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To add to my misery, the single family homes will be done in August 2014, which means rate will be 5.25 - 5.50 as Fed will start tapering by March. Just sending the "feeler" out to taper made the rates jump from 3.5 to 4.5, and currently are at 4.0 at 30yr fix.
Waiting till August is a huge gamble on rates. I think I'm basically searching for a new or <10yr old home in a good school district/good area for 500k that I can close in 2 - 3 months so I can take advantage of this 4.0 or max 4.25 rate...
My resistance to buying in Summerfields, Somerset now is basically boiling down to the school system as its rated very poorly. We plan have kids soon, there's a lot of uncertainty and great level of gambling involved in stating that 600 new residents (all professionals I agree), can drive up the school system by 5 - 10 yrs.
Why would a 50yr old house in Edison cost 500k, which looks like a dump to say the least be costing that much as oppose to these 500k brand new homes. Sounds a little too good to be true right...and when that happens, it never really is too good to be true. This is the predicament I'm in as I've never bothered to look at Somerset for this reason and this reason only, despite not having kids.
My choices were always Edison, Colonia, Clark, Scotch Plains but, again, this is where I get stuck with the 50yr old dumps at 500k
Tough choices ahead for us...sleepless nights continue.
- Bij
Don't get caught overpaying for the "good school district" i.e 50 yr old dumps for 500k.
If you are ready to move to Summerfields than you have accepted a kid feeding into the Franklin/Somerset school district. Then why not find a home in Franklin or Franklin Park (08823) which is 10-20 years old to find something newer in your range.
While I agree, the Franklin school system is nothing to write home about as a WHOLE, there are bright kids that go there and do well. The issue with the summerfields is that the homes are being bid up becuase of the simple fact its new construction.
I truly appreciate the valid input from all of you...
The 3 BR Atlantic at 462,900 (base price) + Upgrades could cost about 15k, roughly 480k. Isn't this price ridiculous for a 3BR, which in future, if I wanted to sell, can be a huge disaster due to the 3BR?
Buying the Bergen at 498k + 10k (premium) puts me at 508k + 15k upgrades - 523k (way over my budget), urgh!!!
This is the quandry we're both in...
And the inventory elsewhere is so pathetic that we haven't been able to find something <5-10yrs old in a good community for 500k. We also want to take advantage of the 30yr fix rate right now, which I'm quoted at 3.99.
(Just voicing my frustration and asking some guidance...)
I truly appreciate the valid input from all of you...
The 3 BR Atlantic at 462,900 (base price) + Upgrades could cost about 15k, roughly 480k. Isn't this price ridiculous for a 3BR, which in future, if I wanted to sell, can be a huge disaster due to the 3BR?
Buying the Bergen at 498k + 10k (premium) puts me at 508k + 15k upgrades - 523k (way over my budget), urgh!!!
This is the quandry we're both in...
And the inventory elsewhere is so pathetic that we haven't been able to find something <5-10yrs old in a good community for 500k. We also want to take advantage of the 30yr fix rate right now, which I'm quoted at 3.99.
(Just voicing my frustration and asking some guidance...)
When it comes to single family 4 bd is way to go if you can afford it, sells quicker and drops the price per sq ft significantly. Bigger the house cheaper the price per.sq ft. personally i am not big on schools until kids reach 5-6 grade and that is a good 10 yrs away. by such time who knows what the ratings will be and where your future will take you. If the current rating is not great, there is no where else to go but UP. Just dont know how quick it will go up.
Townhomes are priced well .. in future you can even rent town home out and break even on your mortgage...
Does anybody know if the builder will be installing trees on the North side (for the houses near water treatment plant) ...this should help reduce noise from treatment plant and also gives some privacy between Single Family Homes and future condos...
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