frogman68

James Bednar’s first and only attempt at buying a house transformed the 31-year-old software programmer into a real estate guru.

In 2005, Bednar and his wife would circle listings for homes they liked in Montclair, only for an agent at the open house to tell them a $450,000 house actually cost $700,000. When he searched for previous sale figures, Bednar came up empty.

“The real estate industry had such a stranglehold on the data,” said Bednar, a lifelong Clifton resident born to Polish immigrants. “I didn’t think anyone called the pricing in North Jersey correctly.”

So, Bednar launched the New Jersey Real Estate Report, a blog dissecting the local market through insider reports, pricing data and news stories. Since then, the site has grown from a few dozen viewers to 3 million page hits a year.

Some real estate agents cursed Bednar for shining light on their industry. They refuted his calls about a looming housing decline. “Puleez, is it doomtime yet?” asked an anonymous poster on the blog in January 2006. “Only a fool would follow your logic.”

But for better or worse, the blog helped shake up real estate in New Jersey by providing a baseline of what local properties should cost.

“There’s no equivalent,” said Jordan Celkupa, a financial planner in Red Bank and former stock manager, who checks the blog several times a day. “Almost instantly, you have fly-on-the-wall data from the best resources in the country, but locally focused.”

New Jersey Real Estate Report


Has anyone been affected by this ? My wife and I bought a little house in 99 for 112k and sold it in 05 for 290k I think that was the last good year for Real Estate.

3hatsperez

I'm familiar with the report and the site is generally one of the first results that comes up on e when you search for keywords related to NJ real estate market. I'm an agent in the Union, Essex County area and in 2005, we started the see the market shift. August/Septmeber 05 is when people began talking about it. In early-mid 2006, prices started to change to curb inflation. And more price changes in 2007. In 2008, the people who are making the changes are selling their houses first or faster.

Yes, you made a killing on your "little" house and so will people in this market. They may have to hold on to their homes a little bit longer.

Zillow is another site that people treat as gospel, but in reality it needs to collect several more years of data and specific things about houses before it can become a legitmate source of info.

Do I dispise when information is readily available to consumers. . .Not at all. Itakes a professional to be able to explain and use the data to assist buyers and sellers. There so many mixed messages about this market.

People are always going to need to move and the way our society operates, they simply do not have the time or resources to properly market and buy homes on their own.

The value I bring to a transaction is being the ultimate service provider; educating people and helpng them evaluate decisions or make choices.

That's my two cents, but I have to go on record that I like the njreport. It keeps me focused and informs me.

3hatsperez

http://www.msnbc.msn.com/id/25169510/

Moni

I'm so glad we waited. I'm hoping we can get a house that was worth 350k last summer for around 299k now.

3hatsperez

300k is the most competitive price range right now. In union 370 houses are now selling for 349ks-325. I have a house for 315k on Victor.

Let me just say this: continue to save b/c you need at least a 3% downpayment and good credit.

Moni

We have more than 3% to put down and we have great credit plus we have no long-term debt except for car and we have two more years until we pay that off.

My DH went to see a house today on Gold Terrace and the owners want $445 for it. They initial price was $469,900. They bought a new house and need to sell this one...right now they have two mortgages.

This is what it has from the papers he brought home. I like what I see in the pictures and DH says it is the perfect house for us and we've looked at many. He said it was quite spacious. I just wish there was a master bathroom. And to me, the price is a little more than I would like to pay.

-large 4 bed bi-level
-2 full baths
-large screened in portch with flagstone floor
-eat in kitchen
-formal dining room w/ matching trim molding
-great location
-walk to schools and golf course
-move in condition
-new vertical vinyl siding
-large recreation room
-large bright and airy living room
-ceramic tile in kitchen
-wood flooring throughout

Let me know what you think.