ADVERTISEMENT

OT: Is this the most insane real estate market?

So a follow up on my original post.

We listed our current home for sale in Morristown last weekend. We had open houses Saturday and yesterday. 14 groups on Saturday and 8 yesterday.

We got two offers late last night; both at ask. We'll be wrapping things up by Tuesday.

Both my wife and I were very worried that the stock market tank would hurt interest in our house but it has worked out for us. Our realtor said that we could get over ask when we listed but honestly, at this point, I am happy with getting list price and confidence that we get to closing.
 
So a follow up on my original post.

We listed our current home for sale in Morristown last weekend. We had open houses Saturday and yesterday. 14 groups on Saturday and 8 yesterday.

We got two offers late last night; both at ask. We'll be wrapping things up by Tuesday.

Both my wife and I were very worried that the stock market tank would hurt interest in our house but it has worked out for us. Our realtor said that we could get over ask when we listed but honestly, at this point, I am happy with getting list price and confidence that we get to closing.
I think the peak is over. You did great take your money and be happy
 
True. Had a co-worker offer $100k over ask on a house in cherry hill this week on a $550k ask price. Inventories still low
Recent data shows the number of new mortgages crashing. Overall, the market seems to be changing quite quickly. It will be interesting to see if rates hit the 6% threshold.
 
  • Like
Reactions: Wolv RU
Finally under contract after 6 months of chaos. Fingers crossed the close process is smooth. We absolutely love the home, this would be our “forever” home so buying at the top is whatever. We’re at the point in our lives where we couldn’t sit things out another year to see what the market does. We stayed in our budget which is what matter most.

Keep in mind the NJ market behaves a lot differently than national averages. We have a major inventory shortfall here. Other place like AZ, ID, MT, and parts of the west coast that saw comical runups in prices are going to blow out over the next 2 years. NJ is largely insulated from that type of boom/bust cycle.
 
  • Like
Reactions: Rutgers Chris
NJ was definitely part of that cycle during the mid/late 2000s.
Where at? I read on NJ.com homes only depreciated on average about 2.8% in Somerset county from 08-09 if my memory serves correct. But they stagnated at that level for basically 8 years. Other parts of the country saw depreciation values upwards of 20%. You could see select locales in the areas I mentioned depreciate up to 40% over the next decade.
 
Where at? I read on NJ.com homes only depreciated on average about 2.8% in Somerset county from 08-09 if my memory serves correct. But they stagnated at that level for basically 8 years. Other parts of the country saw depreciation values upwards of 20%. You could see select locales in the areas I mentioned depreciate up to 40% over the next decade.
At least 20% dump in Somerset County during those years (and probably more). I had personal home buying and selling experience in Bridgewater and Montgomery at this time. The zenith of the market was 2005'ish and it started to crash soon after.
 
Where at? I read on NJ.com homes only depreciated on average about 2.8% in Somerset county from 08-09 if my memory serves correct. But they stagnated at that level for basically 8 years. Other parts of the country saw depreciation values upwards of 20%. You could see select locales in the areas I mentioned depreciate up to 40% over the next decade.
The 08-09 crash barely hit most of NJ and small decreasing 10% selling prices. Other parts of the country saw 40-70% drop in prices. I expect the same in the next few years.
 
Finally under contract after 6 months of chaos. Fingers crossed the close process is smooth. We absolutely love the home, this would be our “forever” home so buying at the top is whatever. We’re at the point in our lives where we couldn’t sit things out another year to see what the market does. We stayed in our budget which is what matter most.

Keep in mind the NJ market behaves a lot differently than national averages. We have a major inventory shortfall here. Other place like AZ, ID, MT, and parts of the west coast that saw comical runups in prices are going to blow out over the next 2 years. NJ is largely insulated from that type of boom/bust cycle.
Congratulations, my nephew was waiting for over a year or two but the prices kept going up. He finally closed in May with another baby due next month. If you can afford the monthly payment, that‘s what counts.
 
  • Like
Reactions: Joey Bags
The 08-09 crash barely hit most of NJ and small decreasing 10% selling prices. Other parts of the country saw 40-70% drop in prices. I expect the same in the next few years.
NJ real estate mostly dumped in 2006 and 2007.
 
We sold our parents home in 2006 as things started to stall. Down 15% in 2007 and then a decade to get back to 2006 prices. Even with the run up until now, ROE is low from 2006 to 2022. You didn't want to be a buyer in 2005.
 
Congratulations, my nephew was waiting for over a year or two but the prices kept going up. He finally closed in May with another baby due next month. If you can afford the monthly payment, that‘s what counts.

Horrible horrible horrible advice.

You always need to think exit strategy. The next buyer doesn't care what your payment is they care what the price of the house is. I have bought 3 houses to live in. Each one I paid the same price or less than what the owner paid for their house because they overpaid every single time.
 
The 08-09 crash barely hit most of NJ and small decreasing 10% selling prices. Other parts of the country saw 40-70% drop in prices. I expect the same in the next few years.
Beach towns were down 30+%. Saw a bunch short sales in 2012 from buyers in 2005 - 2007.
 
The 08-09 crash barely hit most of NJ and small decreasing 10% selling prices. Other parts of the country saw 40-70% drop in prices. I expect the same in the next few years.
I know my house that we built in Mahwah, literally finished construction last week of March 08. When we got our construction loan, the valuation upon completion was just over 1.8 just a couple of weeks after the house completed, Housing Market crashed, WAMU went under etc and the house ended up with a valuation of 1.1
Believe me- I don't know about the rest of NJ but that was far from barely...
 
  • Like
Reactions: RU Cheese
Besides they just passed a new rule in Stone Harbor and Avalon that the trash collectors will not be bringing the cans to your house after emptying. They will leave them on the curb and you have to get them yourself. People are pissed. True story
Did not pass in Stone Harbor. Different town.

PS. The house that collapsed was also not Stone Harbor. Middle TWp. Other side of the tracks.
 
ADVERTISEMENT