Many (most?) new arrivals to M/SO are paying cash for $800,000+ houses. This is not your parents' suburb.
I always thought the garlic chicken at Nunzio's on Springfield was one of the great bargains in the area.
Paying cash? Do you have any data to support this claim. My guess is that 90+% of buyers are taking a mortgage.
my mortgage broker wife disagrees
Disagrees with buyers paying cash or taking mortgages?
Does anyone have real numbers on cash vs. mortgages? I just keep hearing sad stories about potential homebuyers repeatedly losing out to cash buyers. Given how many people move to M/SO after selling a home in Brooklyn for big bucks, it makes sense that a lot of them are paying cash, especially given increasing interest rates.
I think that when people refer to "cash buyers" they are actually referring to a contract without a mortgage contingency. It does not mean that someone is backing a truck full of cash to the closing. I suspect that typically there is a mortgage involved.
The kids would rather have a lot of bad pizza than a little bit of good pizza
I have a confession. I ate some frozen pizza from CVS (Red Baron brand) and it was pretty good.
Not as good as fresh, hot pizza from Roman or Trat or Arturo's, but still pretty good.
Can't remember when I last ate Domino's pizza. Used to love it in college but there is a lot of food I thought good in my 20's that doesn't appeal to me know.
The kids would rather have a lot of bad pizza than a little bit of good pizza
I have a confession. I ate some frozen pizza from CVS (Red Baron brand) and it was pretty good.
Not as good as fresh, hot pizza from Roman or Trat or Arturo's, but still pretty good.
Can't remember when I last ate Domino's pizza. Used to love it in college but there is a lot of food I thought good in my 20's that doesn't appeal to me know.
I think even the pizza snobs give kids a pass. When mine were young, we bought a lot of Pizza Hut stuffed crust and Papa John's because they really liked it.
and not for nothing, but I'm happy to have a Pizzeria Uno pizza, although I haven't had one in years.
But to me, the platonic ideal of pizza is thin crust, NY style. Can you beat John's on Bleecker?
I think that when people refer to "cash buyers" they are actually referring to a contract without a mortgage contingency. It does not mean that someone is backing a truck full of cash to the closing. I suspect that typically there is a mortgage involved.
My buyer paid cash. Obviously wired, not delivered in a truck. Maybe she obtained a mortgage later, but she clearly had the cash on hand to close quickly.
Seems to me that from a seller's perspective, cash = almost guaranteed closing while waiving a mortgage contingency = good chance of closing plus I get to keep the earnest money if the buyer doesn't get financing, so still some risk.
According to this WaPo article, 53% of buyers in Nassau County, NY paid cash in 2022. I'm assuming Nassau County is reasonably comparable to the wealthy parts of Essex County, NJ. The source doesn't have numbers for these tiny NJ towns, only the major NJ cities such as Newark and Atlantic City, which are not comparable.
I wonder how many of those cash purchases are generational wealth. Like a loan from mom and dad that’s not on the books.
Probably a fair number are people downsizing. I’m pretty sure we could sell our home in SOMA and buy something smaller in Middlesex or Sussex (I like sexy counties) County with the proceeds.
I wonder if the orginal poster has tried dining in Union? There are plenty of restaurants, and many are reasonable. The Souvlaqueria at the corner of Liberty and Morris is good. Their menu is available on line. We usually do "take out" but they have a dining room, too.
And they deliver! (At least to where I live in Maplewood - Prospect/Tuscan area.)
The kids would rather have a lot of bad pizza than a little bit of good pizza
I have a confession. I ate some frozen pizza from CVS (Red Baron brand) and it was pretty good.
Not as good as fresh, hot pizza from Roman or Trat or Arturo's, but still pretty good.
Can't remember when I last ate Domino's pizza. Used to love it in college but there is a lot of food I thought good in my 20's that doesn't appeal to me know.
I think even the pizza snobs give kids a pass. When mine were young, we bought a lot of Pizza Hut stuffed crust and Papa John's because they really liked it.
and not for nothing, but I'm happy to have a Pizzeria Uno pizza, although I haven't had one in years.
But to me, the platonic ideal of pizza is thin crust, NY style. Can you beat John's on Bleecker?
Vic's in Bradley Beach. You're down there. Maybe you've tried it.
My buyer paid cash. Obviously wired, not delivered in a truck. Maybe she obtained a mortgage later, but she clearly had the cash on hand to close quickly.
Seems to me that from a seller's perspective, cash = almost guaranteed closing while waiving a mortgage contingency = good chance of closing plus I get to keep the earnest money if the buyer doesn't get financing, so still some risk.
According to this WaPo article, 53% of buyers in Nassau County, NY paid cash in 2022. I'm assuming Nassau County is reasonably comparable to the wealthy parts of Essex County, NJ. The source doesn't have numbers for these tiny NJ towns, only the major NJ cities such as Newark and Atlantic City, which are not comparable.
According to this WaPo article, 15% in South Orange and 17% in Maplewood of home sales were all cash deals in 2022.
A well-connected Millburn friend told me today a lot of home sales in M-SH recently are cash deals. He said he thinks it’s in part that sometimes multiple generations of a family are making the purchase and will all live together.
Does anyone have real numbers on cash vs. mortgages? I just keep hearing sad stories about potential homebuyers repeatedly losing out to cash buyers. Given how many people move to M/SO after selling a home in Brooklyn for big bucks, it makes sense that a lot of them are paying cash, especially given increasing interest rates.