Northern New Jersey home sellers are not waiting for spring to sell their homes, unless of course, January 1st marked the unofficial start of the spring season.
Listings of Residential SFH in Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union and Warren counties on GSMLS have skyrocketted 3.06% from last Wednesday, January 4th until today. The total month to date increase has been approximately 3.4%, a significant level of activity for what has historically been a slow period. In fact, we haven’t seen weekly increases of these percentages since the hottest periods of last summer.
GSMLS
January 4 – 11047
January 11 – 11385
Caveat Emptor!
Grim
(NJMLS and Hudson MLS numbers to resume next week)
Keep in mind that this Winter has been rather mild–Spring like.
I am guessing that realtors are advising their clients to get a jump on the competition. While people may still be debating outcome of the bubble (soft landing vs. crash), it’s pretty much common knowledge that the boom has come to an end. This, of course, is the fallacy of trying to time the market. Everyone thinks they are smarter than the next guy. Not everyone can get a jump on the competition. There has to be winners and losers and the winners have already cashed in their chips.
is it possible that these listings were taken off prior of the Holiday season. They are just simply being re-listed???
Do you have any historical data for the 1st week in Jan.? I think the rise is unusual too, but I have nothing to compare it to. Monmouth and Ocean Cty listings are up just over 2 percent from Jan. 4 to today (Jan.11).
That sure seems like a lot, but I have no comparison.
Lindsey,
See Grim’s earlier post “The Tsunami Effect” from a few days ago.
By the way, nice call Grim.
I’ll see if I can put something together. I had the numbers you were looking for but I had a big technical setback a week or so ago and lost quite a bit of data that I had saved. That’s why I haven’t been posting the usual Wednesday inventory comparisons.
grim
I’ve definitely seen some houses that were taken off and then reslisted.
Question:
I’m not selling my house just yet (can’t, I live in it). BUT, I will be moving at the end of this year (bad time, I realize it), and I want to be prepared to either rent it out or sell.
I have a found a house on the market that is identical to mine (sq footage, same builder, same community, etc). It is listed at what I think is a fairly high price.
I’d like to track this house. I have the MLS # … but how can I find out a) If it has been listed, unlisted, and relisted again; b) how long it’s been on the market; c) If the price has been reduced.
Rookie here. Thanks!
Grim,
I get an email alert from GMAC RE every day with new listings up to $700K in the 7 towns we were looking to buy in. For about a month I got an email with between 3-8 listings. Yesterday I received an email with
65 new listings!!!
TODAY I received another email with:
65 NEW LISTINGS!!!
OK, there are some relists and some modified prices and such, but still, to have skyrocketed that much so early in the season is pretty astounding!
Noticed the same as well. Keep us updated on your lowball house purchase.
grim
Blogger seems to be running quite slow this morning, I believe comments are not getting passed through.
Grim – I emailed a realtor recently. I linked to your blog in the email, where hard facts were cited.
I got back a chipper, upbeat email saying that it is STILL a seller’s market in North Jersey. My questions were basically ignored. The realtor’s forecast is for a ‘terrific 2006’ in real estate in North Jersey.
I was just a wee bit surprised (and got a good laugh out of it). Would it be wrong of me to post her email response? I think it’s at least something you should take a look at.
I don’t mind if you post it, just blank out her name and contact information first.
grim
Do not rush in here. Sellers in denial and still greedy. Realtors are seeing the light.
In about a 3-6 months, denial will turn into regret that they didn’;t list earlier. Finally, near yearend capitualation.
Total panic with all sellers.
Flippers and speculators are already feeling uneasy now. In another 3 months panic in this group.
Homeowners feel they are entitled to get what their next door neighbor who sold last year got. NOT! The going rate is the highest price a buyer is willing to pay if you have to sell. That’s it.
First time buyers do NOT accept these prices. You are getting ripped off. Take at least 25% before even considering a bid. Still the price is high.
Most people 10 years ago paid about 3-4 times incomes to buy their home. About 25 years ago it was about 2-3 times.
Now greedy realtors are saying you should pay 6-10 times income to buy a house. Tell’em to shove it.
Honesty is clearly not their best policy.
Unedited.
Bergen County is still the most happening part of all of New Jersey. It is the one County that is one of the richest counties in New Jersey.
If a home is priced right within market value, the home will sell rather quickly.
I don’t see the interest rates going up significantly. 7% is still lower than when the interest rates were a whopping 10-13% years past.
There are also many creative ways of financing today, that allows the buyer to afford buying now, instead of renting. Especially for young, and first time buyers, where they know their income is going to change in years to come.
Based on my ratio of buyers to sellers, from first hand experience, I will tell you that it is STILL a Sellers Market.
I really can’t say that if you if wait that the home prices in this area will come down.
And if they do, the interest rates will go up, so therefore your mortgage payment will be the same.
I don’t buy into the media hype! I don’t believe that in Bergen County there will be a “Burst of the Bubble” Based on how many homes, I sell, and continue to sell….This is what I base my forecast of a terrific 2006!
I would be happy to find you a home when you decide to relocate. I will be happy to send you homes that I have on the market.
I can’t guarantee that waiting for prices to drop would be the way to go.
As long as people need a place to live in Bergen County, they are going to have to pay the price.
A more balanced response to a pump realtor that rose colors everything.
http://moneycentral.msn.com/content/Banking/Homebuyingguide/P37627.asp
http://moneycentral.msn.com/content/Banking/
Homebuyingguide/P37627.asp
OMG Langrab –
That was HYSTERICAL!
Jeez, that is just a RIOT – thanks for the laugh.
“It is the one County that is one of the richest counties in New Jersey.” Um, WHAT?
“I don’t see the interest rates going up significantly. 7% is still lower than when the interest rates were a whopping 10-13% years past.” – Errr, two different issues there lady. And I don’t know about her, but on my mortgage .5 or .75 points is a monthly chunk-o-change!
“I really can’t say that if you if wait that the home prices in this area will come down.
And if they do, the interest rates will go up, so therefore your mortgage payment will be the same.” But wait? I thought she said interest rates weren’t going up significantly??? And oh yeah, morgtages can be refinanced but that’s just an errant detail.
“I don’t buy into the media hype! I don’t believe that in Bergen County there will be a “Burst of the Bubble” Based on how many homes, I sell, and continue to sell….This is what I base my forecast of a terrific 2006!”
OK, sure, people should make the largest purchase of their lives based on input from someone who can’t even string together a proper sentence. That’s fine.
*In the interest of full disclosure, please note that I am ready to bitch slap my agent at this very moment and therefore have no patience for agents and their ilk at this time*