Walkable Suburb

Archive for the 'Living in Glen Ridge' Category

Glen Ridge NJ Real Estate Sales Report for June 2014

Tuesday, July 8th, 2014

Glen Ridge solds June 2014altoschartGlen Ridge solds June 2014

Glen Ridge NJ Real Estate Sales Report for April 2014

Monday, June 23rd, 2014

Glen Ridge solds April2014altoschart Glen Ridge April 2014

Glen Ridge NJ Real Estate Sales Report for May 2014

Wednesday, June 4th, 2014

Glen Ridge solds May 2014 2altoscharGlen Ridge May 2014t

Glen Ridge NJ Real Estate Sales Report for March 2014

Wednesday, April 2nd, 2014

Glen Ridge solds Mar 2014altoschart Gloen Ridge Mar 2014

Glen Ridge NJ Real Estate Sales Report for February 2014

Tuesday, March 4th, 2014

Glen Ridge solds Feb 2014altoschart Glen Ridge Feb 2014

Glen Ridge NJ Real Estate Sales Report for January 2014

Tuesday, February 4th, 2014

Glen Ridge solds Jan 2014altoschart Glen Ridge Jan 2014

Glen Ridge NJ Real Estate Sales Report for December 2013

Thursday, January 9th, 2014

Glen Ridge solds Dec 2013altoschart Glen Ridge Dec 2013

Glen Ridge NJ Real Estate Sales Report for November 2013

Wednesday, December 4th, 2013

Glen Ridge solds Nov 2013altoschart Glen Ridge Nov 2013

Glen Ridge NJ Real Estate Sales Report for October 2013

Monday, November 4th, 2013

Glen Ridge solds oct 2013altoschart Glen Ridge Oct 2013

What Will Buyers Pay For My Montclair House? Ask a Nobel Prize Winner.

Friday, October 18th, 2013

nobel prizeEarlier this week, three Americans were awarded the Nobel prize for economics. According to the article I read about them in The Washington Post, their work has helped unify the theories behind asset pricing.  Although I’m not a numbers geek, one of the winners has spent years studying housing markets, so I was very interested to learn about his work.

Robert Shiller, a professor at Yale, predicted that excessive optimism about future housing prices would drive present housing prices up way beyond traditional assessments relative to rental rates. This is exactly what happened in much of the U.S. during the mid-2000s. He also predicted that these irrational housing markets would be followed by a period of unusually low returns, or, to put it in lay terms, the housing bubble would burst. Again, he was correct.

With the nationwide housing bubble gone, and prices in Montclair and Glen Ridge quickly on the rise, it won’t be long before we see evidence of Shiller’s theory again.  Because homes in the best suburbs of New York City will always be sought after, buyers are feeling confident about competing in multiple offer scenarios.  This is what Shiller calls “irrational exuberance”– the belief that prices will continue to rise indefinitely, so the house can later be sold for even more money. Have we reached this point yet? -I don’t know but in the last couple of  weeks, several homes have sold in multiple bids – some with as many as 7 or 8 offers.  I wonder what Robert Shiller would have to say about that.

 

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