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All the adjacent houses have similar prices as the listed price(396k, 569k, 619k).. as seen in the zillow listing map so it doesnt look like it was posted well below the market.
Friends of mine bought a similar quality house in Verona for under $500k a few years ago. Asking price seems reasonable to me too.
joke is on the buyer because not only did they just put themselves under water, they will be saddled with having to pay 12k a year just for the privilege of living in Verona.
A neighbor of mine recently passed away and her townhouse just sold. Nearly identical to the one I own, except I have an extra full bath in my basement. The house sold for 42K above asking. In The Woods (my affectionate term for NW Morris County). I was pretty shocked.
I’m digging this equity I’m building. Bonus, the apartment I lived in before I bought my house now rents for more than my entire monthly housing payment, including taxes, HOA and PMI fees. A crash may be coming, but it would have to be a truly massive one for me to be underwater…
I also live in NW Morris County, the home sale prices here are absolutely crazy compared to when we bought 4 years ago. My neighbor just sold his house, he purchased in 2019, made no major changes except paint. His home had multiple offers within a few days, sold for 185k more than he paid in 2019! Market is insane everywhere
Wow, that is insane! The desperation that is being seen now to buy homes is insane.
After renting in Bergen County for a few years, I knew I wanted to get out and never saw myself dropping the money to purchase a home there. Ideally, I wanted to leave NJ (and was vocal about it on this forum, lol). However, my wife was not ready to and we had family obligations and jobs tying us down here. Some compromises included moving to western NJ (Morris/Warren/Sussex) or South Jersey.
Fast-forward to 2020 and western NJ got expensive too. I was able to get a 100% remote job last year and my wife was miserable at her job, so went job hunting.
We revisited moving out of state, mainly Texas or the Carolinas. We actually decided to buy in South Jersey last fall for the following reasons:
1.) Mentioned states are experiencing massive exponential population growth. Didn’t want to deal with the growing pains and increasing costs that brings.
2.) Want to add some Busch babies to the mix soon and moving so far away from family and friends doesn’t make sense now. We have some family down here and having Grandmas 1.5 hours away is not so bad. One wants to move by us already.
3.) We got a good deal down here! I thought I was in another state. 3,000 sq ft house, taxes under 9k for well under 400K
4.) Moving to the mentioned states would’ve meant a 15-20K yearly pay cut for my wife. She found an amazing job down here paying her a North Jersey salary. No brainer.
So far, we love it down here! I don’t miss the congestion and traffic of Bergen AT ALL, although I miss the amenities and how close everything was. You can’t have it all I guess. Having Philly nearby is great though and can’t wait to enjoy the shore more in the summer now that we’re closer.
I still want to move out of NJ eventually, maybe in 6-8 years. Let’s see what things are like then.
Last edited by Busch Boy; 04-02-2022 at 07:29 AM..
Wow, that is insane! The desperation that is being seen now to buy homes is insane.
After renting in Bergen County for a few years, I knew I wanted to get out and never saw myself dropping the money to purchase a home there. Ideally, I wanted to leave NJ (and was vocal about it on this forum, lol). However, my wife was not ready to and we had family obligations and jobs tying us down here. Some compromises included moving to western NJ (Morris/Warren/Sussex) or South Jersey.
Fast-forward to 2020 and western NJ got expensive too. I was able to get a 100% remote job last year and my wife was miserable at her job, so went job hunting.
We revisited moving out of state, mainly Texas or the Carolinas. We actually decided to buy in South Jersey last fall for the following reasons:
1.) Mentioned states are experiencing massive exponential population growth. Didn’t want to deal with the growing pains and increasing costs that brings.
2.) Want to add some Busch babies to the mix soon and moving so far away from family and friends doesn’t make sense now. We have some family down here and having Grandmas 1.5 hours away is not so bad. One wants to move by us already.
3.) We got a good deal down here! I thought I was in another state. 3,000 sq ft house, taxes under 9k for well under 400K
4.) Moving to the mentioned states would’ve meant a 15-20K yearly pay cut for my wife. She found an amazing job down here paying her a North Jersey salary. No brainer.
So far, we love it down here! I don’t miss the congestion and traffic of Bergen AT ALL, although I miss the amenities and how close everything was. You can’t have it all I guess. Having Philly nearby is great though and can’t wait to enjoy the shore more in the summer now that we’re closer.
I still want to move out of NJ eventually, maybe in 6-8 years. Let’s see what things are like then.
I am not seeing it. Given your circumstances, you seem like a lifer there.
listing price means nothing. When I was looking, I didnt even look at the prices. I asked my agent to send me houses that met a certain criteria, without the prices and I decided what I thought they were worth. I also kept a spread sheet with listing agent, asking price, and sold price. You can clearly see a pattern based on the agent. Some constantly sold for 10%-20% below, and others 10%-20% above
It's only since covid, I wonder if it's the Manhattan dollars coming over... $815k, would be lucky to get a studio over there...before covid.
I wonder how long would this last, since it's very tempting to take advantage of this craziness, but where would I go? FL and Texas are just as crazy.
Yeah I was watching house hunters and in Denver on the outskirts, a renovated garage (450 sf) was going for $300k. For a garage. Crazy!
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