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Trying to buy in New Jersey


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2012 Jun 3, 10:34pm   6,839 views  15 comments

by tatupu70   ➕follow (0)   💰tip   ignore  

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.

Comments 1 - 15 of 15        Search these comments

1   Paralithodes   2012 Jun 3, 10:40pm  

What area are you looking in?

2   tatupu70   2012 Jun 3, 10:45pm  

Scotch Plains area (Berkely Heights, Fanwood, Westfield, Cranford)

3   Paralithodes   2012 Jun 3, 11:18pm  

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   2012 Jun 4, 12:16am  

I would probably be helpful if where knew where (geographically) you will be working.

Obligatory:

5   tatupu70   2012 Jun 4, 12:18am  

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   KILLERJANE   2012 Jun 4, 12:28am  

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.

7   tatupu70   2012 Jun 4, 12:40am  

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

8   tatupu70   2012 Jun 4, 12:42am  

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.

9   KILLERJANE   2012 Jun 4, 1:23am  

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!

10   zzyzzx   2012 Jun 4, 1:50am  

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

11   tatupu70   2012 Jun 4, 2:19am  

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?

12   KILLERJANE   2012 Jun 4, 2:24am  

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.

13   tatupu70   2012 Jun 4, 2:29am  

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.

14   KILLERJANE   2012 Jun 4, 2:59am  

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.

15   Michinaga   2012 Jun 4, 3:25am  

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.

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