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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: GraceZ who wrote (11475)	7/5/2003 8:34:15 AM
From: STEVE	Read Replies (1) \| Respond to of 306849

I've been looking in Northern NJ for the last few months, and am having trouble making sense of what's coming as the market is beginning in vary from town to town in what have been the most desireable areas. In one town (Montclair)prices are still being bid up rediculously over asking price, while in another (Ridgewood) their still getting thier asking price and yet another(Tenafly) it's definitley starting to drop. Been a foolish renter for the last 10 years since my divorce and can remember buying a townhouse 15 minutes before the crash in '89 and certainly don't want to repeat that experience. I don't see how houses wont come down if interest rates begin to creep up as prices have certainly peaked in most areas here. Once the "traffic rush" of spring/early summer recedes with people trying to buy before kids begin the school year, I believe things will begin to sit longer and asking prices in the hotter areas will begin to reflect a little sanity and (for my sake) even start to come down at least 5 to 10 %. Than again, I've called it wrong before.