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Yup- but you're buying a "status address" in Summit, so that makes an 80 year-old, 2,000sf house with bad decorating, steam radiators and a drop ceiling in the wood-paneled "rumpus room" worth $1 million to some folks. Ohh- but it's got granite countertops.....lol
i'm not sure that a "status address" is what draws the majority of people to summit. i'm thinking that the mid town direct train line, top rated schools and one of the best downtowns in nj probably has more to do with it.
i'm not sure that a "status address" is what draws the majority of people to summit. i'm thinking that the mid town direct train line, top rated schools and one of the best downtowns in nj probably has more to do with it.
there's a house nearly that size (9K sq ft - 5 acres) for sale up by me, it's listed for $1.39M. it's probably overpriced as it's been sitting on the market for close to 6 mos.
there's a house nearly that size (9K sq ft - 5 acres) for sale up by me, it's listed for $1.39M. it's probably overpriced as it's been sitting on the market for close to 6 mos.
Could be, though it's also not all that uncommon for houses in that price range to be on the market longer than typical homes. Buyers with that kind of money aren't as common as for smaller/less expensive homes, and they tend to be a bit more selective in what they buy. I wouldn't expect to list a $1 million+ home in this market and have it sell immediately.
If you make, say $250,000, you should be able to comfortably afford a $625,000 loan. So if you can put down $375,000, you should be okay, given that income level.
If you make, say $250,000, you should be able to comfortably afford a $625,000 loan. So if you can put down $375,000, you should be okay, given that income level.
How?
Assume you get a 3.75% loan and that taxes are $25k. Your monthly payment after taxes / home insurance is roughly $5,100.
$250k gross is conservatively $10.4k per month net (I know all-in taxes after medicare, social security aren't 50% at that income level but believe me, they shall either have to be there soon or the cost of everything else has to rocket up enough to make 50% the right comparable rate).
Additionally, house prices aren't going anywhere in the next 5 years (well, maybe they go down but not up given the delayed release of foreclosures for sale in NJ and all that). So you ain't getting much unrealized return on your $375k in the interim.
Are you saying that OP should pay 50% of monthly take-home pay on housing?
Assume you get a 3.75% loan and that taxes are $25k. Your monthly payment after taxes / home insurance is roughly $5,100.
$250k gross is conservatively $10.4k per month net (I know all-in taxes after medicare, social security aren't 50% at that income level but believe me, they shall either have to be there soon or the cost of everything else has to rocket up enough to make 50% the right comparable rate).
Additionally, house prices aren't going anywhere in the next 5 years (well, maybe they go down but not up given the delayed release of foreclosures for sale in NJ and all that). So you ain't getting much unrealized return on your $375k in the interim.
Are you saying that OP should pay 50% of monthly take-home pay on housing?
I feel that that is nuts.
You are grossly overestimating the tax burden. 50% of the entire income? Taxes are progressive. It's not going to reach 50% off the entire income anytime soon.
Geez... that is a STEAL... up here in New England, the lots around here are $400K, with nothing on them.
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