The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Lizzie Tudor who wrote (21148)	6/1/2004 11:05:22 AM
From: George8	Read Replies (1) of 306849

That's an interesting point that the commonly used price appreciation on home prices is quite misleading in many cases. For instance, the NAR figures say the median prices went up something like 12% and 7% (from my memory) in Bergen County, NJ, respectively in 02 and 03. So, one of my friends insists that he should be able to easily sell his house in Woodcliff Lake (nice town) at $700K, because a few similar homes were sold for $600-$650k in 2002. Guess what, they listed the home in March, 2004 at $710K (has since been reduced to $660K). Not only there has been no offers at all, but the traffic to view the property has been very scarce. He asked my opinion which I replied that the price is too high. My friend of course could not agree with me or the listing Realtor (now suggests that price needs to be reduced much further) because my friend keeps arguing about the hefty increases in prices from the NAR numbers. What's going on?

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