wnyc.org / 93.9fm / am 820

Of course, nobody trusts a real estate agent. How do you know when you've reached the bottom of the market? When contracted sales increase? That's what happening now. When the inventory shrinks? OK, it's not shrinking yet in my area of NJ, but it's pretty flat. When prices go up? I wrote a contract on a house listed at $200,000 on Saturday. There were 5 offers on this house just listed last week. I presented my over asking price offer tonight. My buyer is not going to get the house. This house will sell for over $210,000. This would be an indicator of the bottom in this town. Of course, Real Estate is always and forever about location, location, location. You cannot compare NY or NJ to Las Vegas or Detroit or Cleveland or Florida, or the whole state of California. You cannot compare Dover, NJ to East Hanover, NJ. You cannot compare Ann Street in Dover to Bergen Steet in Dover.

Price will only ever be where supply meets demand. Sounds like a cliche because it is so true.

No need to move out of NYC to get more room or a yard. We live in Brooklyn have a home with a front yard and a back yard and garage near prospect park. I have a big vegtable garden with lots of sun and seven chickens,a chicken coop 2 dogs 2 cats. I mow my own back yard... When I want to be in the city it take 30 monutes to be in time square....who needs to move to the burbs?

Is this a segment of the BLS or a real estate infomercial. "it's a great time to buy!" "I have clients close to retirement buying second homes." "we're either at or near the bottom of the market." Don't Delay, Buy Now!

Very probing. Thanks guys. I hope you get a commission for every sale made by your guests from this (ahem) journalistic segment.

you have to own at least one car in the burbs vs the city. how does that make it less expensive. add the likely two cars (before the kids are grown) at 8K ea. vs a subway, some cab rides & zipcar. you save about 10K a year.

#8 - I kind of agree with that last part, my broker tried to talk me into a more expensive house than I chose, just because I qualified for more house. Fortunately I was savvy enough with buying not to fall for it.

The 61 year woman who was divorced several years ago and now lives in New York reminded me that I live among absolute barbarians.
Now, you have had a good (means selfish, easy and primitive) life not because you "were smarter and worked hard" but because you have been lucky (leftovers of the New Deal) and ruthless.
This is one of those generations which have contributed anything positive to this society and have so negatively affected the entire world.
What are your contributions? Where's universal health care, affordable child care and education, civilized workplace, vacations etc.
No, your illiterate children raised on manipulative memos, "history is dead" and eternal American "my Boss is my Lord" and "give everything to the rich and ... pray" aren't any positive contribution either.
Where's God when we need him?

I just made the trans-hudson jump, although I'm in downtown Jersey City (and renting), so I don't know if that counts. BUT my commute time is exactly the same as it was from Brooklyn, and my rent is considerably cheaper. All my BK friends think I'm insane, but I like JC!

Buyers beware!

If you read the papers from 1989-1995, as but one example, you will find at least ten instances where the New York Times as well as many other media entities called "the bottom" of the market.

Real estate brokers always want you to think the bottom has arrived. Newspapers never want to offend real estate brokers, who are *huge* advertisers (and almost the only huge advertisers left!).

Real estate bubbles have always taken five or more years to deflate. Buying *anything* now is taking a huge risk.

Three univeral truths:

- There's no avoiding taxes.
- There's no avoiding death.
- ALL brokers are liars.

I think its makes a world of sense to move west just accross the river in Hudson County, NJ there are much better deals with much better views and shorter commutes in many cases than from the boros. My commute is literally 15 minutes and I even have the option on nice summer days to take the ferry to work.

My wife and I have been looking for a house for more than a year. We sold our home and we put all the money in the bank waiting to buy. We can put down more than 20% when we find something. I watch what's been happening in the market and home prices are coming down, I've seen it on the MLS listing on the web, but they are still to high. Homes prices are so artifically high, based on news reports, and Realtors are not willing to be honest about prices and home owners are silly when they are not willing to negotiate their prices. I do not trust Realtors. My wife and I are constantly being treated like we just fill off the turnip truck, being told all sorts of stories that we know are just not true! What can we do? This is getting just crazy!

Thanks,
Philip

We rent in Jersey City & would love more space & better schools of Essex County. I know it's a high class problem, but two college professors just can't afford a modest house or large apt in this area. JC and NYC remain way beyond our reach. But though we can *barely* afford Essex Cty, the move may have to wait till the toddler goes to kindergarten: she can get Abbott (free) preschool in Jersey City next year and we may have to wait and put that savings toward a down payment...

No matter what happens in the economy, as a middle-class, no-debt, 2-kid family, I don't feel like we'll ever get ahead.

We're going thru seperation and have listed our house $285,000. I'd like your comments on "underpricing" the house listing, to encourage more bidding. I'm considering it, but afraid it's very risky.

I'm also considering divorce and while I'd prefer to sell the house we only recently bought and start fresh, it makes much more sense to buy out my wife, keep the house and sell it when conditions improve.

Sort of connected to this, in my neighborhood of single family homes, Legal firms have posted flyers advertising bargain Divorce filing fees starting at $300 with the law clerk doing Home Visits. And the Phone/Contact slips are quickly ripped off.

At First it seemed funny-- then it struck me that it was financially stupid for a two income household to break up in the midst of an economic catastrophe-- but then the Divorce is the final act in the BAD Play of two people who marry for the wrong reasons.

Besides, I thought the Vow said: "For Better or for Worse" Evidently, the Wedding Vow is just a fashion statement.

My wife and I have unfortunately been considering divorce. While we are trying to work things out in the marriage, one reason we have not split up is because we can't afford to sell the house at this point.

Being upside-down on the property may actually be a blessing in disguise.