Hi Rew1, Consider attending a Home Buyers Seminar - great opportunity to learn about the buying process, market conditions and ask your questions to real estate and mortgage pros. We are hosting one this Sat., Oct. 17. Click on the link below for more info.
http://www.trulia.com/blog/jeanne_feenick_-_new_jersey/

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com

Many good points have already been made. Waiting may result in higher interest rates and, if you're getting a mortgage, the money you may 'save' with a price-drop will be offset by the higher rates. And, since there is a strong possibility that prices have leveled off, prices may not go down anywhere near as much as you need them to.

If you are looking for a first time property with good resale value, you should NOT look at something where the school system is not as good, even if you don't yet have school-age children. You have started out with a good plan, so stay on track ... If your price point is lower than what your desired town generally offers, find the 'worst' property in the 'best' neighborhood, rather than going to a worse neighborhood.

There are several nice towns, with good schools, in the vicinity of Piscataway. If you could let me know where your 'future baby-sitters' will be traveling from and what distance you are willing to commute to work, it would be easier to narrow down the search for you. Also, are you looking to commute by car or by public transportation?

HI Rew, Barbara makes a good point - an increase in interest rates decreases your buying power - the combination of low prices and the low borrowing rates we have today is an unusual set of circumstances by historical standards. Said another way, IF prices drop further, it is very possible that changes in pricing will be balanced out by a shift in the rate. It becomes a zero sum game - unless you are purchasing with cash.

We'll talk about this at the buyer's seminar and much more.

Also Francesca's recommendation to find a good agent to assist you is a good one - navigating your way through the process of buying your first home is complicated and you will be well served to engage the services of a good agent. And because it is the convention for the seller to pay the commission, you will not be paying for the service you receive. A good agent can be very helpful in assisting you in bringing your search and thought process into focus and should be there every step of the way from search, negotiating the offer to close - it is along way from here to the closing table - align yourself with good resources to make the journey as productive, smooth, and enjoyable as possible.

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com

Hi there Rew1 - my suggestion is to stay in the price band that works for you and not expect a huge drop from here - while none of us have a crystal ball to predict the future with certainty - I am seeing a "bump" which suggests to me that we have hit or are darn close to the bottom. Particularly in the entry level price points which have been fueled by the first time buyer activity motivated by the pursuit of the Federal Tax Credit. New construction is great but if achieving it in your price range means throwing the rest of what matters - ie, commute, proximity to family and support resources, school quality - down the drain, then reflect on that.

The process of finding a home is just that - a process. It sounds to me as though you have made a good deal of progress already - identifying your priorities, your preferences, and your budget. Your priorities may shift as you work through the process and that is fine - your search is a "work in process". I believe that it is only through the exercise of thinking, weighing priorities, communities, seeing inventory, that you will be able to recognize "your home" when you find it. No outings are wasted time - because in some way it will help you along that path.

Click on the link below for more info for first time buyers like yourself - consider attending a Buyer's Seminar - one is coming up next Sat., Oct. 17 - great opportunity to learn about the market conditions and the process of buying your home and securing mortgage financing.

http://jeannefeenick.weichertagentpages.com/Content/Content.…

Good luck to you,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com

Rew1,

Excellent thought process on your part. Here are my thoughts.

(1) I'd prefer to see u purchase a single family home v. a condo/townhome.

(2) As for "We need to see a 50-100K drop desperately. Is this realistic?" all I can offer in this market is find an agent that is not adverse to making such an offer (as many of us are trained to advise buyers that such an offer is an insult to to seller); however, I have learned over time that this is not necessarily the case and have secured deals with what I thought would be unacceptable offers.

(3) It is admirable that you are also considering schools at this time, but be advised that statistics indicate that most homeowners will repurchase every 6 years. So when u consider the engagement time frame, plus the 1st baby time frame, then the 4 or 5 years post the 1st baby's birth, it is mostly likely that you will be making another move before schools are a "need" consideration. As a result, I wouldn't worry about schools at this time.

In consideration of your quest to find alternative areas of interest, I might offer Wall Township or areas in Northern Monmouth County. However, the one item that u did not disclose is the proximity of your 'parents/future babysitters", which would enable me to better advise you.

At this point in time, I'd recommend a shore town that would enable you and your fiance to enjoy each other's company. Then, when reality sets in and the "family" situation becomes a reality, regroup.

Love and Peace,
Francesca, ePro, SRES
732.606.2931 (Direct: 24/7)

Hi Rew

There are new condominium available in that price range $325-$360 in edison, which is also nearer to piscataway. Drop an email, I can send you the list.

Thanks & Regards
Devkumar
Keller Williams Realty
732-322-7255.
Always there to help my clients.

Try to bargin a lower price on New construction,if not resale s are great.Eventually ,I think interest rates will raise.