Eastern Monmouth MLS up to 3,509
Last week the number of houses for sale on the MLS for eastern Monmouth County was 3,434. The number of houses for sale in the area broke the 3,500 mark this week.
Now that there are so many “For Sale” signs and open house balloons on the weekends, I think that even the most sheltered and clueless Monmouth and Ocean County citizens might be starting to realize that something is going on in the housing market. Most people at the Shore do not read this blog, or others like it, and I bet very few pay attention to mainstream media reports about the housing bubble. However, even if the uninformed made it a point to not pay attention to all of the housing news and “boring” stories about some guy named Bernake raising interest rates, they still most likely see many more for sale signs driving to the mall or the Shoprite now compared to only a few months ago. In short, I bet more than one person, who could have cared less only three months ago, is probably thinking to themselves; “why are so many houses for sale?”
Now that there are so many “For Sale” signs and open house balloons on the weekends, I think that even the most sheltered and clueless Monmouth and Ocean County citizens might be starting to realize that something is going on in the housing market. Most people at the Shore do not read this blog, or others like it, and I bet very few pay attention to mainstream media reports about the housing bubble. However, even if the uninformed made it a point to not pay attention to all of the housing news and “boring” stories about some guy named Bernake raising interest rates, they still most likely see many more for sale signs driving to the mall or the Shoprite now compared to only a few months ago. In short, I bet more than one person, who could have cared less only three months ago, is probably thinking to themselves; “why are so many houses for sale?”
posted by Little_Silvered at 6:10 PM
10 Comments:
I gotta agree that for sale signs are everywhere - Monmouth county, Hudson county, and even in Telluride Colorado where I was recently. It's the same everywhere, even in markets described as immune from a downturn (which I guess is everywhere too).
Should this trend continue, we'll likely see people resort to desperation tactics - like the woman I saw tonight holding an "open house" sign (with pictures and all) right across from the Hoboken PATH station.
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Up.. Up.. Up..
Not a good time to be a seller.
Not a good time to buy.
Who will give out first?
grim
Excellent website. Another Real Estate indicator that somebody should follow are the number of "Price Reduced" ads for homes. I just noticed looking on Craigslist a couple of Brooklyn apartments that have come down around 3% from a couple months ago. Small I know.
In addition, when I went to an open house for a studio apartment the agent made a clear point about how the price is negotiable. Couldn't do that six months ago.
i have never, ever seen so many for sale signs in nj. it's unbelievable. where can all this lead i wonder?
Most people really don't care about how many homes are for sale since they are enjoying there home ,by just living in it....Do I really care how many BMW's r for sale ....nope I' just drive mine and enjoy the ride
Well, if you were looking to buy a BMW, you might care how many were for sale. That's supply/demand 101 which we all know is directly related to price....
the observation that some people don't care how many homes are for sale is true, they are NOT looking to buy now and probably have a reasonable mortgage. Good for them/you....
By the same token, there are some people who are thinking about buying.....and they DO in fact care how many homes are for sale or listed....
and the latter are most likely whome you will find in blogs on this web site.
You know what I did? I sold my home last October, at the final peak of the bull housing market. I then took that money and bought silver bullion at $8/oz. It almost hit $12 the other day and is slated to go upwards of anywhere between $25-150 per ounce in the next few years. I also decided to rent for the next two years and have saved TONS of money, including utilities and lower energy costs than owning a home again. I know this sounds wrong, but I am excited at the prospect of falling house prices so I can buy, buy, buy next year!
Oh, I forgot to add... Having no debts whatsoever and saving and investing my wife's and my money is awesome! I feel bad for friends of ours who started out renting and have bought in the past two years. Especially those who bought into ARMs. I truly pray and feel for those people.
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