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Asked by D S, 07920 Mon Apr 27, 2009

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10
Francesca Pa…, Agent, Manasquan, NJ
Mon Apr 27, 2009
Deepaks,

I concur with the input previously provided. I might also add that you zero in on a few complexes of interest, then consult with a LOCAL realtor who knows the trends pertaining to those complexes (i.e., total market decline since 2005; any recent or future assessments that may impact your pocket, etc.)

No one can really predict if this is the "right time t buy", but in my opinion it is certainly a good time to buy and personal circumstances are a good barometer.

Look at it this way, since 2007, the "experts" have been wondering if we were in a recession, then in 2008, the said "oops, we've been in a recession since ??? (depending on whose opinion you value). I believe the same will happen with real estate as people like yourself who wonder "when" will be finding themselves saying "I should have bought back then" . . . . the "best time" to buy is almost always realized after the fact.

Love and Peace,
Francesca, Realtor, ePro
Francesca@PatrizioRE.com
Web Reference:  http://www.PatrizioRE.com
1 vote
Courtney Orl…, Agent, Basking Ridge, NJ
Wed Aug 19, 2009
Get it now. Rents will continue to rise. Inventory on rentals will start shrinking. Prices of all properties in Bridgewater will definitely start to rise once school starts!!
Web Reference:  http://www.bryantteam.com
0 votes
Neera Sharma, , 08836
Wed Apr 29, 2009
Deepak,

Please check out this web page. I think this will help you in your decision making.
http://www.nahb.org/generic.aspx?sectionID=1047&genericC…

Please feel free to call me or send an e mail for any assistance in you becoming an Home Owner ;)

Best Wishes,
Neera Sharma
Prudential New Jersey Properties
Martinsville office
908-400-6484 cell
Nsharma.home@gmail.com
0 votes
Carol Kellogg, Agent, Fair Oaks, CA
Tue Apr 28, 2009
Hi Deepak ~

In Sacramento, prices continue to come down. However, there are more reasons to buy than to wait. With the tax credits available and the low interest rates, we may never see this type of market again. The key is to find the right property to fit your needs. One thing I would caution you about condos ~ at least something that we're seeing here ~ Be sure to pay close attention to how many of the condos in the specific complex you're looking at are in trouble. If possible, have your Realtor do some investigating to find out how many are behind on their mortgage. If they're behind on the mortgage, chances are they're also behind on their monthly HOA dues, too. When a condo complex runs low on funds, they impose an assessment which the remaining homeowners must pay. Just a thought! I don't want to discourage you from buying, but the roofs still need replacing and the siding still needs painting. The money has to come from somewhere. The best site I've found to check out upcoming REO activity is foreclosureradar.com. It's a fee site, but has a 3-day trial if your Realtor wants to check out what's on the horizon. All that being said... You may not have the foreclosure wave we are dealing with here.

Good luck!
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Tue Apr 28, 2009
Hi Deepak, meant to add that the ONLY reason to wait would be to see if prices go down further - wish I could give you the definitive answer on that but only time will tell. What I do know with certainty is that if rates go the benefit of a further decline will likely be eaten up.

Inventory levels are high now - combination of hold over inventory from the winter market and the customary influx of Spring market listings - that means many choices for you - another benefit.

So, if you are the position to do so, now is the time - prices low, rates super low, choices high!

Best,
Jeannie Feenick
Search and connect at http://www.feenick.com
Web Reference:  http://www.feenick.com
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Tue Apr 28, 2009
Hello again Deepak, the condition of low interest rates and low prices is one which is not likely to last or be seen again for a while. My recommendation is to act. Think of a "V", and plot historical relationships between prices and interest rates - usually there is a somewhat inverse relationship, today both price and interest rates are sitting at the base of the "V" - unusual by historical standards, and a buying opportunity for those lucky enough to be in the position to do so for sure!

You mention this time that you may be a first time buyer - add the $8,000 Tax Credit that was written into the Stimulus Package as yet a further incentive. Unlike the $7,500 tax credit in place in '08, this one does not have to be repaid if you stay in the home/townhome/condo for 3 years (as your primary residence). There are income requirements - I can explain all of that to you in further detail.

Bridgewater is another great community - and there is some terrific inventory on the market - prices will be lower than Basking Ridge. I'm active there as well - both with buyers and sellers - know it well.

Hope to hear from you Deepak.

Best,
Jeannie Feenick
Search and connect at http://www.feenick.com
Web Reference:  http://www.feenick.com
0 votes
Bill, , 07876
Tue Apr 28, 2009
Buy it now because you can also use the first time home buyer tax credit. Find one you like and make an offer that you feel comfortable with. Rates and prices are low. Just because the owner is asking for x dollars for their condo, doesn't mean you have to offer that much. Good luck.
0 votes
Francesca Pa…, Agent, Manasquan, NJ
Mon Apr 27, 2009
P.S. Most certainly consult with a mortgage professional as although the rates are attractive, the requirements are more stringent than they have been in the past. No point in wasting your time or that of a Realtor if you are unable to get the financing.
Web Reference:  http://www.PatrizioRE.com
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Mon Apr 27, 2009
Hi Deepaks..........

As a buyer in today's market you have a number of options. There certainly are good deals to be made now. If , however, you're not quite ready to buy, there doesn't seem to be much of a risk to wait a bit, either. There are a lot of condos to choose from in the Springfield/Union area.. You might also explore parts of Essex and Morris counties, depending on where you commute to for work.

As mentioned below in another post, there are incentives to buy and close this year - namely the first time home buyer's credit.
The only "con" I can think of is the chance of mortgage rates increasing, but I don't see that happening in the near future.
The choice is yours!
Good Luck to you.
Let me know if I can help in any way!
Debbie
0 votes
Bill Eckler, Agent, Venice, FL
Mon Apr 27, 2009
Deepaks,

Your primary criteria for answering thei question should center upon both your personal needs and means to support this decision. The reasons for purchasing now far exceed those for not buying now. Today's buyers are recognizing the value to them in the form of:

$8,000 tax incentive
low interest rates
decreased prices
motivated sellers
large inventory of homes

With this said, the decision "to buy or not to buy" is truly one that should be made based on your personal situation.

Good luck
0 votes
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