Claudio, Home Buyer in Rio Grande, NJ

The value of the properties are going up again?

Asked by Claudio, Rio Grande, NJ Mon Nov 3, 2008

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Well this question was asked in 2008 and in four years much has happened! As with other parts of the country the prices have coasted down. Buyers stopped making offers waiting for the market to bottom out. Currently, I have witnessed a resurgence of buyers who are out looking and buying again. The mortgage rates are holding relatively stable at historically low rates. Prices are more realistic and no matter what, people need a place to live. The sellers who have accepted the idea that they are not going to get what they paid for their home, but will also enjoy the same price reduction on their next purchase of a home are the ones who are successfully selling their properties. Those who are holding steadfast to their high price and "leaving lots of room for negotiating" will continue to have their properties languish on the market with few showings or offers. It hurts a seller when the buyers who have been waiting on the sidelines for each new listing to come onto the market, look at the new overpriced properties that emerge and won't even schedule an appointment because they recognize it is overpriced. If you can't get their feet in the door you can't get them to make an offer.
It may hurt but sellers need to bite the bullet and price their homes to the market. They'll sell their home and be able to move on with their lives!
0 votes Thank Flag Link Tue Aug 28, 2012
No, the numbers are really scary. These next few years are going to be MUCH worse as the economy tanks and unemployment rises.

From Trulia:
Market View for Wildwood
Avg. Listing Price $332,445 Wk ending Nov 05
Median Sales Price $230,000 Oct '07 - Sep '08
420 Homes For Sale 0 Open Homes
118 Recently Sold 97 Foreclosures
0 votes Thank Flag Link Wed Nov 12, 2008
Hi Claudio,

Please contact Michael Nazarow. He is our team member who specializes in Cape May County. I'm sure he can help you and give you some advice on property value trends. He can be reached at 609-204-8646.

Thank you and best wishes,

Web Reference:
0 votes Thank Flag Link Tue Nov 4, 2008
No, values are not going up in Cape May County for a long time. Economists in a NY Times article said OC is overvalued at 51%. Values will continue to drop for several years or until they reach their historic values. That could be a few years, or 17 years like the Japanese Real Estate Crisis.

I expect Rio Grand to drop significantly, like OC it is 50% overvalued. It is off shore so doesn't get vacation buyers, and there is no real economy or jobs to sustain any housing increase.

If you are a buyer, wait, you will be glad you did. If you are a Seller, get WAY below your competition, price is what is selling the few houses right now.

Historical Value Trends
Show as: %
30 days -4.8%
1 year -9.4%
5 years 143.5%
0 votes Thank Flag Link Mon Nov 3, 2008
In some areas they are starting to level out whiole other areas are still going down. As broadcast in business update 7 major markets have seen a aslight increase. Until the banks really start lending, and the foreclosures start decling, will the country as a whole level out and start heading back up.
Web Reference:
0 votes Thank Flag Link Mon Nov 3, 2008
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