Housing

[anon_ezos2e9wn1ob0]

Interested to hear others takes on the housing market. It looks like July was the first month with median price decrease since the market exploded last summer. I have started to see price reductions here in NW jersey. What are other people seeing in their towns?

 

[HALL85]

Eastern PA still a hot market. No inventory and homes still selling above ask/market value. Three factors contributing: 1) Continued growth of eCommerce (COVID related) as this area is a major logistics hub for NE...jobs are drawing people; 2) NJ retirees. Over 55 communities are exploding and 40% of buyers are from NJ. 3) Want a city environment without the crime/danger of Philly and NYC.

 

[hbkmyr]

Part of it is seasonality. July/August are always slowest sales periods. There was such a huge push that an already low inventory of available homes was further depleted. The pool of suburban buyers has also shrunk. A large percentage of those looking for suburban homes have already purchased. There's still many that want walkable, urban environments and those markets have been flourishing since January.

 

[SHallguy2]

Jersey shore is seeing building going on everywhere. New Yorkers are jacking up the prices, lots of New York license plates in Bay Head and Pt. pleasant. The builders are back logged so any new work is thru the roof. (No pun intended) Anyone getting work done is paying a premium, bad time to do an addition or new construction for a number of reasons. Existing home prices are up over 50%.

 

[shufan1993]

From what I have heard my area (Atlantic County) real estate is still going strong. I have heard a lot of houses are on the market but obviously I have not seen them since I haven't been out in a year and a half. But as far as I know the housing market is still strong in AC county. Also house are being sold pretty quick once they hit the market in AC county.

 

[SHUSA]

Eastern PA still a hot market. No inventory and homes still selling above ask/market value. Three factors contributing: 1) Continued growth of eCommerce (COVID related) as this area is a major logistics hub for NE...jobs are drawing people; 2) NJ retirees. Over 55 communities are exploding and 40% of buyers are from NJ. 3) Want a city environment without the crime/danger of Philly and NYC.

yea. im saving for a house and its a futile effort to even look to get an idea. just gotta put my head down and wait another 1/2 years and check back in to see of things change.

worst part is that eastern pa is a good area for price, usually. now people are driving up those deals.

i guess ill just rent a house from blackrock forever

 

[sami]

yea. im saving for a house and its a futile effort to even look to get an idea. just gotta put my head down and wait another 1/2 years and check back in to see of things change.

worst part is that eastern pa is a good area for price, usually. now people are driving up those deals.

i guess ill just rent a house from blackrock forever

You work at BlackRock?

 

[SHUSA]

You work at BlackRock?

no haha. you dont live in bizarro world.

i was addressing the fact they are buying up a ton of reaidential properties by offering double.