I love America and Americans but the "American Dream" died...for the most part.

cassinonorth

Well-Known Member
This will fall on deaf ears to most of this forum, but this current housing market is absolutely bonkers.


We got super lucky with our home that's worth ~$100k more now than it did 23 months ago. Seeing the homes in our neighborhood going for $50k over asking, in cash is some serious eye opening stuff. I can't imagine being on the search right now.
 

Bike N Gear

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This will fall on deaf ears to most of this forum, but this current housing market is absolutely bonkers.


We got super lucky with our home that's worth ~$100k more now than it did 23 months ago. Seeing the homes in our neighborhood going for $50k over asking, in cash is some serious eye opening stuff. I can't imagine being on the search right now.
We had two houses sell on our block for high $300's to be knocked down and replaced with million dollar builds. Kida nuts in Metuchen where you get no property,
 

cassinonorth

Well-Known Member
We had two houses sell on our block for high $300's to be knocked down and replaced with million dollar builds. Kida nuts in Metuchen where you get no property,

There's a house that went up between 2 other houses in our neighborhood (the realtor somehow was able to split the property into a lot and house when flipping it years ago, but that's a whole other ball of wax).

We're talking less than 10' on either side to your neighbors windows....$750k asking.
 
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mfennell

Well-Known Member
Our local high-water crazy mark was the vacant foreclosure around the corner. It had been empty for about 18 months. Utilities off, pipes burst and ruined some floors and a ceiling. I'll never understand how banks just throw money away by not doing the bare minimum to properties they have leins on. Maybe they can't?

Flippers paid $455 for it in July of last year and threw the money hammer at it. Back on the market on January 6 for $930, which sounded insane to me. I mean, it looks great and all, but.... Actual sale price at the end of Feb was $960 (!) to a friend of a friend who's been living in a two bedroom in Hoboken with his wife and 3 young boys. And it still needs work! Windows need to be replaced and there have been contractors there almost daily.

There's a fair bit of turn over going on as people decide to cash out. I'm lucky that everyone in my immediate neighborhood is staying put for now and the recent arrivals (3 houses out of 8 in the past year or so) are cool. It's fun to see kids playing in neighborhood.
 

JDurk

Well-Known Member
In 10 yrs NJ will look like NY... :(
Might happen quicker than 10yrs. My brother and parents have a house in North Cape May section of Lower Twp. My brother's had 4 cold calls from NY realtors asking if they're interested in selling.
 

Dave Taylor

Rex kwan Do
Might happen quicker than 10yrs. My brother and parents have a house in North Cape May section of Lower Twp. My brother's had 4 cold calls from NY realtors asking if they're interested in selling.
NJ is the next Staten Island. The question is will Yellon and the IMF mention a nee difital world currency at this meeting? I am scared to sell my house in feat of no where to go
 
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Robson

Well-Known Member
This will fall on deaf ears to most of this forum, but this current housing market is absolutely bonkers.


We got super lucky with our home that's worth ~$100k more now than it did 23 months ago. Seeing the homes in our neighborhood going for $50k over asking, in cash is some serious eye opening stuff. I can't imagine being on the search right now.
Back in 2000 was the same. People bidding and paying cash. It was crazy....It's a seller market. Anyone trying to buy now must be nuts.
 

MMuller

Well-Known Member
Shark River Hills 1920s. Sky Top is just down the street from me and the 2nd highest point on the entire Jersey shoreline. Starting to look like Seaside Heights now. We've been active in trying to get our town to enact some sort of tree ordinance to help preserve the canopy. As of now there is none. Another part of what trying to do is get some sort of limit on the size house you can put on a lot. They're currently clear cutting all vegetation trees whatever and putting up all house, no yard. Our town and local builders have been unresponsive to say the least. Www.facebook.com/preservesharkriverhills wish us luck.20210404_154912.jpg
 

MMuller

Well-Known Member
Ps. We're not anti building or development. But build for the Hills! Imagine upscale neighborhood and Walmart starts putting up huge complex smack dab in the middle of their lovely neighborhood. And there were no laws that stopped them from doing.
 

rick81721

Lothar
This will fall on deaf ears to most of this forum, but this current housing market is absolutely bonkers.


We got super lucky with our home that's worth ~$100k more now than it did 23 months ago. Seeing the homes in our neighborhood going for $50k over asking, in cash is some serious eye opening stuff. I can't imagine being on the search right now.

Yep it's crazy but like the stock market, it'll go down again. Gotta be lucky to buy/sell at the right time.
 

Mahnken

Well-Known Member
Yep it's crazy but like the stock market, it'll go down again. Gotta be lucky to buy/sell at the right time.
Don't most people sell and buy at the same time? At least, I know I'd have to sell if I wanted to move. In that case, it would make sense if you wanted to downgrade now. At least that's how I see it. If housing prices are all affected by the same percentage increases. You'd make more money selling your expensive house than you'd lose buying a cheaper house. If you wanted to upgrade, however, you'd be getting the shaft in this market. Better to wait for the bubble to bust.
 

Bike N Gear

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Don't most people sell and buy at the same time? At least, I know I'd have to sell if I wanted to move. In that case, it would make sense if you wanted to downgrade now. At least that's how I see it. If housing prices are all affected by the same percentage increases. You'd make more money selling your expensive house than you'd lose buying a cheaper house. If you wanted to upgrade, however, you'd be getting the shaft in this market. Better to wait for the bubble to bust.
Sell now. Rent till the bubble pops, then buy.

Or sit on the couch and just forget about it like I'm doing.
 

stb222

Love Drunk
Jerk Squad
Don't most people sell and buy at the same time? At least, I know I'd have to sell if I wanted to move. In that case, it would make sense if you wanted to downgrade now. At least that's how I see it. If housing prices are all affected by the same percentage increases. You'd make more money selling your expensive house than you'd lose buying a cheaper house. If you wanted to upgrade, however, you'd be getting the shaft in this market. Better to wait for the bubble to bust.
Yeah, a coworker of mine sold his house way above what he bought it for a few years ago. But he is buying now so it is a wash. Fart noise.
 

THATmanMANNY

Well-Known Member
Heeeey Krystall Ball 🤗
-I do feel for the people that can’t build capital but not sure how to help?

But we can’t just blame the big banks either. We the people allow this to happen because of poor financial decisions. Making good financial decisions are very hard, even for older adults. I see a high school friend (now in CO) on FB post her RE listings. she seems very successful but One post she said how even putting down 10% on a 700k home is still a good idea because of low mortgage interest rates and whatever stat says it will be worth 900k in 10 years. I held my tongue but almost lost it. Hindsight, shoulda commented. Everyone can be shocked now and later if it burst but we/they are all part of this rat race.

honestly, looking at people’s finances for free is maybe a way to help...

-my kids can go to community college and live at home till they are married. No shame in that.

-other interesting facts, home prices in seasonal towns are growing faster than non seasonal towns. Second home ownership is up 128%!! yoy

It's fun to see kids playing in neighborhood.
Been here 10 years (WOW). This block went from 1 young kid to 15! It’s a zoo after school but I’m so lucky because these kids are off screen and running around like lunatics for hours straight. Imagine if adults did that shit. I would die.
 
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