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Trying to buy in New Jersey

By tatupu70   Follow   Mon, 4 Jun 2012, 5:34am   1,097 views   21 comments
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I know some of you like anecdotal evidence of what's happening on the ground. Well--I am in the process of getting transferred to New Jersey and have been on 2 househunting trips. Last week put in bids on two houses getting outbid each time. Both went for over asking after less than a week on the market. And 2 other houses that I wanted to see were under contract before I even made it out to NJ to look at them (less than 1 week on the market again).

Looked at rentals too--very few available and they either: 1. require the renter to pay the commission (1 mo rent typically) or 2. require the renter to pay a percentage (varies) of the repairs. And they are more expensive than buying a similar house.

Just my experience. Obviously a small sample size, but I'd be shocked if prices aren't rising when C-S comes out with June data in a few months.

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1. Paralithodes Follow Befriend 1 threads 530 comments

   1   5:40am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike   What area are you looking in?

2. tatupu70 Follow Befriend (3) 15 threads 5,627 comments

   2   5:45am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike   Scotch Plains area (Berkely Heights, Fanwood, Westfield, Cranford)

3. Paralithodes Follow Befriend 1 threads 530 comments

   3   6:18am Mon 4 Jun 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   Nice areas. We have friends and family in a couple of those towns who are very happy there, but I can't really speak about them personally. If your job is in NY, I couldn't really recommend going further west. But if it's in the area, such as Bridgewater, then there are plenty of towns west and southwest of Scotch Plains that are very nice as well. If that were the case, you could even go out into Hunterdon County (White House, Lebanon, Clinton, etc.) but your commute might be a little tougher.

4. zzyzzx Follow Befriend (9) 414 threads 4,124 comments Baltimore, MD

   4   7:16am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike (1)   I would probably be helpful if where knew where (geographically) you will be working. Obligatory:

5. tatupu70 Follow Befriend (3) 15 threads 5,627 comments

   5   7:18am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike   I'll be working in Rahway. Thanks for the Jersey Shore pic--believe me, I've heard that joke a few times. I looked at Bridgewater but was afraid to go any further west because everyone says the traffic on 22 and 202 really sucks. Plus I really like the family feel of Scotch Plains.

6. Call it Crazy Follow Befriend 229 threads 2,774 comments

   6   7:25am Mon 4 Jun 2012   Share   Quote   Permalink   Like (1)   Dislike (2)   tatupu70 says Scotch Plains area (Berkely Heights, Fanwood, Westfield, Cranford) Some of those areas can be pricey, but in general, a lot of NJ is trending downward. I'm in Central NJ and NJ prices are all over the board, depending on the area. zzyzzx says I would probably be helpful if where knew where (geographically) you will be working. That's the most important question. Where is your work location? The commute situation can play a BIG picture on where you buy. There are other areas west and south of the ones you mentioned that have better pricing/deals. Where are you going to be working and what type of commute are you willing to handle??

7. KILLERJANE Follow Befriend (3) 12 threads 600 comments

   7   7:28am Mon 4 Jun 2012   Share   Quote   Permalink   Like (1)   Dislike   Have you tried looking for a vacation/furnished rental on Craigslist, home away, or other similar site? You will probably want to take a little time to check out the job and check out the area before going under contract.

8. tatupu70 Follow Befriend (3) 15 threads 5,627 comments

   8   7:40am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike   Call it Crazy says That's the most important question. Where is your work location? I must have replied as you were writing this--I'll be in Rahway

9. Call it Crazy Follow Befriend 229 threads 2,774 comments

   9   7:41am Mon 4 Jun 2012   Share   Quote   Permalink   Like (2)   Dislike (3)   KILLERJANE says Have you tried looking for a vacation/furnished rental on Craigslist, home away, or other similar site? You will probably want to take a little time to check out the job and check out the area before going under contract. Thinking saying and doing need to line up. Actually, after thinking about it and knowing the NJ market, the suggestion above would be my BEST suggestion for you. NJ prices are still heading downward and there is a huge shadow inventory. I would recommend finding a rental and wait and see how the job shakes out and take time to look around the areas. In this current market, trying to buy from a remote location without knowing the area is DEFINITELY financial suicide!!

10. Call it Crazy Follow Befriend 229 threads 2,774 comments

    10   7:41am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike (3)   tatupu70 says I must have replied as you were writing this--I'll be in Rahway Yep, we cross posted.. Going to Merck by any chance??

11. tatupu70 Follow Befriend (3) 15 threads 5,627 comments

    11   7:42am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike   KILLERJANE says Have you tried looking for a vacation/furnished rental on Craigslist, home away, or other similar site? You will probably want to take a little time to check out the job and check out the area before going under contract. Yes--I'd prefer not to have to move twice. Moving the kids into potentially two different schools in the same year is not ideal. Furnished rentals are $$ too. $3000/mo. and up from what I could find.

12. KILLERJANE Follow Befriend (3) 12 threads 600 comments

    12   8:23am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike (1)   Yeah but you may rethink the option because you could be hasty in all the excitement. You may want to scour Craigslist. NOt everyone is asking top $ for a rental. The kids can be flexible you know, it's an adventure. Plus, if you end up in a short sale, 6 months goes by anyways. Good luck with your new adventure!

13. zzyzzx Follow Befriend (9) 414 threads 4,124 comments Baltimore, MD

    13   8:50am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike (1)   KILLERJANE says Have you tried looking for a vacation/furnished rental on Craigslist, home away, or other similar site? You will probably want to take a little time to check out the job and check out the area before going under contract. Along the same lines, it would be helpful if we knew how familiar with that part of NJ they were familiar with. In so far as a vacation rental in NJ, I assume that most would be near the shore and only reasonably priced when it's not summer. Obligatory: http://www.grayflannelsuit.net/blog/wp-content/uploads/2011/12/funny-new-jersey-area-map.jpg

14. Call it Crazy Follow Befriend 229 threads 2,774 comments

    14   9:01am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike (3)   zzyzzx says In so far as a vacation rental in NJ, I assume that most would be near the shore and only reasonably priced when it's not summer. The area he is considering is no where close to the vacation rental areas, but I'm sure he can find someone who is trying to sell but is underwater and would consider renting to him instead of foreclosing. Oh and your map link above, it's great, and since I'm from NJ, unfortunately, most of it is true...:)

15. tatupu70 Follow Befriend (3) 15 threads 5,627 comments

    15   9:19am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike   Call it Crazy says but I'm sure he can find someone who is trying to sell but is underwater and would consider renting to him instead of foreclosing. How would one go about doing that? Unless they are on the MLS, how would you know?

16. Call it Crazy Follow Befriend 229 threads 2,774 comments

    16   9:21am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike (3)   tatupu70 says Yes--I'd prefer not to have to move twice. Moving the kids into potentially two different schools in the same year is not ideal. That is a very good point considering the kids. I did a similar thing years ago and moved to another state as a transfer. We ended up renting a small house for around 8 months waiting for a new house to be completed, put most of our stuff in storage. It wasn't a great situation, but we survived (and didn't kill each other). My three kids handled it fine, it definitely was an adventure for them. You have to weight the pros and cons. Rent for a little while and find the right place or take the gamble and decide quickly and hope you don't take it in the "shorts" for tens of thousands of dollars later....

17. KILLERJANE Follow Befriend (3) 12 threads 600 comments

    17   9:24am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike (1)   Try this, since there are a lot of short sellers and messed up situations, someone may do a short rental, non furnished, until the property closed which takes a while anyways.

18. Call it Crazy Follow Befriend 229 threads 2,774 comments

    18   9:27am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike (3)   tatupu70 says How would on go about doing that? Unless they are on the MLS, how would you know? Check out Craigslist for sure and some of the other "rental" sites. The other way is to look for houses that have been on the market for a long time. You can sort an area on Zillow by the number of days on the market, the ones that have been on the longest are good candidates. Find the houses that fit your parameters and contact them to see if they would consider renting.

19. tatupu70 Follow Befriend (3) 15 threads 5,627 comments

    19   9:29am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike   KILLERJANE says Try this, since there are a lot of short sellers and messed up situations, someone may do a short rental, non furnished, until the property closed which takes a while anyways. I only saw 1 short sale among all the properties I looked at on the internets. And I'm not sure what incentive a short seller would have to rent out their place. I'm not against the idea in theory, but I don't see how to actually do it.

20. KILLERJANE Follow Befriend (3) 12 threads 600 comments

    20   9:59am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike (1)   The incentive is to make the short seller a little money before they lose their house. I rented from one short seller once. It was a bit of a pain, but it was what we did when we needed to. You have to be willing to allow strangers in to view, inspect property when asked. Also, the closing can be up in the air a lot.

21. Michinaga Follow Befriend (2) 3 threads 283 comments

    21   10:25am Mon 4 Jun 2012   Share   Quote   Permalink   Like   Dislike   Rahway is on both the NJ Transit line connecting NYC/Newark with New Brunswick and Princeton, plus the line that goes down the Jersey Shore, isn't it? That's a pretty convenient place to live -- though I've never stepped outside the train station myself. Many fond memories of waiting for the other train to come, though.