Tuesday, March 15, 2016

Lakewood- Is it a bubble?

The question many are asking will real estate prices come down? or is it no longer affordable to buy? for out of towners its affordable compared to Brooklyn prices but for many Lakewooders its almost beyond reach in a discussion here  potential buyers question weather to hold out or lose out.
"I want to buy a house but the prices are really high! I have a house being offered but I'm terrified that its a bubble and the prices will come crashing down and I'll be stuck with a huge mortgage! What is everyone doing? Holding out and hoping the prices will go down or do you expect them to continue to climb?"

13 comments:

  1. Hard to say, but not too long ago prices crashed. If interest rates go up, prices will fall.

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  2. People thinks prices will never crash, but they did not too long ago.

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  3. what is everyone referring to when they say prices crashed? how long ago was this? and what did prices drop to? new construction houses prices dropped? how much did they drop?

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    Replies
    1. where have you been? where were you in 2008-2013?

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    2. In 2008 to 2013, i was in lakewood, learning in bmg not paying attention to housing prices as i was newly married, now that i am looking to buy a house i am paying attention, my question was and still is, did prices really drop on new construction, and how much of a drop? 5k or 30k?

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    3. way more than 30k

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  4. There will be short term falls, but overall as long as the town's population keeps growing, demand will still be there and prices per acre will be going up.

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  5. https://www.youtube.com/watch?v=FHagEXLhMXs

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  6. A lot of the increase is due to the fact that builders sre giving more. Finished basements with 3 bedrooms are niw standard. Thars close to 50,000 retail cost. Nive cabinets and granite counter tops in the kitchens are now standard.3 full bathrooms on the second floor are now standard. Rough attics with hugh attic ceilinfs and rough plumbing and electric are now standard. These are tens of thousands in cts to the builder that are passed on to the buyers. The costs to make the infrastructure are constantly increasing as the township and county make their engineering specs higher. So those additional costs are not part of a bubble. Yes the values of single lots could fluctuate just like stocks, but eventually they keep going up. Its hard to be a market timer in the stick market and the same is true about our real estate market.

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  7. It has evolved and is now similar to Brooklyn. There are dips at times but overall the market is really strong due to the demographics and demand.

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  8. The market collpased there were no buyers and sale prices declined. The stack market lost thousands of points, sentiment was very negative, financing was hard to get. Prices declined sometimes 50%....

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  9. Bubble all the way
    Many houses are way overpriced and many of these young people are getting themselves into mortgages which they may not be able to pay

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  10. In Brooklyn alo there were some soft times when the stock market collapsed but overall because of the demand ,the prices just rise. Same in Lakewood for the same reason.

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