The housing market is on FIRE!  That’s if you’re a seller, not if you are a buyer.  But see that’s the thing.  You need a buyer in order for the seller to be hot.  Confusing, I know.

What does 'Sellers Market' mean?

The term “Sellers’ Market” is defined by when inventory is low and demand is high.  A situation that favors any seller of a home.  Biding wars take place and sometimes prices are sky-high.  Interested house seekers may end up paying more for the home in this climate.

What does 'Being Under Water' mean?

When things even out, that house may not be worth what you paid.  This creates a horrible financial situation where your mortgage is not worth the value of your house.  That term is called “being Under Water”.  You really don’t want to find yourself in that situation.  It could lead to foreclosure.

How does this compare to the housing market collapse in 2008?

Unfortunately, many homeowners fell under that category in 2008/2009.  Mainly due to mortgages being approved for people who had a higher risk.  Loan defaults were taking place at such a rate it, things crashed and people lost their homes.

Now I know you are a smart person and you would never think you could afford a house with a price tag of over 1 million dollars, right?  Maybe you can.  Good for you!  😊

Could you afford this listing?

via Zillow

Welcome to this incredible 7 bedroom, 7 full and 1 half bath estate in the desirable Bluff section of Fort Lee, NJ with breathtaking panoramic views of the George Washington Bridge, Hudson River, and New York City. This manor features approx. 8,500 sq. ft of living space on 2 floors, plus an additional finished walkout lower level of approx. 3,500 sq. ft.

I'm just interested in a tour at this point. 👇

TAKE THE TOUR: See The Most Expensive New Jersey House In Foreclosure

Here is the listing price!  😮

via Zillow

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