Home Buying in Edison>Question Details

Steve Jae, Home Buyer in Edison, NJ

Center Place at Edward Stec Blvd, Edison, NJ 08817.

Asked by Steve Jae, Edison, NJ Fri Aug 30, 2013

Hi guys ,I am a first time buyer and I am looking to buy condo in Center Place, Edison,NJ.
I greatly appreciate if you give me some insights.
Looks like past two years price did not change i.e from construction (approximately 300k) .What do you think will happens 4 years ? I am planning to move in 4 years.
How soon I can sell this property from 4 years from now i.e how many months will it be in the market ?
One more broad question .Does it even make sense to keep it for 4 years and sell financially or I just rent for 4 years.
Thank you for your time.

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Answers

3
Steve,

You have valid thoughts like any other buyers would. However, It is extremely difficult to predict a market 4 years later.
Based on current market conditions, home prices are going up for sure.
Also, Center Place is almost new development and I do not see the price drop in near future.
In my opinion, I would buy then rent for 4 years.

Thanks,
Vishal.
0 votes Thank Flag Link Thu Sep 26, 2013
Hi Steve, as you have observed the market in that area is stablizing. it always depends weather you should rent or buy. Its your choice ...but all I can say is Center place is the only new community in Edison. The location is most suited for many people moving in the area coz its close to trains ( Edison and Metuchen ) Highways and schools.The community has aminities like club house, seasonal pool,gym, basket ball court.

Besides, the question about selling in 4 years,you should have about 5 to 7 years time horizon for any investment to make sense. You can talk more to your financial planner. I do have a metro model i.e. 3 br 2 ba with 1 car garage listed. The address is 3028 Edward Stec Blvd. Please feel free to reach me if you have any question.
0 votes Thank Flag Link Fri Sep 20, 2013
Dear Steve, no matter what anyone tells you, NO ONE has a crystal ball to be able to predict where the market will be in 4 years. What if we have a natural disaster, an economical crisis, a economical boom. No one knows, because if we did, believe you an me, I would not be selling real estate, I would be gambling on the market!!

Now that part one is answered, your main question of should you buy or rent is a good one. The main factor in this area is your income. If you are making over $75,000, I would say purchasing is a much better idea as you get the tax write off. If you are looking to rent a similar type unit, you are going to pay somewhere in the $2000 range. $2000 x 4 years = $96,000 in rent with little tax benefits. Mortgage at $2,000 x 4 years = $96,000 with LARGE tax savings. If you are in the 29% tax bracket, you are looking at about $6,000 PER YEAR in tax savings. Yes you have closing costs on purchasing (~3% of purchase price), and commissions on selling side (~4-7%), but you still come out ahead if prices stay stagnant.

Bank Rate also has a calculator that can help you out, here is a link:

http://www.bankrate.com/calculators/mortgages/loan-tax-deduc…


Let me know if you have any other questions or if you need any assistance with your purchase. Good luck!!
0 votes Thank Flag Link Fri Aug 30, 2013
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