Tana, Home Owner in Paterson, NJ

Purchased Paterson condo at height of market, 2007. Property has depreciated tremendously since. How long till the value returns to the 2007 range?

Asked by Tana, Paterson, NJ Sun Dec 12, 2010

Help the community by answering this question:

Answers

6
Hopefully in our lifetime- just kidding. Paterson has a glut of unsold homes and taxes are sky rocketing. hang in there if you can. hopefully one day......
0 votes Thank Flag Link Tue Feb 1, 2011
As soon as someone is willing to pay your price.
0 votes Thank Flag Link Tue Feb 1, 2011
Hi Tc,

Nobody knows, and any prediction is unreliable. However, I will go with 5-7 years or so. So much has to happen before properties will again begin to appreciate in value. Foreclosure inventories need to be whittled down, employment has to pick up, salaries need to start rising again. So much negative inertia to be reversed. It's like turning an aircraft carrier around. It will happen, but it will take awhile.

Good luck!

-Marc

Marc Paolella
Relocation Director/Appraiser
Century 21 Joe Tekula Realtors
201 Route 10 East
Succasunna, NJ 07876
Phone (direct): (973) 584-4235
Coolest map-based home search: http://www.marcpaolella.com
0 votes Thank Flag Link Mon Dec 13, 2010
Hi Tc

Man do I wish I knew the answer to that . I hope we are close or at the bottom of this market . But look on the bright side your condo is still providing shelter for you and you are paying down the mortgage. It will come back, it's just a matter of time.
0 votes Thank Flag Link Mon Dec 13, 2010
Hi Tc, wish we could predict the answer for you with accuracy. I think you missed the peak though if that is any consolation - you probably have at least a little of the correction under your wings with a 2007 purchase. But nonetheless, as you have confirmed the decline in value from 2007 has been real and dramatic. In many communities we have returned to 2003 values.

My sense is that 2011 will be flat, and we can hope for improvement come 2012. But returning to values we saw at the height it the tough part. I don't think we'll see that anytime soon.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Mon Dec 13, 2010
Unfortunately the question can't be answered with accuracy, as none of us really knows where the market will head tomorrow or down the road, what we all know is today.
0 votes Thank Flag Link Sun Dec 12, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer