Home Buying in 07002>Question Details

Tuta, Home Buyer in New Jersey

Hello, i'm looking to buy a single family home in Bayonee, NJ

Asked by Tuta, New Jersey Thu Feb 5, 2009

i'm not sure if right now is the right time to buy, since houses are keeps going down? does anyone thinks it will keep going down or will it stop here?? i need your help thanks :-)

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Hi there Tuta, what an opportunity you have - inventory levels high, prices low, and interest rates at historically low levels! You bet it is a good time to buy. No one knows if it will continue to decline, but remember that we are already 3+ years into this correction - if we aren't at bottom, I think we are pretty close. Timing the market perfectly is impossible - prices may down a bit more and interest rates may rise - in the end that would be zero sum game. And at that point there may be more buyers in the market creating more competition for homes.

My recommendation - get going. I wish I were in the position to buy! Find yourself a good Tuta and let them help you....Good Luck!

Best,
Jeannie Feenick
Search and connect at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Thu Feb 5, 2009
Probably a good time for you to buy, since as Walter says you have a large choice of homes to allow you to be more selective. Once inventory shrinks seller are more in a position to negotiate.
If looking to stay in the home more than 5 years definately good time to buy.

Good luck!
0 votes Thank Flag Link Thu Feb 5, 2009
Tuta,

That's the million dollar question. Unfortunately we cannot peg a bottom of a market. I am seeing buyers get incredible deals right now. Once the supply of homes starts to be eaten up, the leverage a buyer has will start to diminish. Real estate is a long term investment and if you purchase now you have to be prepared to own the home for 5+ years to see a good return on your investment. The days of making a huge profit after 1 year of ownership is over. With prices being down AND interest rates being down, it is a win win situation for a buyer.

I am very familiar with the Bayonne market. If you have any questions about purchasing there, please let me know. I'll be happy to assist.

All the best in your home search,

Walter J. Burns
Realtor-Associate
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
201-694-8946 Mobile
201-653-4154 Fax
wburns@weichert.com
0 votes Thank Flag Link Thu Feb 5, 2009
No one knows if the housing market will be better in five weeks or five years. My suggestion is that if you are planning to stay in your home for a period of at least seven years or so, have a very good downpayment of at least 20%, and have decent credit, then by all means buy a home.

If you do not fit the above profile then don't buy a home.

Terrence Charest, e-Pro
0 votes Thank Flag Link Thu Feb 5, 2009
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