A
The question is why? Certainly not because unemployment rate going to 4.0%. Is this really good news for the housing market?
I have 6 active listings right now. Any of you are welcome to buy the houses. Market is cooling from the rate hikes. I trust anecdotal evidence every time 🤷🏻♂️
Not in a flood zone but definitely a flood prone town. The very low prices in the flood zone weigh down the rest of the prices in town.
A
anon_0k9zlfz6lz9oy
Guest
Im no expert on those specific counties however, I have NJ as a whole pegged at about 3% YOY price growth over the next year or so. It could actually wind up being higher. Rates have peaked on the mortgage side I believe and if the 10Y keeps coming down mortgages are gonna get in the 4’s again.
What reform is needed? Im guessing you believe it's too difficult to becone a citizen? We already have more foreign born than any other nation! It's over 14% of our population. That doesn't even include illegals!
The large majority of illegals are productive and positive contributors to our society and economy and should have a legal pathway to citizenship. Call it amnesty call it whatever you want they shouldn’t be deported if they are working and obeying our laws because we need their contributions. Beyond that, we need to raise the legal quotas for continued immigration in a sensible way. Growth of our economy requires more talent and workers due to falling birth rates
False
Canada 21%
Immigration to Canada - Wikipedia
Australia 29.1%
Foreign-born population of Australia - Wikipedia
Germany 17%
Immigration to Germany - Wikipedia
New Zealand 25%
New Zealanders - Wikipedia
"I believe in the idea of amnesty for those who have put down roots and who have lived here even though sometime back they may have entered illegally." - Ronald Reagan
LOL nice.....seems he was tossing out some "alternative facts"False
Canada 21%
Immigration to Canada - Wikipedia
en.wikipedia.org
Australia 29.1%
Foreign-born population of Australia - Wikipedia
Germany 17%
Immigration to Germany - Wikipedia
New Zealand 25%
New Zealanders - Wikipedia
I believe in fair and compassionate immigration policy, but to be fair to CERU00, his statement was: "We already have more foreign born than any other nation".
If he was referring to the number of foreign born individuals (and not the percentage), then his statement was correct and accurate, by a large margin. I thought it was at least a possibility that he then mentioned the 14% as a separate, but related, statement. JMO
Last edited:
If that was the intent, it was a specious argument. Of course a nation of 330M cannot be compared on an absolute numeric basis to a nation of 30M.
I own a brokerage in Middlesex County that is heavy coverage on both counties you mentioned. This will vary based on town and price range. Feel free to DM me.
Well, fwiw I've been watching my slice of the world here and I'm seeing home drop their ask prices by 125-150k which translates to about 5% reductions from comps.
Sellers are now having to offer cash to buy points on buyer's mortgages.
www.yahoo.com
‘How quickly the tables have turned’: A drop in mortgage rates has homebuyers so cocky they’re asking sellers for cash
Close to 12,000 fewer homes sold in April and May compared to the pre-pandemic average.
Momentum has shifted - we'll see now if it just levels things off or if it continues to deflate.Sellers are now having to offer cash to buy points on buyer's mortgages.
‘How quickly the tables have turned’: A drop in mortgage rates has homebuyers so cocky they’re asking sellers for cash
Close to 12,000 fewer homes sold in April and May compared to the pre-pandemic average.
Remember our recent exchange about what my agent told me…
Homebuyers are canceling deals at the highest rate since the start of the pandemic
Higher mortgage rates and overall inflation are causing potential homebuyers to reconsider their purchases.
So economic factors outside of just supply/demand for housing are beginning to take effect on the overall housing market?
Who would have thought.
Who would have thought.
A
anon_0k9zlfz6lz9oy
Guest
still below long term historical averages. Alot of this comes from new construction being delayed and when people made offers they did so at 3% interest rates and now that rates are closer to 6% some can't afford leading them to cancel. Completions are taking longer. I wouldn't worry too much. Market is cooling down but cooling down from 20% YOY appreciation. As I've said, I expect 0-3% YOY appreciation (as long as rates stay above 5-5.25% on 30 year fixed rate loans)Remember our recent exchange about what my agent told me…
Homebuyers are canceling deals at the highest rate since the start of the pandemic
Higher mortgage rates and overall inflation are causing potential homebuyers to reconsider their purchases.www.cnbc.com
A
anon_0k9zlfz6lz9oy
Guest
Remember our recent exchange about what my agent told me…
Homebuyers are canceling deals at the highest rate since the start of the pandemic
Higher mortgage rates and overall inflation are causing potential homebuyers to reconsider their purchases.
We're living in it and raising our son there. We're alive. What does "livable" mean? It has updated kitchen, furnace and AC system were new when we bought it. We finished the basement ourselves and it's beautiful. The town has good schools and no crime. It's right on 287, on the 197/194 bus line. Why so cheap? Well, first....it's small: we bought it at 1100 sq. ft before we finished the basement. But there's only 3 of us. It's also on a moderately busy corner. If you need a big house it's not for you, but for us it's been perfect.
I dont think that anybody thought we were going to go from hot to cold instantly.
It's cooling now and then will go ice cold.
Don't discount macro economic factors such as a strong dollar making all the overseas money which was driving the markets higher with cash offers.
The euro and usd are also about to invert which will make it very tough on our economy.
Last edited:
We lived in a 600 sq ft 2 BR cape when our first kid was born. It was fine. Not a lot to clean or maintain.
2 BRs upstairs. 1 bath upstairs. Downstairs LR/Kitchen combo with an enclosed front porch. Less than 1 block from beach. We were very happy there.
Obviously, not happy enough or you wouldn't have moved (or perhaps you would have bought something similar in a new location). Way too small.
We still own the place--it's a rental. I say to my wife we should move back when the kids are completely out of the house. Wake up, walk to the beach/boardwalk. Fish, swim, boogie board. People are always happy (most of the time) near the beach. Plenty of food options. We can bike to several great towns along the boardwalk/Ocean Ave.
Tear it down and build something better/bigger. Sounds like a good location, so maximize its value.
It's a two family property. Rental income is part of our retirement plan. It is paying at least 20% annually on what we put into it.
A
anon_0k9zlfz6lz9oy
Guest
Thats the largest home ive ever lived in lol. Until 4th grade it was a 2 bedroom 750 square feet, and until this day my mom still lives in our 1100 square foot 3 bedroom one bath. Plenty big. Too many people buy homes that are too large and a waste of space.
This was the house i lived in til 4th/5th grade. We had 5 people in a 2 bedroom but made it work and we all wound up alright
A
anon_0k9zlfz6lz9oy
Guest
If it is good for you, then that is great. I still can’t wrap my head around 206k for a nice home in a nice middle class NNJ suburb
I’m looking at houses in NNJ and 600k gets you a house that needs 206k updating.
Tempted to post the Zillow link because I get the sense you don't believe me lol. But then id be doxxing myself.
Well we finished the basement which added a decent amount of square footage, but even before it never felt all that tiny. Back then we were just two parents and a baby/toddler.
Similar threads
Kirk is a top 20 OC in America, Most Here Dont Know What Hes Trying to do, We Explain In The Thread
- anon_0k9zlfz6lz9oy
- The Round Table 2
