State of homebuyer demand in New Jersey

[@AlexMinminpajr]

Is it possible that median / average masks different trends in each price range? I get the sense that SFH / new constructions in 1.5m+ range are in a buyer's market. I don't have access to the data, so would love to hear your thoughts

[@bergencountyrealestate]

My honest answer is that $1.5M+ range is all about lot size and landscape, location, craftsmanship, and town. It can get very competitive in that price range. If you sense “buyers market” I feel it may be what I see as incorrect pricing. If a house is listed higher than comps it’s hard to break records every time

[@atmospheros9249]

I’m wondering how the student loan repayments are going to impact all markets.

[@bergencountyrealestate]

I've considered the impact of student loan repayments. I haven't heard any stories from prospective buyers that it's an issue for them... as of now. The median sale price will dip this winter like it always does to some extent and next summer we'll see if home prices regain the summer 2023 peak median home price, which according to my Bergen County MLS is $710,000. While any changes will be impossible to directly correlate with the student loan repayment continuation, you may get a sense of whether or not they were a factor. Maybe 2008 really instilled doubt in the housing market, even though it was the only significant crash in American real estate history. Banks were giving loans to people who could never afford the payments. The crash was logical. Today, I understand why many people want to hold off, but for every person holding off, there's a new entrant to the market scooping up their new house at all time high prices. I have buyers who went over asking in 2021 who are selling this year for $100k+ profit without any upgrades, simply because they bought a house when they had to and sold a house when they had to. Everyone has their own needs, but if you lock in a 30-year fixed rate and the payment makes sense... you're only losing if you live your life in fear of your asset price decreasing. Even if it dips, it will likely recover, as it always has. And you get to live on your own land, in your own home, living your own life as you see fit. Curious, what is your main concern right now in the Northeast real estate market?

[@atmospheros9249]

@@bergencountyrealestate I appreciate your input and I love all of your videos, as they help me stay informed. I have many concerns, but my main one is that my wife and I feel priced out of the market and feel like it's going to remain that way for a while. We have lost bid after bid, often to all cash offers and contractors. As I currently live and work at a school in bergen county, born and raised, it's important for me to stay close to my job but at this rate it seems hopeless. I'm afraid the place I grew up is being quickly gentrified and those that make less that 100+k won't be able to make it. Salaries can't keep up with inflation and housing prices. Even if I got in now, the mortgage would eat the majority of our monthly income. It's unsustainable.

[@bergencountyrealestate]

@@atmospheros9249 It's nice to be able to have a civil discussion in the comments about this. Your concerns are valid. I feel as though Bergen County is separating itself from many median income earners. Those who are buying here are often relocating from the 5 boroughs, Hudson County, overseas, or upgrading within Bergen County. Many get help from parents. This area has a financially strong buyer pool. And strong buyers want to move as close to NYC as possible while maintaining a suburban lifestyle. Bergen County is as close and as good as it gets. Regarding your mortgage payment to monthly income - that is something I take very seriously as I do not believe in going house-poor for most people's situations. Would be happy to discuss further. Check out my website and get in touch. We could have a light, but worthwhile discussion.

[@atmospheros9249]

@@bergencountyrealestate I appreciate it man! You’re right on the money all the time. When we are ready to start looking again I will def reach out. We are currently enjoying the show from the sidelines!