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Asked by Ak, Edison, NJ Fri Oct 28, 2011

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Answers

18
Mary Petti, Agent, Edison, NJ
Wed Nov 2, 2011
AK,

As a two time homeowner, and a Realtor, I can tell you that the age of the house doesn't necesssarily mean anything. New or old, homes ALWAYS come with some sort of maintenance issues along the way. That's the nature of homeownership.

For example, my first home was brand new. I watched it being built in 1983. In the first 5 years, I had to replace the ceiling in my kitchen after the tub drained right into the crawl area between the two levels (the main drain was not hooked up properly), needed to replace all the windows, fix a roof leak, and even replace the main water main when it ruptured in my front lawn. My current home was built in 1972 and I bought it in 1996. I have slowly upgraded everything, and the house is in better shape at 39 years old then my "new" house ever was.

What do you consider "real old". Metuchen, for example, has homes built in the late 1800's and early 1900's and they are still standing, doing well and selling. Many "older" homes have been upgraded/renovated and are as good as a new home. When you purchase a home, you will have a home inspection performed, and that should alert you to most issues that need immediate attention before you move in (and the sellers responsibility). After that, no matter what you do or what you buy, there will always be something that needs to be replaced/repaired. If you aren't willing to do that, you are better off not owning a home, NEW OR OLD.

Just to clarify, Edison IS only one school district, and has only two high schools. The unofficial differentiation between North and South Edison as far as high schools comes from the NJ School Report card where J. P. Stevens High School performs better compared to Edison High School.

That being said, I am a resident of the town since 1983, and very well knowledgable about the town. However, don't limit yourself just to just North Edison. There are many great values in the "south side", as well as in some other towns depending on why you chose Edison (schools, access to NYC, etc).

Give me a call or email me and I will be happy to help determine your needs and steer you in the right direction, along with educating you on the home buying process.
1 vote
John Sacktig, Agent, New Jersey, NJ
Wed Nov 2, 2011
Ak -

Finding the right home is the task, is there a reason you are limiting yourself to Edison? Train, Schools?

There are many there areas that can also fit the bill to your wants and needs. East Brunswick is home to great schools and easy commute into NYC.. Bus or Train. There is a good mix of old and new in the area.

Most of the "older" homes, people have invested in updating and so on.. so there should be allowances for what is in the house.. older homes may come with the built in character that you may be years away form with a newer home.. no trees, no landscaping.. all of this completes a homes curb appeal.

Call or Email and I can send you what s available.. we can start a 'let's take a look" fact finding mission as to where you really want to be and what is available to you.

John Sacktig
Broker / Manager
Orange Key Realty
JSacktig@orangekeyrealty.com
Direct: 732-213-1409
1 vote
Patric Santo…, Agent, Metuchen, NJ
Thu Feb 16, 2012
Still looking for a home in North Edison? Contact me and we can talk more about it. Here's a link to search through the homes that are currently on the market in North Edison:
http://search.pspreal.com/i/9425/North_Edison_Homes_for_Sale_08820

Patric Santo Pietro
Prudential NJ Properties
patric@pspreal.com
732-570-5442
Web Reference:  http://www.PSPreal.com
0 votes
Mary Petti, Agent, Edison, NJ
Fri Nov 4, 2011
AK,

Speak to a mortgage lender about what you qualify for or don't. Unless someone sees your financial information and credit history, even the mortgage brokers who answer on Trulia, here cannot tell you if you qualify for ANY loan.
0 votes
Ak, Home Buyer, Edison, NJ
Fri Nov 4, 2011
Thanks for the answers. Here is a question i have.

I am self employed (consulting at a Major bank) for the past 8 years. Will i qualify for a FHA loan if i am making less than 20% downpayment? Also, how about other kinds of loans. Can the experts shed some light on this. Thanks.
0 votes
Poonacha U.…, , Edison, NJ
Fri Nov 4, 2011
It is a great time to buy. In Real Estate you always pay for location. You can buy a home with as little as 3.5% down payment.. There are different areas also with good schools and commute to NYC.
0 votes
Akhila Aneja, Agent, Metuchen, NJ
Wed Nov 2, 2011
I am an expert in Edison area. My advise is to buy right now. The prices are rock bottom, interest rates are very low. There are many properties in this area that have buses running to Metro Park Station that offers commute to NYC, are located in blue ribbon school districts and can fit any budget including excellent properties that are now available as short sales.

For more information check my website,
http://www.youredisonhome.com
0 votes
Private, Other Pro, Piscataway, NJ
Tue Nov 1, 2011
Home ownership, comes with its own plus and minus. Yes it will be little more expensive than renting in terms of maintaining and yes it takes time and yes its pain, but at the end of the day you OWN it. That's the difference. I would relate it to having a baby, which literally changes your lifestyle but you enjoy it. Same as owing the house. I personally feel your quality of life is much different than renting. If you are looking just because you think house values have dropped, don't bother. You will regret it. Buy it, ONLY if you like it.

Don't bother looking at the age of the home, but rather the condition of the home, as pretty much they could renovate everything.

You need a GOOD REALTOR. Only an informed realtor can help you find the right area and home. Talk with 2 or 3 realtors and find the person whom you feel comfortable with.

Personally, do not get fixated with North Edison. As far as I know, Edison is ONE School district (like many people think south Edison and North Edison doesn't have their own school district) with North Edison having a "newer" High School and many affluent people live there. Personally I do not think price is worth there. Its just a hype.

Expand your search area to Brunswick's, Plainboro or even hills borough / bridgewater etc (its still commutable to NYC easily with good school district)..

If you haven't started looking, you are looking at the least 4 - 6 months to close.

Good luck.
0 votes
Anita Zelda…, Agent, Miami Beach, FL
Tue Nov 1, 2011
Hi,

You have to take your time. Its an important decision.

Best regards
Web Reference:  http://www.freudrealty.com/
0 votes
Ak, Home Buyer, Edison, NJ
Tue Nov 1, 2011
Hi,

Thank you all for your suggestions. I am not timing the market as its close to impossible. However, since i am renting and have a few more months on my lease i have to wait. Also, I am hoping spring will bring out new homes on the market.

However, i have a question : North Edison area has real old homes but the prices are high, i understand this is due to school dist + commute to NYC etc.... As a first time buyer with no experience in maintaning an independent home (currently live in a rented townhome) I am really concerned if it will be too much work for my wife and me (we have two kids under 7 yrs). Are the homes maintainable? Our biggest concern is getting into a home that has considerable hidden damage due to the age.

Please advice.
0 votes
Private, Other Pro, Piscataway, NJ
Tue Nov 1, 2011
Income limits and purchase price limit is for Middlesex county.
0 votes
Private, Other Pro, Piscataway, NJ
Tue Nov 1, 2011
Keep looking until you find the right one, If I were you I would not try to time the market which is close to impossible. Go with FHA loan, they will work with you for your downpayment requirement, however PMI is quite high (You may be able to roll your PMI into Mortgage as well)

As a first time home buyer, you may be eligible for grants and lender paid PMI program. Look for non profit organization that offer credit counselling program / first time home buyer program.

To be eligible, you / household cannot make more than $124,320 per annum and your purchase price cannot be more than $429,619. Good luck with your purchase.
0 votes
Raymond Lee, Agent, Edison, NJ
Mon Oct 31, 2011
Hi AK,

A lot of buyers nowadays are trying to time the "bottom" of this market...much like the stock market. But if you ask any real stock investors, they never try to time the bottom, just get close to it and hold for long term. That's what buyers should do in the real estate market. If you need to buy a home, you need to buy a home and live there long term where values will come back up, and not worry about timing the bottom.

There's a perfect storm now of low home prices and low interest rates which increases home affordability. As interest rates go up, and housing prices stay the same, you afford less house.

There's less homes for sale during the winter, so your selection is lower. So if you want more selection,
I would say wait until spring, but there could be more competition of buyers in the spring also. I don't think prices or the ability to get a deal would be that different between now or next spring.

Regarding down payment, I work with a lender who can finance up to 100% of the purchase price if you are a first time home buyer, have a credit score of over 620 and qualify with the debt-to-income ratio. The program allows people with little to no down payment to buy a house.

If you are interested in learning more about it and want to discuss more about home buying, feel free to contact me at any time.

Thanks,

Raymond Lee, SFR (Short Sale Specialist)
Vice President/REALTOR Associate
Nextage M3 Realty
1910 Oak Tree Road
Edison, NJ 08820
O: 732.603.0700
C: 732.585.8379
Email: rlee@nextagerealty.com
http://www.NextageM3Realty.com
0 votes
Mary Petti, Agent, Edison, NJ
Mon Oct 31, 2011
AK,

I have lived in Edison since 1983 and know the township very well.

Spring does tend to bring ore homes on the market, but there are plenty of homes currently available in a large range of prices.

Having 5% down is not a problem, assuming you have spoken to a reliable mortgage broker/bank to know what PURCHASE price/mortgage amount you qualify for with that 5% down payment.

Feel free to give me a call or send me an email, and I will be happy to give you examples of what's on the market now. Prices have been falling, but in North Edison, not as much as other townships. What I would keep an eye on is the mortgage rates. If they start to go up, I would move ahead in my purchase plans sooner rather than later.
0 votes
Jerry Barker, Agent, Atlantic City, NJ
Sat Oct 29, 2011
Id wait if your able to, heres two reasos's why, even though rates are historically low, blah blah blah, ever year regardless of how low they are, december and january for some reason produce the absolute lowest interest rates of the years, and i dont know why but its been that way for the past ten years at least, and thats fact, you can look that up online, just google something like prime rate history and look into for yourself. Secondly since our market is seasonal, and runss mainly from april to october, id wait because i think that in spring of next year you will have more homes to choose from which is beneficial in itself but also will create lower home prices as more homes hit the market.
Web Reference:  http://www.sjrates.com
0 votes
James Unger, , Bucks County, PA
Fri Oct 28, 2011
Evening Ak,
I understand how you may feel concerning on waiting, as prices are low and some believe we have not hit bottom. But keep in mind that the low prices coupled with the low interest rates actually works for you to buy more for less as it relates to you Principle and Interest, (P&I) on a mortgage.
Houses are selling and nobody can actually tell you when the market will start to increase, just as alot of people did not see the drop until it happen.
What I would suggest if you are secured in your employment, this is possible reason why some are waiting, that you reach out to a mortgage broker for an idea as to the amount you would be approved for. Then speak with a real estate agent, you could find out that there is more areas you could afford that you may think you could not.-
I would be more then happy to assist you in your search for a home, feel free to eail me at james.unger@century21.com or if you should like to talk further my cell is 732-874-0928
Best of luck as purchasing a home can be stressful but in the end it is a great feeling.
0 votes
Walter 'Skip'…, Agent, Brea, CA
Fri Oct 28, 2011
Hi AK,
If you can find something you like now, I wouldn't wait simply because interest rates are at all time lows. Interest rates have a major impact on your monthly payments.
Good luck,
0 votes
Swarna Venka…, Agent, Iselin, NJ
Fri Oct 28, 2011
DEAR FRIEND ,NO ONE KNOWS WHAT TOMORROW 'S MARKET IS .HIGH OR LOW.NOW WE KNOW PRICES ARE LOW ALSO INTEREST RATES ARE LOWER THAN BEFORE.IF YOU HAVE GOOD CREDIT YOU MAY PUT DOWN 5%. ANY OTHER QUESTIONS CALL SWARNA 732-266-9027.
0 votes
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