put in about $50,000 in remolding, deck, patio, finished basement, etc. Well they sold it for $526,200.
The house their now buying will cost $910,000. They bid on it a month ago, contingent upon the sale their Hillsbough home. Closing is scheduled for both in Sept. The asking price of the new purchase was 1,100,000 then marked down to $ 980,000.
8/09/2006 04:17:00 PM
Well they managed a 20% lowball on a $1M+ asking price - not bad.
Time will judge whether they should have sit tight in old home.
Anonymous said...
A few more months of steady decrease and this will signal that the housing market has stabilized. No bubble. Sorry.
IMHO
8/09/2006 04:29:38 PM
No commissions in August? Sorry.
Unrealtor,
You're probably right, but I'm sure these people wouldn't be convinced and I'm not going to be the one to rain on their parade now.
If things do go bad, atleast they are young enough to wait things out for a recovery.
"on the other hand a $600k property with $7k in taxes will cost you $3300 a month with a traditional 30-year fixed and that's doable for a 2 income household."
Yes, I was going to mention that those houses are at least 'doable' for many people.
I've seen a dramatic shift in the market since last year, though, in zips which cover the $700K - $2M range.
Towards the higher end $1.5M+, some people have so much money they don't care about losing a few hundred K, so a few properties move.
But other high end deals in that range have also dropped back on the market after being "under contract" for weeks. So apparently some with deep pockets DO care about losing a few hundred K.
In general, it's a ghost town, with hundreds of realtors scrambling for the same 5-6 deals.
"Guess things aren't completely dead."
Yeah, I guess the realtor who called me last week, returning my call from 2003, is so anxious to assist me that he decided to ignore all the buyers lined up in his office. He'll let them wait while he digs up old leads from 2003.
BC Bob
BC Bob,
I didn't say things were up and selling like last year,
just that there are apparently still some deals being made.
Bill
Ridgewood NJMLS: 2540475
OLP: $699,000 12/2005
LLP: $550,000 6/2006
Sold: $495,000
"Most realtors are begging me to make an offer. When I offer 40% off, they laugh like I'm an a-hole. I tell them fine, don't accept my offer, accept one of the other offers you've received. Oh that's right, I'm the only offer you've received, I guess I'll continue to see this house for sale until your seller gets realistic."
Inspiring. Haven't made a "lowball" yet, but may at some point.
RE: "dream house"
There's always another one to come along.
Every few months I say, "This one is perfect!," and then up pops another, nicer house, in a better location.
"Dream house"
What an amazingly powerful psychological tool. The very words inspire a kind of pseudo-reality Barbie-Inspired dream sequence. I'm sure many a husband or wife was "inspired" to overpay by the very thought of it.
Use your heart to pick your spouse, use your brain to pick a house.
grim
delford said...
Move to River Edge, prices never go down, the schools ar the best, ina ll of Bergen county, the town is bubble proof. Its the best.
8/09/2006 05:35:16 PM
Give me a break.
Bergen County my tink thet are, but it is no different then anyplace else.
There was a big drop in inventory yesterday which made up for most of that 2% decrease. I guess the buyers were scared by the potential of Fed raising interest rates again. I'm not bothered about 1 day drop in inventory. We have to see what happens in the next couple of weeks before the school year start.
Many here are radically underestimating the time it takes for the housing market to react.
The housing market is not measured in days and weeks.. Not even months.
grim
Grim,
This is the formula I used to pick my spouse:
(my age/2)+(smooth skin)=SAS's wife
Anyone...feel free to use my formula to pick your next spouse.
For the ladies, here is your formula:
(current salary x 10)= husband
Now, those are the true formulas to a happy marriage.
;)
SAS
And here is how you select the house you can afford..
Mortgage Amt = Current Salary x 2
grim
my goodness, whats so special
about riveredge?
heres a few better towns:Closter,
Norwood, Demarest,Harrington Park,
what are they kidding overtheir?
and don't give me that crap about
the DELL, Northern Valley, at OT
and Demarest beats hands down.
Although the teachers at the Dell
earn more and work less.
CNN: Housing glut worst in 40 years
"Homebuilder Toll Brothers said the current slump in residential construction is unlike any it has seen in 40 years as it became the latest to warn of a glut in new homes for sale and a slowdown in the closely watched real estate market."
http://money.cnn.com/2006/08/09/news/companies/toll_brothers/
http://tinyurl.com/p8tfg
I desperately want it to be but it's really not totally dead yet. In Whippany, three houses sold recently for asking price. They were on the market for ages but I guess the sellers' holding out worked for them. Two of them sold for mid-$400s (should have been low $300s) and one for over a million. This million-dollar home is indeed lovely, but it's on a lot the size of a postage stamp next to a bunch of crappy bungalow houses. Doesn't fit the neighborhood at all.
However, since over 50 kids in town were arrested last week for drugs and two girls just died of heroin overdoses in the past two months, perhaps that will bring the property values down. But our resident real estate agent doesn't think so - she even said in her online blog that even after the arrests, she's getting more real estate calls than she has in a while!
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