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Old 03-25-2011, 10:07 AM
 
6 posts, read 9,087 times
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We are thinking of buying a house in Cranford NJ. The worry is that there may be a lot of "shadow inventory" the banks are holding back and the bottom will fall out if we buy now.

We don't plan on staying in NJ for longer than 5 yrs, but we do have pets, so renting will be tough (and the pets are like family so we can't just get rid of them).

We've been searching on the North side mostly within walking distance to the train.

Realizing that no one has a crystal ball, I'm curious of the "local's" opinions on the real estate market trend in Cranford. Some of the surrounding towns are in shambles. Is Cranford down to pre 2003 levels value wise? The prices seem all over the board and most of the listings have gone through 1 or more price drops.
It's hard to judge what value is "right".

We just don't want to be trapped in a house in 5 years...
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Old 03-25-2011, 11:41 AM
 
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I live on the north side in Cranford and know the area extremely well. The market in both Cranford and Westfield have weathered the downturn relatively well. As long as the school district remains as highly ranked as it has, then there will always be demand for reasonably priced properties. I would not say that prices are down below 2003 prices, but there are realtors on here that could confirm that. That being said, I would tell anyone buying in this market that they should consider living in their home for at least 5 years before attempting to sell otherwise you may take a loss.
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Old 03-27-2011, 09:38 AM
 
Location: Cranford NJ
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Homes in Cranford have maintained most of their value, in fact, according to the absorption rates, Cranford is still a seller's market, and has been through most of the downturn. Any realtor can run the comps for you, or conduct a PTA, to make sure you're not over paying. Even then, your home needs to appraise. Since interest rates are so low, timing couldn't be better to buy.
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Old 03-27-2011, 01:53 PM
 
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Well, you definitely can't guarantee you'll be able to sell it in 5 years and not lose money, especially after you pay all of the fees etc. 5 years is short.

I don't think anyone should buy a home that they aren't expecting to stay in forever (like the old way people used to buy homes).

But it sounds like you have some tricky circumstances with the pets. Personally, I would try my hardest to find a rental that would take the pets rather than buy if I know I was leaving in five years.
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Old 03-27-2011, 05:37 PM
 
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Rent. Dont let your pets run your life into the ground by buying and losing tons of money in less than 5 years
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Old 03-27-2011, 05:58 PM
 
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Also, sometimes landlords are willing to have pets if you put down a bigger security deposit and pay a bit more rent as a pet fee.
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Old 03-27-2011, 06:23 PM
 
Location: Cranford NJ
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Quote:
Originally Posted by Ann77 View Post
Also, sometimes landlords are willing to have pets if you put down a bigger security deposit and pay a bit more rent as a pet fee.

The maximum security deposit in NJ is one and a half months' rent. You can offer to pay more in rent, and sign a pet addendum. A realtor can show you only the rentals that accept pets and have you fill out the proper forms so that you are protected.
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Old 03-27-2011, 06:41 PM
 
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Quote:
Originally Posted by Sergio M View Post
The maximum security deposit in NJ is one and a half months' rent. You can offer to pay more in rent, and sign a pet addendum. A realtor can show you only the rentals that accept pets and have you fill out the proper forms so that you are protected.
I definitely paid a pet deposit, along with pet rent, but I don't think it was over 1.5 months rent anyway.
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Old 03-27-2011, 11:17 PM
 
Location: Ashburn, VA
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Rent and offer to pay a cleaning fee.
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Old 03-28-2011, 11:04 PM
 
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Good advise...I appreciate the info. We will see what the wife wants to do.
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