Last week, TLS published an article showing that Lakewood has the hottest suburban real estate market in the entire United States. Prices rose some 47.6% on average in a single year and many Lakewood families are left without home-buying options, having been priced out of the market. The question is, why?
Yes, there is a scarcity of houses for sale relative to the number of families that need a home to live in, which automatically drives up the price. That’s just supply and demand. But that doesn’t explain why the price of homes outside of but near Lakewood is also skyrocketing. There is an abundance of homes in towns like Jackson and Toms River, but many are priced out of even those homes, forcing them to move even further out. So what is the cause for this balagan? Well, it’s a confluence of things.
The first and most obvious reason is that real estate agents, realizing how desperate people are for homes, are taking advantage. I personally heard a real estate agent on the phone saying that the company’s strategy, for now, is to automatically price a home a minimum of $50,000 above its value and then pressuring buyers into bidding even higher. That’s not even “doing business” – that’s being a predator. And homeowners are obliging by the price points set by real estate agents, as they should. They put their hard-earned dollars into a home, they should be able to sell it for what they can get. But it is unquestionably true that real estate agents (not all) have collaborated to set the market so high that only the wealthy can possibly afford to live in even a semi-desirable area, at the expense of Lakewood residents and at their profit.
But there is a second reason as well, and this is an issue we need to grapple with. Lakewood has become a tale of two cities. On one side we have a massive amount of families who can barely make ends meet. Lakewood has one of the lowest household incomes in the US, a problem compounded by the fact that New Jersey is one of the most expensive states to live in. Those families are stuck living in utter destitution, with every child wearing second- or third-hand clothing, and often going hungry at night. This isn’t an anomaly – it is almost guaranteed that you know at least one family who is in just such a difficult situation. And on the other side, we have a number of very successful baalebatim who are able to spend money on their needs. Often these individuals give massive amounts to tzedakah and help those around them, but they are also part of the problem when it comes to real estate.
The majority of families in Lakewood do not have the means to plunk down an extra $100,000+ above a home’s actual value. They just don’t. But there are a not-insignificant number of people who can. And it is those people who are allowing agents to price the little guy out of the market. I’m not pointing fingers at baalebatim as culprits here, I’m just pointing out the dynamics.
99% of communities in the US don’t have this problem because the rich and poor don’t generally live in the same area. Poorer families will reside in cheaper areas with smaller homes on smaller lots of land, and the wealthy move to swankier areas where they can have their large homes and backyards. But in Lakewood everyone is together. Big houses next to tiny ones, the wealthy living with the poor. There isn’t anything particularly wrong with that, but it does make life more difficult for the poor.
So what’s the solution. I have no idea.
Thank you for bringing awareness to this topic. Personally, I don’t think it has much to do with the agents. There is just a housing crisis here and the inflated prices are simply reflecting that reality. The standards of living has become unaffordable.
Yuks… it does have to do with the agents…. but that does not mean they are wrong in what they are doing. I personally experienced it and was disturbed. They basically make it clear that houses are in a bidding war. Where historically you would bid below market they tell you that you have no chance at less than asking… and in the end someone hearing this who really wants the house always ends up taking advice and offering higher. The agents do and can only do this because it is market driven. I don’t know that you can expect otherwise. Bear in mind, they often has a responsibility to the seller as well as to you to give you the best chance at the property you want. The problem I see is that if a certain element is priced out of Lakewood… Lakewood will change. It will damage the draw many had to Lakewood in the first place and it can become a very different and far less desirable place. We can’t fight the market… but we should fight for our values and way of life.
It totally has to do with the agents. A few years ago the price for a new home went up $100,000.00 overnight. If the brokers would get a set price per house sold as a pose to a percentage then they would make there money no matter what the house sold for
It is definitely the agents.
There is a strong need to form a first time owners buyers lobby specifically for litvish nusach askenaz bnei toira to educate buyers not to be pressured into overpay and pressure the sellers and agents not to be so greedy.
All agents should uave to issue a CMA to any potential buyer.
Stay tuned!!
What does nusach ashkenaz have to do with anything?
chasidim daven nusach sfard
The solution is to move to places like Lancaster Pennsylvania and Cleveland Ohio where you can purchase homes for $200,000 or less and Taxes are less than $1,000 a year and get free Tuiton in places like Cleveland which have school vouchers
Value is what people are willing to pay the free market sets the price not the agents. There are a few points in regards to inflated pricing
1. People moving from out of town where a 2 bedroom apartment can cost almost a million dollars will be more then happy to pay 800k for a 6 bedroom house on an acre property.
2. In Lakewood the rental market is even hotter then the RE market and the interest rates are low people feel comfortable paying more because the rentals help offset the higher monthly cost.
To summarize Out of town demand along with strong rental market has driven up the cost. Maybe affordable housing such as townhouses as opposed to duplexes is a solution ( I know the downside)
Rabbanim should remind the oilem that it is assur to bid another yid. I’ve seen instances where a prospective buyer offered full price only to be outbid by another yid who offered $30-$50 more.
It is also ossur to invent halachos. It is not ossur to outbid another Yid, sorry about that.
In Linden the Yidden figured out a way to keep the houses affordable. Copy their model. And yes, the real estate agents are tremendously at fault.
I agree that it is the real estate agents’ fault. Why in heavens name is a duplex selling for 700K?? How is that even semi affordable for the average homeowner?
With all due respect to all the know it all’s and anonymous comments, I am a real estate agent in Lakewood and have NEVER encouraged people to spend above their means and I know many who refrain from this as well. The BIG issue is that people are coming from out of town areas, selling their homes for a nice chunk of change and are overpaying and over building. This is affecting more than just housing prices. (ex.cleaning help prices) . Yes there is a shortage of good homes, but there are plenty of decent priced homes in good areas for sale.
Let me tell you what just happened to a famiy member of mine
They were bidding on a home in Jackson and of course were outbid like they had been so many times alrerady. A few weeks later the buyer who had won the bid at 65,000 above the asking price realized he had overpaid and backed out. The house went back on the market and my relative put in a new bid even higher then the old winning bid and after a week was told that they had won the auction. They had overpaid but were happy to finally have signed on a home. They signed the contract and had their agent forward it to the buyers agent for execution. They eagerly awaited the opportunity to see this house close.
A few days passed and they received a phone call from their agent that the seller had accepted another offer 10,000 above their winning offer. It seems like another broker found out what the winning bid had been and swooped in with a another higher offer after the buyer had signed the purchase agreement but before the seller did.
The agents told my relative that although seller had already accepted their offer they could back out and take a higher offer.
The question is how does a broker go and do such a thing when they knew an offer was already accepted by the seller. Forget about the Halachic questions of it……..how about the humanity and morality of this broker [and buyer}.
I think this story illustrates how the agents are driving up prices and hurting all of us.
There is no issur of עני המהפך if the second person is offering more.
That must be the story That happened to me
. The other buyers wanted the house so badly they knocked on the door and offered the seller more money without even telling the agent. Then the seller (non jewish) got mad at the agent why she didn’t tell them that she could get more.
Just wondering how is this the agents fault???
The realtors are going for the big bucks. The question is what are the young families first time buyers supposed to do?
Are there really children going to bed hungry here in lakewood?
Am I so blind to what other people are going through?
There is a big difference between not having an extra $100K and not having enough food!
That is the most disturbing part of the article, children crying to their parents for food but there is no food in the house. Empty fridge and pantry.
Is there any way we can make a supper box? Evryone loves getting the shabbas box so there is no shame at all. (not that there should be shame in not having money… It’s just like being tall or having red hair or who your family is. Hashem is the one who decides how much we get. However, some people are embarresed not to have. Regardless, by creating a supper box could ensure that no child needs to go to sleep hungry.
hey when you bus in 300 people from Brooklyn to buy out full developments in Lakewood paying prices that most lakewooders couldn’t afford, so they took away the supply and prices go through the roof
Prices are high all in all republican and suberbun states,
Real estate unsuccessful agents usually manipulate a price he can get the home owner to get a listing from the owner… usually agents cant keep their word and owner accepts lower offers but thats in normal situations. During covid even the most unsuccessful broker and even the most troubling ugly house sold unless it is extremely overpriced or the house is extremely problematic, successful agents dont fabricate numbers to selers to get a listing, they actually try to talk owners in to lower numbers so it is easier to sell but many times seller get so offended they will drop that agent and give it to the agent that promised he can get him much more for his house and then they fall ahort and owner lowers price. Covid is a total different story. Its pure supply and demand but when agents have no houses and get 1 listing they may decide to hike prices because they know they can but remember agents only make money when they sell, they only can sell if buyers are interested and they can only make a living if they have inventory. So the main reason is simple supply and demand.
Prices are high nationwide because of the mortgage rates, stop crying about house prices if you can now buy more with your money.
Example If you planned on buying a 500k house and now that house is 575k because of the mortgage rate you can now qualify to buy a 700-750k house for the same mortgage payment.. again this is just a sample of how you get more now even with high prices. Unless your planning on flipping or selling soon I wouldn’t worry if you pay a $$ more for the house now if your monthly is lower now anyway. Also please remember that many houses expected to flood the market in 2021 when the emergency orders and bank forbearance etc is over you will see a flood of house when people go to foreclosure or bankruptcy. Don’t expect a 2008 as back in 08 they gave loans to anyone that asked but today its not that easy to get a loan so its al covid related so prices will most likely balance.
Anonymous you sound like a typical realter (aka sales person) pointing out things in a skewed manner (not saying every sales person is skewed). You don’t “get more” by paying more with lower interest rates. Even with lower monthly payments you’re still paying more for the purchased item. You need more money for down payment. You have a higher loan liability. Harder to get another loan for something else like car or business. If you do want to pay up the mortgage early then (most likely, depending how early you pay up) the house will cost more than a lower loan with higher interest rates. These are just a few points to think about.
It is no secret that we’ve priced our own selves and our children out of the healthy, balanced Lakewood town that it was intended to be
And all the gemachim are bandaids, let’s lower the standards, even minimally, and we will be accomplishing the highest form of chesed, not to mention setting a much healthier and realistic standard for our children, hard to imagine what the next generation will expect!
Housing is just one area that’s become ridiculously astronomical, how bout clothing, landscaping, furnishings, Simchos, delicacies, vacations . .
You left out a crucial piece of info which only excaberates the problem which is everyone moving from New York wanting to take advantage of our “decently priced homes “ compared to NY they are but for our large struggling Lakewood families they can’t compete with the NY hasogos of what houses should cost
It has almost nothing, are maybe even nothing to do with the agents, in the bigger picture when a city is analyzed, the housing prices are somewhat aligned with the median income in that city, in Lakewood it totally has nothing to do one with the other, and ultimately that spills over to the rest of the lifestyle (Cars, Clothing, Simcha’s etc. ) and ultimately it’s the buyers that make the prices, and if people would buy only what they could afford, then they would automatically set themselves up with pricing they can afford, it’s not the wealthier people that raise the prices, because we all know how houses are bought around here with the down payment being put together from family and friend loans. As a community in general, we are blessed with so much, but this is our shortcoming, Budgeting, Living within one’s means, basic financial structure
It’s not the agents fault.
It’s not the New Yorkers’ fault.
It’s not the developers fault.
It’s not due to Covid19
The list goes on….
There is no one correct reason for rising prices. It’s a mixture of reasons. So to blane one group is wrong.
It’s not the agents fault.
It’s not the New Yorkers’ fault.
It’s not the developers fault.
It’s not due to Covid19
The list goes on….
There is no one correct reason for rising prices. It’s a mixture of reasons. So to blame one group is wrong.
The Michtav MeEliyahu (vol.4, p. 297) writes, “It is permitted for a person to use his money for himself liberally only if he gives in the same manner to the poor. But if he has in his house “a large and small measure” (Dvarim 25:14), meaning one standard for his own expenses and another standard for the needs of the poor, then this is certainly robbery”.
In our times, economic equality is even more important, because, as mentioned above, it connects to the redemption. The gemarah (Sanhedrin 98a) says that Mashiach ben David will not come until all the measurements are equal, which, the Vilna Gaon explained to mean, until there is economic equality (Kol HaTor, p.34).
I am equating this with communism or socialism. All this is a matter of free will.
I would suggest that if you have a problem with Real Estate Agents…
This is what it would be.
When you look to buy a house you should sign an agreement with an agent. That he is exclusive with you. (Yes there is such a concept)
That same agent should not be representing the seller.
If he is you should hire another agent to represent you on the deal.
Just like; the same attorney can’t represent both the buyer and seller.
It’s impossible to negotiate correctly on behalf of both sides.
Yes. I know there is a dual agency agreement….
That shouldn’t be the norm.
After 6+ years of trying to find an affordable house in Lakewood, (wondering why houses appraised at $350K were being sold above $650K) I said to the Real Estate Agent, “So basically the Lakewood market is really a NY market. Someone’s parents or in-laws can sell their house for 1 MIllion+ and they are thrilled with the bargain, getting a beautiful house with at least 400K pocket money…so the Lakewooders need to buy in Jackson or TR.” The Agent smirked and said I got the picture. Unfortunately we had to give up our hopes of finding a suitable home and Lakewood and moved to a newer neighborhood in Jackson. It’s sad. That’s why my brother moved to Cleveland – the housing market is basically regulated by the Vaad and people can’t do this shtick.
“stuck in Jackson” Most people that bought in Jackson are very happy and would not want to go back to Lakewood. We enjoy our space very much! It’s peaceful! Plenty of parking! space for kids to play! Don’t need to worry about little kids running into street with cars zooming around! Less yentashaft (unless that’s something you crave). Less traffic! no need to squeeze around tons of garbage cans on garbage pickup day. There is no large rows of garbage cans lined up that in the summer you need a noise clip (face mask) to come within 6 feet. We have grass and trees! These are just some of the qualities of living in Jackson Toms river etc. I find it extremely amusing when i see an ad in the paper listing a house in whispering pine and it says in capital bold words “situated in a private spot in whispering pines”.
Just wondering,
Where were you when Stamford meadows was being sold for $375k 5 years ago ? Before the chassidush people came to buy it since the litvish people didn’t want “to travel so much”
You say your looking for a house for 6 years. I find that hard to believe.
Everybody chill. As with corona there is nothing we can do about this it is all in the hands of Hashem. It feels good to put blame on people and things and think that there is some thing we can do about it, but there isn’t
Sorry buddy, but the reason half the families in Lakewood are in poverty is bc in many cases, thos families are “kollel families” or families committed to chinuch. I don’t c”v lool down upon kollel families or think they should suffer in poverty. However, to blame NJ real estate and taxes on poverty is absurd. As it is those families are not making enough in their paycheck before taxes to stay afloat. Accusing real estate agents for house gouging is stupid unless you have a legitimate way to prove it.
Go to investopedia.com check out
The Truth About Real Estate Prices
Good luch finding an affordable house in Florida or Texas. New York and California will be the new Affordable soon if covid like down continues
This was a concerted effort by some real estate agents and builders .
These are the same people who had a massive marketing blitz in Boro park and Williamsburg to convince them to move to Lakewood .
They are used to paying these crazy prices so it’s no big deal .
Now thanks to these selfish individuals we have real estate prices thru the roof and rent that is sky high
How do they sleep at night knowing that they caused such stress and pain to so many local family’s ?
The writer identified a problem and is pointing fingers in all directions.
Maybe look in the mirror and see how you can better yourself and the people around you.
It pains me to see so much blaming and shaming going towards the Real Estate agents. Being that I work in mortgages I know first hand that most of them are very good and upstanding individuals. I know there is a problem and a lot of hurt but that isn’t a reason to pick on our wonderful RE agents.
BTW I know a few people who Don’t Own a house ( Gasp )
they figured out this thing where you pay someone a monthly amount and you can live in the house. There are even places that have lots of units like this so you don’t need to worry about being thrown out. Another point Buying is basically a long term rental . You really only have it for 70-90 years.
We as a community have a flawed paradigm in how we decide where to live. On one hand we want all the amenities that a big frum community has to offer (Minyanim, Mikvaos, stores…) on the other hand we are not willing to accept that all these amenities come from supply and demand. The more people live in one place the more businesses will open to meet the demand of the community. This also affects the real estate market. All the amenities and infrastructure a place has to offer makes it a more desirable place to live thus hiking up the cost of living and prices of real estate. (ei: Manhattan and Los Angeles) We have to learn to either accept the price of having a Gourmet Glatt, Marcys and Kava reflected in the cost of our houses or move out of town to get cheaper housing.
How come most industries has their own ethics and rules that they follow but re agents do not? I am not in Lakewood but in my neck of the woods I see agents buying houses from estates or little old lady on the cheapskate, put a few $ in the house and flip it. The re agents get the listings first it is like inside trading.
For a minute there I thought this article would have a chiddush.
Wrong again !!
And btw, you wanna know what the “other side” looks like ?
Volunteer to do deliveries for Tomchei Shabbos a few times a year.
That’ll give you a decent insight. You may lose a few nights sleep, but its OK; Ist good for you.
Blaming real estate agents is like blaming the grocer for food prices, car dealers for car prices, etc they are just trying to make a buck like everyone else including all the above commentators everyone that has a business tries to charge the most they can to make the most profit possible it’s a free market you can move wherever you want. And btw what’s with all the hate to marketing in Brooklyn as if that’s a terrible thing you guys sound like you think you own this part of nj
Just trying to make a buck is not an answer for dishonesty. I blame the real estate agents (not all) the same way I blame the car dealer that sells the car as if there is nothing wrong with the car it was not in a big accident (just a small dent) when in reality the frame is bent.
You state that supply and demand does not explain why prices around Lakewood are skyrocketing. Well maybe supply and demand does explain it. On the supply side there is a finite amount of land in the town of Lakewood to put up new homes. So the good days of parking a duplex on every empty lots are behind us. We are simply running out of space. The surrounding towns do not have lots of new homes going up due to zoning laws, availability, and a variety of reasons. People who settle in Lakewood tend to stay so in general existing homes do not go on the market. We have a much higher percentage of newly married couples who are settling intown instead of going to Israel, and a huge influx of people who are dying to get out of New York. So limited availability and a huge increase in demand will always raise prices. I fully understand your frustrations over the huge increase in prices, since i am in the market to buy a home. Anyone who has been in the market over the past six months, knows that there literally is nothing available. It sounds that you are uncomfortable with the high prices, however your feeling about what the price should be have no bearing on the realities of the market. In a sellers market by definition the seller has the upper hand whether we like it or not. To make a blanket statement blaming the RE agents for your frustrations is pure Loshon Horah. The agent and the seller will always try to sell for the highest price period. To say that they are not allowed to is genivah and not how things work. You would like to know what the solution is? Well buyers who cannot find a home that works for them will look further out. This is actually a good thing. The people who move to neighboring towns are happy and tend to feel part ot the community they are building
I dont know who you are Mr. Disgraceful Neuman, but how dare you slander a group of upstanding baaleibattim in the Lakewood community. The Realtors work hard to help each and every person and are sweet caring and compassionate. For starters taking a look at zillow today there are three houses listed in Brookwood 1&2. Two are priced well (319k and 350k) and affordable. The one priced at 399k for 1,500 sq ft is by a non jewish agent. Moving on to Flair there are five houses. They are considerably larger than Brookwood. a 1800 sq ft for 370k and a 2000 sq ft for 389k. NICE! the one expensive one is a 2000 sq ft house that is newly redone for Yidden with around 75k of work put into it. The last 2 over priced homes…again by two non jewish agents! Why dont we get a sample from Manchester: 330k 369k 368k. All reasonably priced homes. Looking in Lkwd we have a bunch of the older type of duplexes for 420k 450k and 500k range all with rentable basement. Now lets address why a house in Brookwood is more expensive than two years ago. There is something called a market. What automatically happens when ten ppl want a house in a neighborhood that only has one for sale. The value of the house shoots up. There are tens upon tens of families that want to buy in Brookwood. Automatically the price shot up. The same way it would if all of a sudden there was a surge of buyers in Carrington North Dakota. The ranch of 2000 sq ft that is only 170k will surge to 350k. If you look at the neighborhoods that didnt pick up in Jackson that have a couple Jews, guess what the prices are significantly cheaper. Because there is a greater supply than demand the prices havent risen (look at the neighborhood attached to NPGS Jackson for an example.) I think part of the frustration also is the fact that many young ppl are buying. In years gone by a couple married for 2-3 years weren’t buying a house. Now they are. And the many who cant afford it feel upset and are looking for scapegoat for their upsetness. Which on a side note if we would stop spending so much money to be like the Jones – (think the doona we desperately needed; the bugaboo; the matching clothing for each season; the oven ready shnitzel bec it is too hard to bread the cutlets. The latest everything. A new sheitel at 5k every other year. The SUV lease. The newest iPhone. And the list continues) – you would probably have saved a significant amount more, would have more for a down payment and lower affordable monthly cost. But dont you dare slander honest hard working agent because you need a scapegoat for your frustration.
Happy to see your idea of affordable.
Also, I know personally of cases where agents created bidding wars by creating the impression that there were many people interested in this house – by bringing in many people to look at a house at the same time when it turned out that the majority weren’t interested in this type of house, neighborhood, etc. This was to create the impression that this house was desirable, thereby causing a sense of desperation.
And there are plenty of people out there who were “sweetly” pushed into overbidding (400k for a 1500 sq ft. bilevel type), are now under contract or just closed, and are having serious remorse.
How about that the agents are pushing clients to look in the same neighborhoods – the agents are steering their clients towards the Brookwood’s, so that’s where everyone needs to bid (although as you mentioned above, there are areas in close proximity that have houses available).
From personal experience, when you bring up the less desirable areas, they sound unenthusiastic and change the subject (moer than one agent).
YES, the agents are definitely at least partially at fault.
Hi! Another Joe blaming his grievances on the agents! Why would agents ush ppl not to look at other neighborhoods when they are the ones who are the agents in the other neighborhoods!?!?!? Your non logic doesnt add up. You dont have the money to buy so you are looking to blame. how about blaming yourself for not getting a job to pay for the castle you desire…
Don’t Blame the Real Estate Brokers; they are all Ehrlicha hard working people with patience of steel; if I were to sell my home I would only hire the broker whom would get me the highest price, I wouldn’t worry about the buyers whom buy my home as after 2 years it will be a bargain for them.
$300,000.00 in 2009 is worth $363,893.87 Today.
A nice Home in Lakewood which went for $300,000.00 in 2009 goes for an average of $950,000.00 Today.
Only items which are still reasonably priced in Lakewood are: 1 bedroom units in adult communities, or very tiny little Town houses (or units I will call them) still have weak demand.
Who’s To Blame?
The Chasidishe Rebbe’s & The Yeshivishe Askanim
Besides all of the tzuris we have with shiduchim and bringing up kids our population is Baruch HaShem multiplying for the 1st time since the shvatim settled in Egypt and especially now following the worst Holocaust in world history.
We have every type of organization (Hatzolah, Misaskim etc) 10’s of them but not even one to house the growing population of klal Yisroel, where are the rebbe’s ,where are the Askanim ! There is still plenty of land and forests in our surrounding areas waiting to be developed, plan communities with spacious housing , industrial areas for parnassah, and areas for various types of schools.
Chasidim don’t like living in communities of only their own type,(They call them communist communities) they like mixed communities with chasidim, yeshivish and even modern orthodox , all types.
This housing problem Started in Boro Park 40 years ago But everyone is “me myself and I” no one ever does anything.
i think we should wait 6 months till covid is over more developments put up couples start moving to ey again not everyone desparate to get out of nyc and see what happenes to the market..
why must you bring up the holocausts? really has no shychus! and if you say chasidim like having all types of neighbors, why dont they show by their actions, lets start by having some nussach ashkenaz sedurim in their shuls, cant find even one!
mutty, what are you talking about? multiplying for the first time? not really sure what your talking about, the only thing that happened for the first time, was that chasidisha mosdos bought out entire Lakewood developments causing a terrible Lakewood housing issue! dont tell me about forests, our roads can not handle another development, you need to think secheldik mutty! and stop with your holocausts non sence it has nothing to do with anything
the big tzadikim that were so eager to help the chasidim in Brooklyn ( i know they were trying to help their pockets, but we can still call them tzadikim) can be proud of themselves for causing hundreds or erlicher lakewood talmedei chachomim to be forced to buy cheaper house far away from yeshiova in Jackson and toms river making it so difficult for them to commute to yeshivah
reply to #10 posted a false comment. They wrote ” There is no issur of עני מהפך בחררה if the 2nd buyer offers a higher price”
that is INCORRECT i spoke to many Rabbonim and they ALL said very clearly that it is 100% assur irrelevant of what the 2nd buyer offered. The main issue is if the 1st offer was already “accepted” (How to define “accepted” can possibly be open to interpretation based on the circumstances) . Obviously if it wasn’t accepted everyone is free to bid whatever they want want.
Reply to #10 posted a false comment. He/she wrote
“There is no issur of עני מהפך בחררה if the 2nd buyer offers a higher price”
This is INCORRECT. I spoke to many Rabbonim and they ALL said it is 100% Assur once the 1st offer was “accepted” irrespective of what the 2nd fellow is offering. (The definition of “accepted” could possibly be open for interpretation based on the circumstances)
How come no one is considering the actions of the developer or seller? The seller of the home is the one who is ultimately makes the decision on what offer to accept. Supply and demand is a true factor and the value of any home is determined on what a buyer and seller agree on. If the buyer wants to pay then they will because they see the value to do so.
People are so busy pointing fingers to realize that everyone is the same. The fault belongs to lifestyle, not realtors. Look at Lakewood- young couples (especially with multiple tuitions) can’t afford to buy a house. Boro/ Williams- young couples (especially with multiple tuitions) can’t afford to buy a house.
Lakewood- Everyone is saying move out of town, it’s so cheap in (Cleveland, etc).
Boro- Everyone is saying move out of town, it’s so much cheaper in Lakewood.
Current out of town/ Lakewood residents are complaining of not having enough schools or housing. The reality is every new generation will require at least 4-6 new houses or apartments, and there isn’t enough land. There isn’t a reasonable answer.