I am trying to get a good deal in Livingston, is now a good time to buy or is it better to wait until later this year?

Asked by Mark Harmon, Livingston, NJ Sat Aug 21, 2010

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18
John Harris, Agent, Manalapan, NJ
Sat Aug 21, 2010
BEST ANSWER
Buy now! Low interest rates, some very good values. Great town!
2 votes
Ian A. Wolf, Agent, Morristown, NJ
Sat Aug 21, 2010
Definitely now, the Livingston market has been recovering. Prices are up over 10% to last year for the same 6 month period on average. Units sales are still maintaining. Average days on market is less than it was last year. This time of year is when things slow down a little, so as a buyer you will have less competition and perhaps some more motivated sellers as we had into fall and winter. With some 30 day rates lately being quoted around 4.25%, you will sure be glad you bought 5 years from now. Hope that helps.
1 vote
George Walsh, Agent, Summit, NJ
Sun Dec 16, 2012
So Mark, here it is nearly the end of the year. I am curious. What have you done since getting such great answers to your question? Have taken the advice of these excellent real estate professionals? Have you bought a home yet, four months later? Are you still looking to buy? I'd really like to hear how you are making out in the real estate market. Please drop me a short note: GWalsh@KW.com. Thanks and all best wishes.
0 votes
Gerri levent…, Agent, Upper Monclair, NJ
Sat Dec 15, 2012
HI Mark,
Now is the time to buy. We have rounded the corner and the Livingston NJ real Estate market along with all of Northern New Jersey Homes is expected to go up on average 4-5 % a year. Let me know if you are still in the market.
0 votes
Barbara Grus…, Agent, Livingston, NJ
Wed Aug 29, 2012
Hopefully, you kept your powder dry. The first question to answer is always - what is your goal? If you are still considering, give me a call or e-mail. Best of luck inw hichever you go or have gone.
0 votes
Robert Bruck…, Home Seller, West Caldwell, NJ
Sun Apr 15, 2012
Now is a great time to purchase. Interest rates are at a low. Inventory is starting to go and prices can and will increase if interest rates stay the same or go even lower. If you are seeking to negotiate the lowest possible price on a home, now is the time to make your move! Later, the price or the interest rates (maybe even both) could be higher. There are many great homes available for sale in Livingston and the surrounding communities. I would be very happy to assist you in locating the right home and showing you how you can get a great deal!
0 votes
Murray Plish…, , Parsippany, NJ
Fri Sep 17, 2010
Hi Mark,
You ask the eternal Real Estate Question. Now or Later?
If you have the cash and the desire to buy JUMP IN!
Mortgage rates are so low I could drool, couple that with prices that have dropped a lot and it makes me wish I was buying a house again!
Also i've lived in Livingston for 30 years and it is a great town.
Any more questions, give me a call 201-618-0309
Good luck,
Murph Plishtin
0 votes
George Walsh, Agent, Summit, NJ
Thu Aug 26, 2010
Mark, the challenging part of determining the answer is what you consider a 'good deal.' Right now there are many 'good deals' in town. Those are good deals in that the probable purchase price is well below not only the high point of a couple of years ago, but also below the current general market price. These 'good deals' are mainly in foreclosure and short sale properties. It is expected that such properties will be in the market for some time to come, so they are expected to be available next year as well. It is not at all certain that there will be such good deals in Livingston as there are now.
Now you may not consider that a 'good deal,' but if you did, then, as I said in my previous answer, it is wise to get a good deal when it is there, not wait till it's gone.
If you want to discuss what you consider a good deal, I would work with you to find it and help you secure it. You can contact me through my website.
Best of luck.
Web Reference:  http://www.GWalsh.com
0 votes
Jeffrey Halp…, Agent, Hopatcong, NJ
Thu Aug 26, 2010
Mark:
Buy when you are ready to buy. Sure the time is prime for buying now, but if you are neither ready financially and/or mentally at this time, then wait until you are. If you are asking now instead of going forward, you may just not be ready.
As far as asking to wait until later this year - who knows. The media changes their tune everyday.
Good luck in your deision.
Jeffrey
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Sun Aug 22, 2010
Have to agree with prior posters - the convergence of low prices and very, very low borrowing rates is a uniquely advantageous combination by historical standards. Generally there is an inverse relationship between the two, so both hitting lows simultaneously creates a terrific buying zone that you don't often see.

Just last week a buyer I'm working with locked in 4.125%, 30 years fixed, conventional - never thought I would see the day!

You don't know what the future will hold with certainty - but you know that you've got a tremendous opportunity now. If you have identified properties of interest and are financially in the position to buy, charge ahead my friend!

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference:  http://www.feenick.com
0 votes
Ellen Quentz…, Agent, West Orange, NJ
Sat Aug 21, 2010
Mark. Without question! Both real estate values and interest rates are at an all time low! NOW IS THE TIME TO BUY!!! I lived many years in Livingston and know the community well. We have many terrific homes on the market there right now. Call me at 201-859-5840 and I will be happy to discuss with you.
0 votes
Eric Schwartz, Agent, South Orange, NJ
Sat Aug 21, 2010
Yes, Yes, and Yes again. I live in town.
The only reason I would say no is if you were planning on selling in 1 year. Other than that you have come to the right spot. With prices down and mortgage rates low its time, Mark. Please call me on my cell 973 951 6665 NOW. We can discuss your needs and wants.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Sat Aug 21, 2010
Hi Mark!
It's a good time to buy if it's the right time for you to buy!

My advice would be to buy when you find a home you love - make sure you're educated as to the recent comparable sales, and know how that home compares to them.

If you find that home now, great - if it takes until later this year, I don't see any problem with that, either. The market in Livingston has held it's own to a great extent, compared to some towns, although prices certainly have depreciated over the past few years - certain prices ranges have fared better than others. I don't anticipate any real appreciation or jump in prices in the near future.

The homes that are selling more quickly are those which have been priced aggressively...where value is clearly preceived.
The ovepriced ones will still sit.

The mortgage rates certainly make buying more affordable and attractive than ever - so, the bottom line is, stay current with what is available, and act when the home is the right one for you!

I just sold a home last week for $1000 over asking price - yet others won't sell until the price has been reduced once or twice. The key is knowing the market!

A "good" deal is in the eye of the beholder.
If you're wokring with someone who knows the market - they can help guide you.

Good luck in your search - certainly, if I can help, feel free to reach out to me.

Best wishes.
Debbie Rose
Prudential NJ Properties
email: Debbie.Rose@PrudentialNewjersey.com

http://www.LivingstonAgent.com
0 votes
Janet Carson, Agent, Livingston, NJ
Sat Aug 21, 2010
Hi Mark I just read your question....I have been selling real estate in Livingston for 13 years and there has never been a better time to get a great buy in Livingston ..there are many homes for sale with reduced asking prices and the mortgage rates are the lowest in years which means you can get a good buy
Contact me at
janetcarson@weichert.com
Cell 973-650-1434
0 votes
George Walsh, Agent, Summit, NJ
Sat Aug 21, 2010
Mark: the best time to get a 'good deal' is always "now." When you see a good deal grab it. Be ready to act quickly and aggressively when you find the right property. "Good deals" don't sit around. In Livingston (I have lived here 17 years) there are usually many buyers looking for a 'good deal.' Hire a local agent to help you obtain facts about the market, trends, prices, neighborhoods, etc.
Web Reference:  http://www.GWalsh.com
0 votes
, ,
Sat Aug 21, 2010
I am financing a home for someone now in Livingston, we are closing in 2 weeks. I just checked the appraisal, and the average days on the market for homes in the 3 months prior to the appraisal is 21 days, which is incredibly short. They had been looking for months in their price range, which was around $600,000, and there was very little around. The first house they bid on needed more work than they wanted to do, but the items weren't things that the seller was going to fix before closing. The house ended up going to someone else right away. The one they ended up buying was only on the market a few days when they bought it. They were told about it as the listing agreement was being signed.
The other good thing about Livingston is that it is a county where you can get a loan up to $729,750 as a high balance conforming loan, which gives you a better interest rate. Although no one can predict where rates will be during the winter, they are certainly great now. Sometimes if people are anxious to sell, they may take a lower offer in the winter, but you can never tell. If you would like me to calculate what payments will be if you buy now, vs. waiting for a lower price but have higher interest rates, I will gladly do so for you. You can contact me through my profile, or call me at 516-972-1687.
0 votes
Sharon and K…, Agent, Livingston, NJ
Sat Aug 21, 2010
Mark,

Livington is one of the more popular towns in Essex county. Homes here don't stay long on the market unless something is very wrong with them and they are priced wrong. Unlike many other towns, it's not really a buyer's market here in Livingston. Great school system and easy commute to NYC makes it a great choice.

When to buy is entirely up to you. Are you ready to move? Did you get your preapproval or approval and know what price range you are in? Have you chosen a realtor to guide you in this market? If the answer is yes - you should get ready to buy now. With historically low mortgage rates it's a great opportunity. We don't know what the future holds. If you are ready to take a chance and wait, than you should do it.

I wish I could buy NOW due to the low prices and low mortgage rates. I presonally think it's a GREAT time to buy.

Good luck with your decision and feel free to contact us with any further questions.


Karen Abramson
Prudential New Jersey Properties
Livingston office
917.294.0356
sharonandkaren@prudentialnewjersey.com
0 votes
Robert Stern, Agent, Livingston, NJ
Sat Aug 21, 2010
Mark,

An amazing time to buy here in town. Livingston's market has held better than other towns. If the home is marketed, priced, and staged right, it will be great. With Mortgage rates as low as they are and staying that way it helps. There have been multiple offers in town also (about 6 in the past 2-3 weeks).

Please contact me if you have any questions

Robert C Stern
Broker/Salesperson
Weichert Realtors
Livingston, NJ
http://www.robertcstern.com
Cell: (201) 618-0975
0 votes
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