Comments on: Is it time to buy a home yet where you live?

By: Michael

Michael — Fri, 03 Apr 2009 13:59:48 +0000

Adam and Marc – thanks for taking the time to share your data. Indeed things appear to be improving, but not equally everywhere. Would love to hear from a California resident to get their impressions. If you’re out there, let us know what you’re hearing and feeling.

By: Marc

Marc — Fri, 03 Apr 2009 11:39:35 +0000

Going off my gut feelings…

Real Estate Assessment values of the home I just put a full price offer on:

2006 – $385,000
2008 – $275,000
Now – $185,000

One year ago there were > 500 homes for sale in my zip code, today there are approx 50. Prices have fallen to a level where renters and investors have taken what they can afford.

If you can find something nice, grab it. Here, in Northern Virginia, it’s time.

By: Adam

Adam — Wed, 18 Mar 2009 23:12:23 +0000

Great post Michael! We are planning to stay in NJ but are looking out in Morris County – going farther west to Hunterdon or Warren is cheaper and we have looked there as well. However, let’s use Morris as an example because I think this mirrors what we have been seeing all over northern NJ in that prices have not come down enough. Nevertheless, we are still on the hunt for a good deal.

Median Monthly Income: $9,000

Median Real Estate Tax: $7,300

Average Homeowners Insurance: $725

Implied Amount available for mortgage: $2,130

At 5%, the amount of an affordable mortgage: $399,000

Median Home price in Morris County (as of Q3 2008): $504,500