Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I think the timing issue has a lot to do with where in NJ you are, and what do you want to do. I agree with Julian1977, buying for the short term may be risky, but if you can ride it out, you likely will see an increase in your equity.
Much of northern NJ is really not good for those who want to buy and flip, unless they can really flip quickly. Taxes and rising evaluations have taken a bite out of that, and here in Bergen, homes that have been renovated are sitting longer than were expected.
But people ARE buying - and paying prices for the most part that are not a disaster unless the home was only owned for a few years. Things seem to be slow here - fewer people showing up at open houses in the area, fewer sales in some towns - but that is largely because the mortgage money is tighter, and people no longer have the illusion that they can afford something that they really cannot afford.
NJ remains desireable because of location between two major cities and the fact that our economy is not based on just one or two industries. Professionally, personally, people continue to have solid reasons to live here, so we have not seen the worst of the gloom and doom that is spoken about nationally. But it is slow - buyers are taking their time and being careful.
It's a better time to buy than two or three years ago. Is it a good time to buy now as opposed to later? Depends on you and what you are looking for.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
