Posted on 05/28/2023 10:09:57 AM PDT by grundle
They went to eight open houses on a single Sunday in May, he said, and those summed up the state of the New Jersey housing market where, as Fortune previously reported, “everyone’s fighting over crumbs” in a market that “sucks” for buyers right now. For instance, Hughes said they pulled up to Church Rd. in Mount Laurel to see a four-bedroom, three-bath home and it was filled with parked cars and a line out the door, like someone was having a party.
(Excerpt) Read more at finance.yahoo.com ...
Indeed.
Also, something is not right in this story. I am in central Jersey, with $600k there are many nice places they could purchase a house.
Move
“This is “supposed to be this time of your life where you’re so happy and instead it’s just a constant reminder of, ‘I don’t even have a house.’ “
Triple whammy. Biden’s inflation, blue state blues and a soft society where many young people think they are entitled to a house with no floor squeaks.
“High-school sweethearts with good jobs, a baby on the way and a $600,000 budget can’t find a house after 2 years of hunting. ‘It is just so demoralizing, depressing, and defeating’”
“they pulled up to Church Rd. in Mount Laurel to see a four-bedroom, three-bath home”
The two adults and one baby could get by with a one-bedroom apartment.
I thought that, with the substantially higher mortgage rates, the seller’s market was over. Seems strange.
They are young. There are jobs everywhere. Move somewhere nice. My definition of nice isn’t Mt Laurel. Just too many people.
Get out of New Jersey.
Probably not what they want to hear—move. You can live in a nice house for 600,000 or spend less and have more money for saving and play.
Why would anyone want to sell when they will get screwed on a repurchase. Better to stay put as I suspect many are save those that are forced to sell.
Blue state blues. And it’s getting worse because the illegals are coming.
After the Alameda fire, if you looked at property, you had to write a check on the spot and cars with appointments were lined up waiting for anything.
It’s somewhat better now that the prices are out of reach for most people.
I finally got within 40 miles of my home. There will be no going home again. Property in the area that burned is 4 times what it was in 2020.
I don't know the answer, but is it possible that the Blue Flight mostly occurred before the FED began raising interest rates last year, or that the fleers were mostly renters?
Is it possible that homeowners are not selling because they can't afford to buy replacement homes with the current interest rates?
-PJ
The houses are expensive but there are plenty under $600,000:
https://www.realtor.com/realestateandhomes-search/Mount-Laurel_NJ
Nashville is expensive nowadays.
They won’t get paid 600k combined there
It took two incomes/2 full time jobs and 7 years of waiting/saving/borrowing before we were able to buy a home in CA. It was effing obscene.
I feel for those just starting out. For most, they’re screwed.
As I remember, Mount Laurel has good commuter bus service to NYC, so houses there might come with a premium price.
Perhaps they should look in Haddonsfield or Moorestown if they want upscale at a lower price level and work in the area.
Obviously, they are planning on more children.
Not everyone wants to move to another city to be able to afford a detached single family house. Depending on their jobs, their earning capacity in a new location may not be what it is where they live.
They may not want to move away for emotional / sentimental reasons.
On other subjects, some Freepers say they live in some blue state or region, because of family, jobs, other personal connections. Some live where they do because they were born and raised there, and can’t imagine living anywhere else.
I’m thinking this couple want to live in that area, so they are seeking housing there. Yes, they pay a price for wanting to be in a more expensive area, but that’s part of the price they pay to live there.
If housing costs were the only thing any of us considered, we would all move to Knoxville or Birmingham or small town West Virginia. There’s a lot more to our lives than what it costs to buy a house where we live.
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