Wayne Happ, Other/Just Looking in Califon, NJ

I was wondering if anyone thinks that prices are going to decline substantially in North/Central NJ anytime

Asked by Wayne Happ, Califon, NJ Sun Nov 25, 2007

soon. My own observation is that despite what we see on the evening news, Prices in these parts don't seem to be budging much. Looks to me like sellers are trying to wait it out?

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I agree that many sellers are deciding to wait. Califon has seen a slight decrease in prices and tiny rise in the length of time it is taking to sell compared to last year. Tewksbury is seeing more of decrease in selling price to listing price ratio and that's where we are going to see more of a decline due to the financing available. (Meaning the higher priced homes that would possibly require jumbo mortgages.) Just my 2 cents:)
0 votes Thank Flag Link Thu Jul 9, 2009
Well let me check my crystal ball....hmmmm. I don't think anyone can gage exactly what is going to happen with prices but here in Northern/Central NJ and the northeast in general we have seen a lot less of a depreciation than the rest of the US. NJ is the most densily populated area on the planet (Yes, even more than China and Japan 800-900 people per sq mile). We are at 1200 people per sq mile and our close proximity to NYC allows our pricing to hold somewhat. I think buyers and sellers just need to be a little more realistic on both ends. Sellers are trying to wait it out, and want to sell for what they "need" where as buyers want an unbelievable deal. It seems to me the buyers have turned into the sellers of the past few years and the sellers the opposite. Just my 2 cents.
Web Reference: http://www.agentjustin.com
0 votes Thank Flag Link Thu Dec 13, 2007
The most important factor in Real Estate Pricing is still Location,location,location. Subsequently, North central Jersey typically remains stable. This area is commutable to Manhattan and many corporate headquarters so it is a natural for most families.

The news often is generalizing which doesn't give a fair assessment of locales. Where we are in Morris County most towns are only down a couple of percent. Some are even with last year. Another important factor to consider is that there is not a lot of opportunity for new homes in north central NJ. The highlands legislation coupled with land shortages means less risk of an over abundance of supply. We are seeing more unit volume in sales this year to last. So while some sellers are overpriced, homes are selling.

As an investor and Broker, I always think it is a good time to buy. The guidance of a knowledgable Realtor will always mean you make the right choice.low interest rates mean incredible opportunities right now. Growing up in North Central NJ, I know it well and would be happy to help with any additional questions. My email is ian@exitrealtygold.com. Good Luck.
0 votes Thank Flag Link Thu Dec 13, 2007
Hi Wayne, I think the prices in the Mercer county/Princeton area are stable. The mortgage rates are still low, and in some cases, the regulations are loosening a bit (although good credit is still a must). We have a fair amount of corporate relocations, plenty of job opportunities on the Route 1 corridor and aggressive school districts. The benefits of living in the area help to stablilize the real estate market.
Web Reference: http://www.suedehaven.com
0 votes Thank Flag Link Thu Dec 13, 2007
Fluctuations in the real estate market (much like stocks) are normal. Historically, over longer periods (10 years) these markets go up. Timing the market is pure speculation. While the market may go down, interest rates may go up. The savings in purchase price may be offset by increased interest payment. If you plan on being in an area, buying has many advantages.

Feel free to contact me for more information.

Rafi Footerman
Mid Jersey Inspections
732-906-4100
NJ Home Inspection Lic. #076900
0 votes Thank Flag Link Wed Dec 12, 2007
Wayne,

Actually, its the buyers are waiting it out . . . most sellers are more than ready.

There is no easy way to answer the remainder of your question. Feel free to give me a call. I will be happy to speak with you in depth. 732.606.2931 or see my website below.

I'm in Monmouth / Ocean County . . . . I won't be sales pitching you, I just luv to talk about this subject.
0 votes Thank Flag Link Sun Nov 25, 2007
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