yeah here, there are new 1 & 2 bedroom lofts going up all over the place and the lowest starting price is $500K for a loft. back in the day you'd be living a block from the ocean at that price.
I was watching Property Ladder the other day. There was this 24 year old on there that was saying he moved from Boston to L.A. after college, bought a 1 bed loft when he got to LA, and I don't know what year it was or how much he paid, but when he sold in it in just 1 years time, it sold for $100,000 more than he paid for it. It appreciated $100,000 in one year! Crazy
oh yeah its insane what you buy and what you sell at. right now its not a sellers market....too many peeps are buying.
too many peeps buying makes it a sellers market. the problem is not enough peeps are buying, hehe
DARN YOU IAN! LOL see you need to bring back the ability for us to modify our musings! i'm mexican, i make SO many grammatical errors!!! now everyone knows how mexican i am!!! LOL
I meant to say its not a sellers market cause NO ONE IS BUYING....LOL
More, technically, it's based on absorbtion rate. Put simply, you get the figure from all the active comps' days on the market and how long it will take to sell off all that inventory.
A 1 month - 4 month absorbtion rate is a seller's market. 5 - 6 month rate is a normal market. 7 months + is a buyers market.
I have an Excel workbook that figures this out for me after I input the necessary information.
Last time I heard about Rumson, NJ's absorbtion like late last year early this year, it was a 3 year absorbtion. hahaha
Unless you live in the SF bay area, where an average of 30 days on the market is considered a buyer's market. :)
The rule of thumb is any house should sell within 30 days or within 30 showings, whichever comes first. (Even in my area of NJ where the market absorbtion is about 7 months, and there are many expired listing contracts) If it doesn't sell within a month, it pretty much means it's priced above market value. The market here in NJ could move as fast as SanFran if more sellers were listing at market value, rather than pricing way above, waiting on chance for someone to come see the home, and finally after months, wind up negotiating the contract of sale anyway. Thing is listing price scares a buyer from even coming to see the house without knowing their potential negotiating power.
Basically that goes for America on the whole right now. NJ went from a seller's market at like a year and a half ago, to a normal market up til like several months ago, to a buyers market at present. But, even say a seller bought his house here like 3 years ago, he'll still make a killing, selling even in this buyer's market right now. Plus, I try to explain to sellers, don't think get stuck on the idea that you're not selling for as much as your neighbor did a year ago. You'll still be making a killing, plus, whatever you buy to move is gonna be a good deal. It's all relative.