You must log in or register to comment.

kzapwn t1_jdjpbg1 wrote

Hopefully they stay really high until right after I sell mine; then go way way down until I buy a new one, then go way back up


-Fahrenheit- t1_jdjr1n8 wrote

Typically? No.

If you’re lucky they might stall for a few years, and technically depreciate ‘slightly’ due to inflation.


Groady_Wang t1_jdjsl5u wrote

Corrections happen. A crash? Not very likely.


Cashneto t1_jdjvq4v wrote

There's very little chance home prices will drop outside of a hard recession. The proximity to NYC and Philly collectively allow for higher prices because of good, steady job markets. Waiting for a recession for prices to drop may or may not work out, people have been predicting a recession for a year now and we still aren't there.


jackietreehorn313 t1_jdjqm2m wrote

Wait for the foreclosure sales.


odallay OP t1_jdjqz9t wrote

is there a time period when this happens? sorry i don't know much.


Cashneto t1_jdjv8vv wrote

Typically during a hard recession, the most recent example is 2008.


Metal_LinksV2 t1_jdkoyuh wrote

Remember Foreclosure timelines in NJ are long, typically 18 months to 5 years in some cases.


Cashneto t1_jdm2cbk wrote

The housing market is very healthy as well, a lot of people have 20%+ equity in their homes, making them less likely to want to leave them.


Metal_LinksV2 t1_jdpa1c5 wrote

Conventional loans do, I'm more worried about GNMA and VA loans that were bought at the top of the market, little room for mods. Then again this is kind of modeling I do for work ...


Cashneto t1_jdqdrme wrote

Were offers with less than 20% down even competitive during the top of the market?


thedancingwireless t1_jdjqy9t wrote

Some of them are. Some are still going up. So depends which houses you're talking about


odallay OP t1_jdjr4k5 wrote

okay so basically they keep going up and down?
I am under the impression that the prices that I am seeing right now on Zillow and stuff, won't ever go down but only go up.


thedancingwireless t1_jdjrb4f wrote

I don't know why you got that impression. Over the long term, yes they will go up because land is limited. But over shorter time periods some will go down.


SnooWords4839 t1_jdjs7bq wrote

Yes, if overpriced, they will go down some, but I think OP is thinking prices to go back to before 2020 prices, which I highly doubt. It's all about supply and demand.


myraleemyrtlewood t1_jdjt9my wrote

I think anything affordable to the masses will stay on the + . Prices may only go down for homes subject to luxury tax.


Thisismypasswprd t1_jdjtpld wrote

Cool post. We all know we pay too much . Thanks.


whaler76 t1_jdjxosb wrote

Short answer….no long answer……probably not


Leftblankthistime t1_jdk0oq6 wrote

Typically real estate only goes up. Sometimes prices stay the same while wages go up. But rarely do real estate prices ever go down, and if they do, it’s usually it’s caused by a whole market downturn and people are not in a position to buy. Wanna test it out? Go on Zillow, pick any house in any state and look at the estimate history.


Linenoise77 t1_jdkcfw5 wrote

One of the biggest insulating factors in home prices are schools.

We do pretty well with them.

Stuff will stall, stuff will probably pull back a bit, but it won't crash. Even in 08, the only people who got really burned were the ones who bought in 06 or 07, and had to sell before 10.


BacktotheFutureTmw t1_jdki7u4 wrote

Really depends upon the town. Towns near NYC will most likely not due to the influx of people fleeing NY to live here.

Which area of the state are you interested in?


FriedHummus t1_jdkmb58 wrote

Find homes near rivers. Due to global warming, they’ll be flood zones in the future and therefore more affordable. The downside is that your home may flood after a hurricane. The semi-good news is that FEMA might pay for damages.


beltalowda_oye t1_jdkn4ma wrote

Unless there's a major crash, it'll probably keep going up. And if there's a major crash, the housing prices going down will be the last thing you think about.


dinosaurjr87 t1_jdlfys1 wrote

I think they’re only going higher. I wanted to move somewhere with year round motorcycle riding weather. I’m 40 minutes outside Manhattan, a comparable home even an hour outside any Californian city I’d move to is 150k more easy than mine here. We think it’s expensive but to live outside nyc or Philly we’re not extreme even at these prices imo.


necronomnomnom t1_jdm68hw wrote

Probably when that mass, unsustainable, population devastating exodus from NJ happens that I've been hearing about since I was a teenager in the early 80's. Any day now. I mean have you looked at prices in the wealthier areas of the state?!?!?! They are absolutely cratering because all the millionaires are leaving!!!!! You can get something for a steal because no wealthy people want to live in NJ any more!!!

Or so I've been told.


Atuk-77 t1_jdjvpka wrote

Only those already above 1 million everything else below that threshold will stay the same.


weaselpoopcoffee1 t1_jdjx4y0 wrote

Beginning of March my friend sold his house in three days and his mom's in 5 days. Apparently there is still huge demand.


oOooo__14 t1_jdk3pu3 wrote

Yes, still long lines for open houses.


snarkuzoid t1_jdkaj8a wrote

We saw one last week that had 150 potential buyers show up. Police were called, as the street became impassable.