In dire need of a home in Northern NJ!!!!! (Passaic: best town, for sale by owner)

[Lesley77]

Have you looked in the Rockaway area? I am not sure of your budget, but my husband and I had a pretty tight budget 3 years ao when we looked, and we bought in rockaway twp. We have a small 3 bedroom ranch, but we love the area!

[Ellwood]

And I agree with Mom2gurls--I dont see this huge drop everyone is chatting about. I could see if I was looking in Bergen or anyplace close to NY, but west of Parsippany should yield some results.QUOTE

According to an article in Star-Ledger last week, Northeastern NJ has only seen a 1.7% drop in real estate prices.

[Maurie12]

Lesley--thanks for the tip...you are the 2nd person who suggested Rockaway, so I will start looking in that area. With a little more time and patience, maybe that 1.7% drop in home prices, (thanks Ellwood) will go down some more.

[mom2gurls]

[quote=Maurie12;1303129]Hi again!



Mom2gurls, I will be praying you get the home you need! There are two girls in my fam, and we need both bathrooms-- so I feel your pain! LOL!

QUOTE]

LOLOLOL...I was waiting for that guy from Days our Lives to say.."These and other questions will be answered on "Days of our lives..."

But really I used to in the biz..and we have decided that whether I work or not..we were NOT going to go the funky mortgage route to get that mcmansion home...we love subdivisions..but we are not going to get into that game like our friends have (700k) all empty no furniture or kids..but they have the Toll Brothers home. KWIM.


I am sorry but 600k in the tri-state should be able to get someone a VERY VERY NICE home..without having to break their back and commute more than an hour to work...400k should get a nice family something as well.

I am not going to state what has already been stated a zillion times on other threads...but I will say this. I am waiting for the sellers to get real on their pricing, or their homes are going to sit. Forget about comps and wanting to get as much money out of it as possible. You want a buyer...FORGET pricing your home like its 2003-2005.

The market has changed..and sure you may not walk away with what you "would have" but you know what..you house will get sold and you can move to where you want to be.

And of course the same goes for buyers as well...we shouldnt try and low ball too much like its pre -2000 pricing...but I think a happy medium inbetween should follow.

Personally I think the reality is this...lenders are going to go back to the guidelines of 2-3x your income and not just write these blank check loans anymore(the funky ones)..and if that is the case..if the average couple (dont quote me if I am wrong)..who makes 100k a year combined....will be able to afford a 300k mortgage max.

Which truthfully speaking...makes sense in my book...or at least go with the old Debt-to-Income ratio guidelines as well.

A 300-400k loan is NOT chump change..its still a jumbo and having a 100k income is nothing to feel ashamed off. But unless houses drops or companies pay more..there is going to be huge disparity about where people buy and why.

Sorry to get off on a rant..but it really is sad when even making 200k per year can even buy you a decent 4 bedroom home.

[Summering]

Originally Posted by Maurie12

Lesley--thanks for the tip...you are the 2nd person who suggested Rockaway, so I will start looking in that area. With a little more time and patience, maybe that 1.7% drop in home prices, (thanks Ellwood) will go down some more.

I think Rockaway is a good choice. I lived in Denville for many years it would be over budget now though. Gosh, and I bought my very first home there in Indian Lake for barely nothing. It was small, but adorable with a nice screen porch and a big, big yard.
If you find in Rockaway the same quality that you have been seeing already. Try the other town I suggested, which I know has come down just enough that you might get a good buy. (down about 50 thousand right now)
With a garage and a nice kitchen I'm betting.
Having three girls, I know how important it is to have that extra bath or two.
The further north you go, usually brings the bigger bang for the buck.
Also, a bit more of the country and mountains, which I always love.

[Maurie12]

Summering, I plan to take your advice...I am checking online to see what is available...so far so good. One thing, though--I am a little worried about the commute. I hear that part of the state can be really bad(?)I just need to time it properly I suppose?

Mom2gurls, you are too funny! Glad you liked the comic relief! And you are not ranting, my friend, this market is nuts and both sellers and buyers need to get real---you are right.

Ok, so the house is worth more than what the buyers paid, but they are asking for WAY too much money--I dont want to pay for your next home, or your emotional attachment to the place, just the FMV. Give you enough to pay your original loan off and put a little down on a new one.

And buyers need to be fair, also. My parents bought thier home 40 years ago for 17k (of course 17K that long ago was a LOT of $$.) So they wouldnt make good buyers right now, they think 260 is like paying a million dollars!


I am praying someone needs to really sell thier home and I am the one to buy it.

Thanks and stay tuned!

[Songbird42]

Have you considered Dover near Rockaway........I have friends that live there
and the area is decent, you were concerned about commuting, I hear that
my daughter commutes from Vernon to Livingston and uses 287, some nights
she doesn't get home till 7 PM and she leaves at 4:30/5:00. Have you looked right in and around the town where you will work? Say 30 mins either way?

Good luck on your search

[Summering]

Originally Posted by Songbird42

Have you considered Dover near Rockaway........I have friends that live there
and the area is decent, you were concerned about commuting, I hear that
my daughter commutes from Vernon to Livingston and uses 287, some nights
she doesn't get home till 7 PM and she leaves at 4:30/5:00. Have you looked right in and around the town where you will work? Say 30 mins either way?

Good luck on your search

Yes, Vernon is a really, really big commute. That is even why, knowing she wants a shorter commute, I didn't even suggest Newton. I have to say that my SIL traveled from Newton ( a townhouse) to Morristown ( very, very, close to Parsippany) for many years. He didn't complain about that ride.
But, I am sure it was about an hour or just under that.Vernon ........so much further out. I use to even hate the Sunday drive up there. It seemed never ending. If push comes to shove, and there are no prospects popping up, Newton would be the outerlimits. You can from there take that one short back road ( whats it called ) which brings you right onto route 15 and then to 80. Cute town, small college there, stores, some nice property.
Everyone here wishes for you the perfect home......

[Maurie12]

Wow, you guys are the best--my eyes are getting moist from all the good advice I am getting...I didnt think I'd get too many responses! I already love NJ!

Dover sounds like a good commute...I asked a couple of people about it and they say it's not as nice/safe as it used to be for some reason. I dont know if that is all of Dover or certain pockets.

Anytime I see a town with a potential home, I mapquest the distance and say hmmm that's do-able, but the natives tell me that doesnt include traffic, so I am not sure of the areas that are really a 30 min or < commute. I just am not up for spending 2 hours to get to wk and home. For the most part we need to be @ work between 7:30 and 8:00a.m.

So it sounds like Newton is my limit--along with the info Summering gave me, that gives me some boundaries.

Thanks again for the advice and well wishes--I plan to keep you all posted!!

[joe moving]

Have you checked a little past Rockaway, like Roxbury?