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I have searched the forums and have found good information on Summit, Chatham and Westfield. But I have two questions:
1. What kind of house can I expect to get for $800K in these towns?
2. I know this is a speculative question, but do you think house prices in these towns will go down further?
In this market you can probably grab something like a new construction that is either a short sale or a foreclosure already. As a realtor I can tell you that the homes sales has picked up in the past 3 months as the economy has slowly begun to revive itself.
Another thing is that interest rates are relatively low right now and overall having a lower interest rate of 5.75 versus a rate of 6.5 will be cost effective over the course of the loan. For example an initial savings of 50-75k may seem like a great deal but over the course of the 30 year loan, you will have saved that with the lower interest rate from the start.
In this market you can probably grab something like a new construction that is either a short sale or a foreclosure already. As a realtor I can tell you that the homes sales has picked up in the past 3 months as the economy has slowly begun to revive itself.
Another thing is that interest rates are relatively low right now and overall having a lower interest rate of 5.75 versus a rate of 6.5 will be cost effective over the course of the loan. For example an initial savings of 50-75k may seem like a great deal but over the course of the 30 year loan, you will have saved that with the lower interest rate from the start.
In any event best of luck with your search.
Of course sales have picked up. Ohh yeah you are a realtor, when exactly did you tell your customers it was a "bad" time to buy? Rates rise prices drop, and you can always refi.
my friend's budget is 800K as well. According to them, the house they gave an offer in summit is not quite updated and small, but with good location (can walk to town and train) and small level yard. The house has multiple bids and end up more than 800K.
For that budget, I would also check out Montclair.
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