Home Buying in 08759>Question Details

Dawn, Home Buyer in Princeton Junction, NJ

I cannot buy a home in a adult community until 2011 that's when I turn age 55. Will home prices continue to go down in whiting new jersey 08759?

Asked by Dawn, Princeton Junction, NJ Sat Aug 28, 2010

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I personally think prices will decline steadily over the next decade, heres my 2011 real estate outlook published online, it lists four reasons why values will continue to drop: http://www.suite101.com/content/the-2011-real-estate-outlook…
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Mon Aug 30, 2010
Hi Dawn,
It is very likely that adult communities will not see any significant price increases in one year if at all. I think a more important question is. Will the record low interest rates on mortgages continue? To give a small example, a 1% increase on a 100,000 mortgage at 4.75% to 5.75% can mean an increase of Approx $38 per month.
Web Reference: http://RobertSuarez.net
0 votes Thank Flag Link Mon Aug 30, 2010
Hi Dawn,
Selling in the Crestwood Communities as well as the rest of Ocean County since 1999, I can say they do vary in terms of ownership. You didn't specify if you intend to live in the home. You can own in some under 55. If you are now a homeowner it is likely Princeton Junction prices have fallen as well. If you intend to sell, this wouldn't be a great time anyway. History in Adult Communities, because of the vast number that we have here in the county, are usually in abundance compared to other parts of the state. The prices seem to also climb at a slower pace. You may do well by waiting until 2011 anyway. Believe me when I say-We are all waiting to see what happens.
If I can be of assistance to you feel free to contact me.
Maria Oliver, SRES
Broker/Realtor Associate
MariaOliver@comcast.net
0 votes Thank Flag Link Sun Aug 29, 2010
Dawn, how I wish I had a crystal ball to answer your question with certainty - I believe how prices will likely remain fairly flat over the next year, but only time will tell. The convergence of low prices and historically low borrowing rates is unique by historical standard - hopefully that will continue.

I would suggest that you inquire whether you may be able to buy in now. Many/most 55+ communities are able to accept a % of owners under the age limit so do ask.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sun Aug 29, 2010
Dawn,

As much as we all appreciate answers from other agents, when agents from other states answer a question about NJ, they are not always aware of what is happening right here. Real estate is very very local !!!

I don't know much about the Whiting NJ market, but i can tell you that the most recent reports about NJ were as follows: (bear in mind that the market areas are defined by the federal governments OBM office):

http://www.realtor.org/wps/wcm/connect/604bab00438911ce9cb7f…

Area: NY/Northern NJ average sales prices
2009 year end: $381
2009 2nd quarter: $379
2009 3rd quarter: $393
2009 4th quearte: $375
2010 1st quarter: $380
2010 2nd quarter: $393 increase of +3.7% compared to 2nd quarter 2009

In my area (defined as Edison area but it also includes other parts of other counties) the increase was +4.3%.
Your best best is to speak to a LOCAL realtor in the areas you are looking in and find out what's happening in that market. Since mortgage rates are still at historic lows, if you are ready, willing and able to purchase, and the numbers work for you...go ahead.
0 votes Thank Flag Link Sun Aug 29, 2010
Prices will continue to fall into 2012, IMO. I think were in a big mess until we get jobs. Now lets say person A gets a job after waiting 2-3 years with no job. Do you really think they will buy a house right away? Besides, you need to be working for at least 2 years to get a loan right. So best case if companies start hiring again in 2011, then work for 2 years, its 2013. Now 2013 would be the earliest they can buy a home right. I figure, they will probably want to wait another year before they jump in. So I'm thinking more 2014 range. Makes sense right?

Good Luck.
Web Reference: http://www.mygpsagent.com
0 votes Thank Flag Link Sat Aug 28, 2010
Dawn,

Don't worry. there are more than 95 adult communities in Ocean County. I am sure that whenever you are ready to buy, you will find a house you can afford. It is possible to enter into a contract to buy the home prior to your turning 55, but the closing must not take place until you have reached 55. In this area the only other way you are going to be able to buy in an adult community before you turn 55 is if it is a new community that has not attained 20% of its occupancy aged under 55. It has nothing to do with not having children under 18 . Most communities' bylaws prohibit anyone under the age of 18, (sometimes 19) to reside in a 55+ community. In addition, some municipalities are requiring proof of age before they will issue a certificate of occupancy. Our local paper just had an article which stated that since the home buyer credit expired home sales have dropped by 27%. With a drop in demand you will see a drop in values. I hold the Seniors Real Estate Specialist designation and am familiar with most of the 95+ communities, feel free to call me with any questions you may have.
0 votes Thank Flag Link Sat Aug 28, 2010
Dawn you may not have to wait until then, some over 55 communjities go by teh federal law that states they can sell homes to anyone under 55 as long as they have no children under 18. Check with the individual communities to see if that rule exists in your area and you can purchase now. I hope it works out
0 votes Thank Flag Link Sat Aug 28, 2010
Well no one knows that for sure with the present economic conditions, but we are all hoping not. It's devasting as it is. But if your spouse or another family member that will reside there is 55 or older you can buy there. Having done business both in Whiting & in the adult communities there , I would be happy to assist you with any other information If you'd like.

Sincerely, Helen Cocuzza Realtor Associate
Better Homes & Gardens Real Estate Mary Holder
Direct: (732) 232-1614
Email: hcocuzza@maryholder.com
0 votes Thank Flag Link Sat Aug 28, 2010
Hi Dawn. In my opinion, you have nothing to worry about. Prices will not rise in 2011 and if they do, it's an anomaly and minute, probably very localized. Prices will continue to drop because of unemployment.

GOOD LUCK!

Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Sat Aug 28, 2010
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