Stuck in a Holding Pattern
I recently spoke with a friend of a friend who has been trying to sell his Ocean Township home for about 2 months now. The plan is to unload the Ocean house and move further south to a larger house in the Toms River area. (Since the Ocean Township home owner works in Monmouth County, as opposed to NYC, commuting is not a factor.) In any event, the house for sale in Ocean is apparently attracting very little interest, but the owner refuses to budge on price. In turn, the house that he has his eye on in Toms River also refuses to budge on price. As a result of these people’s refusal to move their asking price lower, no transactions are getting done and both houses just sit there. I think that this scenario is becoming more common, as we keep seeing the number of houses for sale move higher each day in Monmouth County and elsewhere.
posted by Little_Silvered at 6:38 PM
3 Comments:
For the next few years, sellers in the real estate market will be going through a process not unlike grieving.
1. Denial - What do you mean the housing market is going down? The housing market can't go down. It's impossible. The news, the papers, tv; everyone says the market is booming, it must be booming.
2. Anger - THE MARKET IS BOOMING DAMN IT!@$#!@# Can't you see what a great deal this house is. You people are all dumb for thinking that house prices go down.. THEY NEVER GO DOWN*&^@#%$. Why are you making up stories about some real estate bubble, you are scaring everyone away!
3. Bargaining - Ok, ok, ok. I'll drop the price a thousand dollars. It's a great deal now, can't you see, it's a great deal. Please buy my house, I'll drop it another few thousand. Oh god, can't you see how well real estate has done the past few years. Ok fine, a few more thousand, just please buy this house.
4. Depression - Oh god, nobody is going to buy, where have all the buyers gone. Why were we so dumb to have not lowered our prices when we could have. Oh god, we won't even be able to cover the balance on the mortgage if we sell the house. Why did I ever let them convince me to buy a house. Why, oh why!
5. Acceptance - Buying real estate at the top of the market is the worst investment anyone can ever make.
Have a nice weekend and caveat emptor!
-grim
Northern NJ Real Estate Bubble
I noticed that your celebrated RUMSON HOUSE is now listed for $750K.
BTW, at $750k it's less than this 2br ONE bath condo in Hoboken with no parking and situated within an earshot of deafening firetruck sirens almost every night after midnight:
http://www.realtor.com/Prop/1051851412
The three most important things in real estate may be location, location, location, but right now there is a lot to be said for timing, timing, timing.
Your friend's timing is off he should have made his move a year at least a year ago, if his move makes sense at all.
BTW, I don't know how much you get down to Toms River, but as far as I'm concerned, the general state of traffic in that area makes it uninhabitable.
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