New Asbury Park Press Blog
The Asbury Park Press has some sort of new Editor’s Blog on its 1996 style website. As you would expect, it’s as almost devoid of interesting content as the regular front page, or the Sunday Impact section, or the Business section, etc. Even still, the blog does have a small post about the local market that some of you might want to comment on, if only to inform the APP that there is more to the local real estate market than the ad revenue generated from the telephone-book-sized, free-standing-insert advertisement printed up for Weichert each week.
Below is a snippet from the blog. The author has a “hunch” the market will stay strong. I have seen some pretty good data it won’t.
Snip…
“Median prices in the fourth quarter fell slightly in Monmouth and Ocean from the previous quarter, but that's not particularly unusual. My hunch is the market will stay strong in central and north Jersey unless interest rates jump markedly, which seems unlikely. As long as the demand far outstrips the supply, which has been the case in New Jersey for at least five years, prices should hold or rise. If the stock market keep showing signs of life, that should make for an even stronger housing market.”
More…
Below is a snippet from the blog. The author has a “hunch” the market will stay strong. I have seen some pretty good data it won’t.
Snip…
“Median prices in the fourth quarter fell slightly in Monmouth and Ocean from the previous quarter, but that's not particularly unusual. My hunch is the market will stay strong in central and north Jersey unless interest rates jump markedly, which seems unlikely. As long as the demand far outstrips the supply, which has been the case in New Jersey for at least five years, prices should hold or rise. If the stock market keep showing signs of life, that should make for an even stronger housing market.”
More…
posted by Little_Silvered at 6:06 PM
1 Comments:
I just got back from looking at 2 more old, ugly, overpriced Jersey Shore homes. They were about $150k over my budget, but I have hope for future price reductions. Realtor quickly corrected my thinking and said, "only houses at the higher end - (million dollar homes), will come down a bit, maybe 50k. Houses in your range should hold their value, but maybe sellers will take 10k less than asking". From his advice, I am doomed!
Does anyone hear more encouraging news? Are Ocean County home prices due for a correction and will they ever become more affordable? I'd like to think 500k should buy more than a knock down on the railroad tracks.
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