With only 100K budget, what can you get in south jersey area? Is this a good time to get in? Should I wait until I can afford a higher budget?

Asked by Yvette726, Cherry Hill, NJ Sat Mar 19, 2011

I work in Cherry Hill NJ area but currently live in Galloway NJ with relatives. I do not have rent to pay right now and I am a recent college graduate (read: currently not making that much money). But I would like to get started in homeownership as early as possible. I did get pre approved for a FHA loan for 100K, it seems that it is not really possible to get anything single-family properties, not even townhouse around where I work. I was told that condos are not easy to sell so I should not consider condos. What would be your thoughts? Should I just wait?

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Justin Ruzic…, Agent, Greenville, SC
Sat Mar 19, 2011
Congrats, on your upcoming home buying process and home ownership in the end. Here are some blogs i wrote on Buying the home of your dreams and another one on making sure you can afford it.




I hope this is of some help to you. Kindly,

Justin Ruzicka
The House Guy
Web Reference:  http://house-guy.com
1 vote
Jodi Schwarzl, , Cherry Hill, NJ
Sat Mar 19, 2011
I tried to respond to your email but it bounced back. Please email me directly. Jhschwarzl@gmail.com
0 votes
Jonathan E.…, Agent, voorhees, NJ
Sat Mar 19, 2011
BUY NOW! In case you (and apparently others who have responded to this question) have not heard, this is a buyers market with perhaps the most favorable low interest rate financing environment the real estate buyer has ever seen during a buyers market. So it is a HUGE mistake not to buy NOW if you can afford to buy.

Paradoxically, in a buyers market, buyers are hesitant to pull the trigger because they worry that prices might go lower still. But timing the market is a fool’s errand. Now, while others hesitate, is when you have the best and widest selection of attractive properties from which to choose. If you buy with a little bit of care and intelligent thought, whatever property you can afford - be it a single family detached, townhome, condo, or twin - can be expected to appreciate and yield you a solid return in just a few short years when the market has recovered. (And remember, though we never know when, bad markets ALWAYS eventually recover and booming markets ALWAYS eventually decline.) So buy NOW.

If you are interested in a home in Burlington County, Camden County, Gloucester County, or western Atlantic County, I can help you find the best deals. In fact, I have special expertise in finding short sale, pre-foreclosed, foreclosed, bank owned, government owned, divorce available, vacant, and handyman special properties selling well below market value. I also am among the minority of NJ licensed agents registered and certified to be able to place offers on government owned properties should such a property become of interest to you.

Get the results you deserve. Put my Ph.D. in marketing and my Wharton School business education to work for you!

Jonathan E. Brill, Ph.D.

Exit Realty of Cherry Hill
100 Barclay Pavilion West Jonathan E. Brill, Ph.D.
Exit Realty of Cherry Hill
0 votes
Corey Grushin, Agent, East Brunswick, NJ
Sat Mar 19, 2011
Yvette lots of opinions stated here and this is a very pointed question. A 100k budget is not a lot but it is doable. Yes it is a good time to get in, interest rates are still very low. The answer about waiting is totally dependant to your specific circumstances. After purchasing a home you will need to be able to afford the upkeep & be able to address any possible repairs., so I suggest you have a reserve fund.

A condo would be a good choice, because a lot of the possible issues are taken care of by the association. The bad thing is you pay a fee to the association monthly that will affect how much of a loan you will qualify for and can afford. The issue with condo's from the seller's perpective is NOT all complexes are FHA approved. Below i've provided a link so you can research FHA approved condo's.
If you feel you have the ability to maintain a home and have emergency money for repairs, you will find property in your price range. Good luck Yvette
0 votes
Joan Braunsc…, , Morris County, NJ
Sat Mar 19, 2011
I would strongly suggest waiting. Not too many people can save money while living rent free and although I would imagine that living with relatives is not necessarily an ideal scenario, take the time to save as much as you possibly can.
There is no hurry to rush out and buy, especially as a recent college grad who is not yet earning up to potential.
Home ownership involves a tremendous amount of responsibility and with the market being the way it is, if for whatever reason who needed or chose to move, you could be upside down on your mortgage like so many people are facing now. You really need to be prepared to stay for 5 years and even that may not be enough. 10 years is probably a safer bet.
In this price range (I'm from North Jersey so 100k is totally foreign to me) I would imagine you would be looking at houses that may need some work. Even brand new homes involve unexpected costs.

Its obviously your life and your decision but in your circumstance I would save as much as possible, establish a stellar credit history and wait until you have a job which could allow you to afford a mortgage and unexpected events (such as job loss or major house repair) comfortably.

Best of luck with whatever you decide to do.
0 votes
Jerry Barker, Agent, Atlantic City, NJ
Sat Mar 19, 2011
Probably not to much in that price range near where you work but between cherry hill and galloway you have the pick of the liter for the price range, whether you want a condo, a townhouse, or even a nice single family 2 bedroom rancher of your own. If you want to take the next step feel free to contact me because I do work in Atlantic County and I am currently available.
Web Reference:  http://www.sjrates.com
0 votes
Yvette726, Home Buyer, Cherry Hill, NJ
Sat Mar 19, 2011
Thanks for everyone's input. It seems that I do have options but I don't know where to start. I definitely prefer a single family house, I don't mind it not being in the best condition, as long as there are no MAJOR repairs needed (which would cost a lot of money i assume)...I can do some TLC work on my own, and my boyfriend has this experience and could help me with that.

The question is, in what decent and safe towns should I look in? I need it to be resellable because even though buying a house is a long term thing, I know eventually I would want to upgrade to something better...and at that time, i would need to be able to sell the house to do that..

Again, thank you everyone.
0 votes
Larry Sarlo, Agent, North Wildwood, NJ
Sat Mar 19, 2011
A $100k is not a high budget. But certainly there are properties available to you. I think your best purchasing power will be a short sale. Usually homes that are maintained, priced less than the fair market value and since you are already living somewhere, you will have an opportunity to save more money while waiting to close.

As Joe mentioned, Condo's and other fee based communities will lower your buying power. Coupled that with higher costs with lower downpayments with new regulations for higher mortgage costs, you will want to get as much bang for your buck as possible. A short sale is just that. Of course other homes may have value to you and that will depend on your tolerance.

You mentioned, "I was told that condos are not easy to sell so I should not consider condos:" Buying a home is for the long term, unless you are planning an investment for the short term. Your tolerance level will need to be addressed. Will you buy a home that needs repairs? Can you do the work? There are some foreclosures that are in good condition and offer great value with bank incentives added.

Towns to look for around Cherry Hill: Collingswood, Oaklyn, Audubon, Haddon Heights, Haddon Twp, Barrington, Pennsauken, Merchantville, Woodbury, Deptford,Westville, Magnolia, Berlin, Stratford, Clementon, Pine Hill, Erial, Williamstown, and many others. All these nearby and are easy commutes to you work area. They have affordable homes. Of course there are many more areas. Google map http://maps.google.com/maps/ms?ie=UTF8&hl=en&msa=0&a…
pick a town and then do a search...Easily search detail listings such as foreclousres, single family, townhomes, condos, and by price and more here http://www.FreeNJHomeListings.com and http://www.SearchNJForeclosures.com

You have options now and if you are serious about home ownership you and your agent will find a nice home for you to buy. With todays interest rates and home prices you have a great opportunity.

Larry Sarlo
Weichert Realtors

0 votes
Ines De La C…, Agent, Marlton, NJ
Sat Mar 19, 2011
Hello Yvette726,
Thanks for your question.
It has not been a better time to buy than now. Interest rates are very low, there are many homes you can choose from, there are great programs for first time home buyers. There are some that give you $10,000 if you take some classes.
I would suggest to get a small single home. You probably have family or friends that could help you with maintenance or small repairs.
You will get tax deductions by buying vs. you get nothing by renting or staying at a family member. You get privacy and can start your own independent life.
The choice is up to you. When you are ready you can visit http://www.inesdelacruz.com to see All the homes in All New Jersey. You can also email or call me for more information.
If you have smart phone you can text HOMES2U to 87778 and you can download my Home App where you just point to a home and get the information/pictures. It is pretty cool.
Best of luck in your decision.
Ines De La Cruz, ABR,AHWD
RE/MAX Connection
1-800-276-2799 ext 169
Web Reference:  http://www.inesdelacruz.com
0 votes
Jodi Schwarzl, , Cherry Hill, NJ
Sat Mar 19, 2011
Have you been preapproved for a mortgage? This is the first step to start the process. If you're not interested in a condo then I do have some single homes that may work so we should sit down and talk about your options. There are few programs out there that will help pay for your closing costs. This way you can use your deposit money towards the purchase of a higher price home and still have a similar payment. I would love to work with you please call me 2152757301.
0 votes
Elisa Dewees, Agent, Cherry Hill, NJ
Sat Mar 19, 2011
Hi Yvette,
It depends more on what you are comfortable paying monthly as opposed to the sales price. I would not say that condos are harder to sell than single family homes. Marketable properties are really area specific.

I live in Cherry Hill and you are correct: there are very few possibilities for a price of $100,000. There are, however, neighboring communities that are more affordable. I would suggest interviewing Realtors to find one that is a good "fit" for you. They can help you narrow your search by price and area, taking into consideration the taxes which will impact your monthly payments.

Saving for more of a down payment and having money in case of emergencies is a wise choice. Also watch the interest rates carefully as that will impact your monthly payments!
Web Reference:  http://www.ElisaDewees.com
0 votes
Joe Montenig…, Agent, Sewell, NJ
Sat Mar 19, 2011
I would not wait... see my video on why not... http://hometeamnj.com/12-w-7th-ave-runnemede/

You're correct, $100k is not a lot, but it's not impossible either, see here for examples... http://hometeamnj.com/savedsearches/ OR you can do your own search here http://hometeamnj.com/search and enter your own price range and towns. you'll need to register.

Cherry Hill is slightly more expensive than more southern parts of Camden county. I would suggest no condos since the fees reduce your purchasing power and you're young, you can mow your own grass and do maintenance, right?

Thanks for reading! If that's helpful, click the thumbs up !

Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
Read my Blog at http://hometeamNJ.com/blog
Meet me at http://www.facebook.com/JoeMontenigroREMAX
Joe's free REO list: http://hometeamnj.com/search/joes-foreclosures
0 votes
Jodi Schwarzl, , Cherry Hill, NJ
Sat Mar 19, 2011
I have a great condo in Cherry Hill that may work for you. Call me 2152757301
0 votes
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