Hi there, I'm glad that we could put you and your family at ease. Buying a house is a BIG DEAL. It's a huge investment (Perhaps the biggest one you have done so far) but with good help it could be also lots of fun. So keep on the good work and when that great house will show up you will know!

Fri May 23 2008, 18:10

Sharon, thank you for adding your comment, it's extremely helpful. My wife and I were running out of steam but we feel better now. Your description of the market is exactly what we've seen. However, being new to the area, we thought Montclair was much more desirable than Glen Ridge. Good to know that they both have their advantages. Thanks again.

Fri May 23 2008, 17:59

Dear NY buyer. As someone who moved to the area only 4 years ago I can tell you that this is the time to buy. If you are looking in Glen Ridge which is ranked #1 school system in NJ you will probably not find too much for your money, the town is offering mainly small homes with high taxes, but you get the best schools. If you are looking in Montclair it's a bit easier to find a fit to your requests. I did not check specifically what is out there but whoever is your agent should be looking all the time including some "For Sales By Owners" for you and when the time will come you shall find your dream home. Finding a house could be a longer process than we want it to be but with the right help from your agent and with some patience on your part I'm sure it's just a matter of time before you will succeed. I wish you all the best in your search. In case you need any further help you can contact myself (Karen) or my partner Sharon through our email address.
SharonandKaren@prunewjersey.com

Fri May 23 2008, 17:40

Hi,

Your price range is fine for a 3bed in Montclair. Finding the perfect home, however, does require a little investment of your time. There's many tools you can use to simplify your search, save you time and effort.
We have a site called "Buyer Scouting Report" that let's you search, without ads or pop-ups, and gives you all the information about the properties.
Another way that you can easily find and select the homes that fit you, is by receiving daily emails of the new properties, as they come on the market.

If you're not currently working a Realtor(r), and would like more information on the services I've mentioned, just send me an email. You will receive some links back with more information.

You can also use the attached link for the scouting report.

Wish you much success and may you find your dream home soon.

Wed May 21 2008, 09:13

Check out this article from the Wall Street Journal, "The Housing Crisis Is Over" By CYRIL MOULLE-BERTEAUX, May 6, 2008; Page A23.
So get out there and look! The mortgage rates are low and will start to go up in the next few months. Find a realtor that knows the market in your area, get referrals from friends and co-workers who know an agent that did a good job for them. They will work with you to narrow the choices, internet looking is good but it can not replace a good realtor that knows there community.

Wed May 21 2008, 08:43

Many times a question can be answered by another question. The reverse would ask would it be possible to find what I'm looking for? Fortunately that is a job your local REALTOR can handle easilly saving you time and resources. Markets while represented in the Media as falling may be strong where you are looking. My Market is improving and strong in every market but new or recent construction where we see prices being negotiated down or a lack of new builds. < Good Question

Wed May 21 2008, 08:26

A couple of quick suggestions and observations based on your question, your follow-up, and the other comments. First, though, I'm not familiar with Montclair or Glen Ridge, so these comments aren't specifically about them. However...

Since you're working with a Realtor, be sure to give him/her very candid feedback on the houses you're seeing. Sometimes there's an innocent "disconnect" between what the Realtor thinks the client is looking for, and what the client really wants. With that feedback--and maybe you've been providing it already--each round of houses you see should be closer to what you're looking for. If they're not, then have a candid discussion with your Realtor.

Second, what price range are you actually looking in? If you want to spend up to $600,000, are you searching up to, say, $650,000? Most sellers expect some negotiation and price reductions. At $650,000, you're talking about an 8% price reduction. Maybe a bit above the norm (again, I don't know Montclair or Glen Ridge), but still within reason.

Third, are you searching online yourself to see what's out there? That's not a suggestion to replace your Realtor, but rather to see if you can find some properties that appear to meet your needs. Show those specific ones to your agent, and ask him/her to search for other similar ones.

Fourth, maybe you and your agent need to get a bit more creative. Ask her to search all the withdrawn or expired listings from the past 6 months that appear to meet your criteria. Then have her search all active rentals that meet your space and location criteria. From these two groups, you'll make 3 lists: (1) Expireds and withdrawns not now on the market; (2) Expireds and withdrawns now on the market as rentals; and (3) Rentals.

Your agent first approaches group two, the expireds and withdrawns now on the market as rentals. His/her pitch: "I see you're trying to rent your home, but that earlier you were trying to sell it. If I found you a buyer for your home, would you still be interested in selling?" Most will say yes.

Your agent also approaches group one, the expireds and withdrawns. His/her pitch: "I see that yo had been trying to sell your property. If I found a buyer for your home, would you still be interested in selling?" Most will say yes.

Your agent approaches group three, the rentals. His/her pitch: "I see that you're trying to rent your property. If I found someone who'd like to buy your home, would you be interested in selling?" Some will say yes.

Now you've just opened up your possibilities enormously. And you won't even have any competition for these properties, since they're not currently active listings for sale.

Give that a try. It'll work.

Hope that helps.

Wed May 21 2008, 08:25

Looking for a house is sometimes like karma -- when it comes along, it will be at just the right time. You definitely should take advantage of this marketplace, and your budget should accomodate your needs in that area. I know of a terrific realtor in the Montclair area that I can refer you to, should you want to see what someone else has to offer you. Let me know if I can be of help!

Wed May 21 2008, 08:19

Buyer,

Thanks for posting your response as well. Most of the times, people ask questions and then when realtors respond with questions or our own - we never get a response thus leading us many times to not being able to answer the original question.

Remember to make sure that your realtor is not picking the homes you are seeing but that you are. I never pick my homes for my buyers. Afterall, its the biggest investment a buyer is going to make and they should be able to choose which homes they want to preview.

Also, keep an open mind. There are other towns located near rail routes which also have good school systems and are nice places to raise a family. Keep you options open and best of luck to you.

Gina Chirico
Prudential New Jersey Properties
973-715-1158 cell
973-239-7700 ext 132
GinaChirico@PruNewJersey.com

Wed May 21 2008, 08:16

I agree with most of the answers so far. I am not in the New York area, but all over the country if you have good credit and don't have property to sell before you buy, now is the PERFECT time to buy. Prices have already fallen, interest rates are at a near all-time low. Look at it this way, the time you know that prices are at the absolute bottom is the time when they start increasing again. If you can find the home you are looking for, work with your Realtor and make an offer. Keep in mind that you should always be willing to walk away from any deal unless you are comfortable with the price and the terms of the loan, etc. Good luck!

Wed May 21 2008, 08:01

Poster here -- thanks for your answers so far. I have no debts of any kind, excellent credit rating, a very secure job, and I have been working with a Realtor (obviously unsuccessfully so far). As for what we're looking for, beside the good schools that sent us to Montclair in the first place: a house with lots of light (me), decent cupboard space in the bedrooms and kitchen (my wife), and a backyard (the kids). We've turned down some houses on very busy streets, or with weird layouts, or that looked frankly ugly from outside. We hate moving and would like to stay in the house for a good decade or more.

Wed May 21 2008, 07:52

There are record numbers of homes on the market, and the interest rates are very low right now. In my area (KCMO), there are many homes that are in foreclosure. In many cases you can find homes that just need a little TLC and can create equity pretty quickly. This is a great option for many of my clients that don't mind doing the work themselves, and want a great home at a great price! There are also record numbers of resales that people need and want to sell. You can often get great deals on these also! Find a local agent that you can trust, and start looking TODAY! Good luck to you!

Wed May 21 2008, 07:42

Meet with a Realtor in your area. Ask for an Exclusive Buyer Agency Agreement. The Realtor will then be able to find a home meeting your criteria. He/she will also be able to connect you with a reputable mortgage lender who can find a program meeting your financial needs. New monies for grant and other lending packages become available at the start of each quarter so now would be an excellent time to start the process.
If you are a first time homebuyer, you may not get your dream house. What you can get is the best house for you right now. In 4-5 years, you can upgrade using the equity you've built up in your home.
As far as market conditions, all real estate is local; ask the Realtor you choose to work with about conditions in your area. In Kansas City, we have a healthy market. There are pockets (neighborhoods) which have been depressed, mostly by investors defaulting on their mortgage loans. But most of our neighborhoods have seen an increase in value over the last 5 years, some as much as 43%. Your Realtor will be able to tell you the neighborhoods in your area most likely to see an increase in value over time.

Wed May 21 2008, 07:30

Have you been working with an agent or just looking on your own? There are plenty of houses to choose from in that market area. Many buyers waiting for prices to fall will miss out on the lowest price because by the time it's realized the market hit rock bottom - the rock bottom market will be over. Prices will start creeping up again those buyers who were waiting...will now end up paying higher prices. This is a great time to buy.

Everyone has their "must haves list" when purchasing a home. Sometimes that dream home that includes all your "must haves" just doesn't exist and you have to take another glance at your list and start writing "I could live without" list and somewhere in the middle of those two lists - you may find exactly what you were looking for in a home.

I have assisted many families in this market and resulting in successfully finding their ideal home. Please feel free to contact me for a complimentary copy of my Buyer's Tour which will assist you in your search for a new home.

Best of luck to you.
Gina Chirico
Prudential New Jersey Properties
973-715-1158 cell
973-239-7700 ext 132
GinaChirico@PruNewJersey.com

Wed May 21 2008, 07:28

HI,

Now is the time to act!!!

NEVER before have INTEREST RATES been this low while HOME PRICES ARE REDUCED!

You will need Good Credit & I can hepl with that...we at Prudential New Jersey Properties are a "1 stop shop!" We have an inhouse Mortgage Company (very competitive), Title search Company & Full Service Licensed Real Estate Agents (me)!

Please contact me so I can explain all of the ways I can help with your search. Visit my website listed below for more information..............hope to hear from you soon.

Bob DeMassi
201 412-8308

Wed May 21 2008, 06:36

If you are asking for a home for in the $600k range than I would ay no your not, I have some listing in Nutley that would fit that price range, Im also sure I kind find a couple in Montclair also shoot me an e-mail and I will see what I can do. i dont think prices are going to drop much further at this point.

Wed May 21 2008, 06:33