And you wonder why the average home buyers age is now 38?
Yup - first-time homebuyers in the U.S. are getting older. The median first-time homebuyer has reached an all-time high age of 38 years old, three years older than in July 2023. And it's mostly to blame for the fact that idiots like whoever ended up 'winning' this price war spent entirely too much money on it, but then again the realtor and the seller are both laughing all the way to the bank.
The three bedroom, one full and one half bathroom home in the suburban town of Glen Ridge, NJ was listed March 15 for $629,000 and closed April 25 for $951,000. That’s 51% or $322,000 more than it’s asking price. That's just fuckin' insanity. Seriously. I'd bet the property taxes on that tiny little nothing of a house are in excess of $ 15,000.00 per year.
A million-dollar price tag no longer means lavish and luxurious living. In more than 200 U.S. cities, buyers will find a price tag of $1 million or more on the typical starter home, a new Zillow analysis finds.
Yippeekiefuckin'yeah. Jeez...
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In commiefornia a million bucks will buy a glorified dog house that needs a new roof.
ReplyDeleteJust like the exorbitant cost of health care, how much of the cost of a home is because of government intervention in the market place?
ReplyDeleteA million bucks?
ReplyDeleteMust be a scraper.
It's worth what the market says it's worth. If someone is willing to pay 50% over list, then it's worth that. Today. Tomorrow? Well, maybe not, but that's the buyer's problem. You make money in real estate on the purchase, NOT the sale, so overpaying with its consequences (taxes, anyone?) will kill you. When externals (zoning, available neighborhoods, commute, etc) drive the price, then you pay the market.
ReplyDeleteNot knowing the market in NJ, but they could have listed the house with a low price just to have a bidding war, knowing some people get in a frenzy and would pay more than they normally would.
ReplyDeleteglen ridge is a tony burb. got a lot of them in joisey
ReplyDeleteI paid for mine off in 2010. turned 65 this year and i will not have any property taxes after now, it's mine. all mine now!!
ReplyDelete