1. I recommend rereading what Jay (102) says. It also reflects my short painful experience in NJ real estate in the late 1980s. (Thank goodness for corporate relocations that make you whole.) More generally, talk to friends and relatives of various ages (25-55) who own and also those who rent *and* who have been in NJ for at least 10 years for some perspective on the market….20 years is even better. Also talk to those who were in NJ for a while and then left. It’s worth the time and effort…this is a lot of money we’re talking about. Don’t just talk to folks in your same age group. Avoid groupthink.

2. This second proposal probably sounds a bit radical, but even at your young age, think about finding a pleasant place you’d like to retire (!) that is affordable and consider renting in NJ and buying a small place in that retirement area. It will cool off your “housing lust”, lower your downside risk, and will be a more robust strategy against any out-of-state relocations you may make in the next decade or two. The “affordability” requirement may force you to be more creative about where you retire, but if you guess right about where your generation is going to want to retire to (and you youngsters have unique expertise about what your friends value, as compared to having no expertise in timing the NJ housing market), you could come out well ahead. (E.g. why would anyone have thought in the 1950s that folks would want to retire to a dinky town like Aspen Colorado, that at one time was fairly affordable.) And it will be a whole lot more fun looking at (relatively) cheap real estate in places you’d like to retire to than expensive places in locations that are currently convenient. The key is to be creative…what places are undervalued now that appeal to you for some core reason — beaches, mountains, fishing, climate, scenary, culture, family ties, lack of congestion, etc.?

Just my opinion. ”

And this was you a few months ago. You used to piss on your walls? It’s really pretty funny how suddenly people’s attitudes change when they “buy” a home. All pleased with your new assessment, huh? By the way, it will increase your taxes – if you haven’t guessed, it’s to your town’s advantage to give you a higher assessment because they make money off of you for it. Let us know how it assesses next year, won’t you?

And my apartment isn’t little by any means, by the way. And I’ve never peed on a wall – no need to go airing your own dirty laundry here.

Give me a break..from your tax assessment it doesnt sound like your in the Taj. This blog is full of potential home buyers who are not risking their future by purchasing a home so they can say “Im a home owner.” For this they shall be rewarded.

SO, what do you have to say now?

And then God said “Let there be idiots”! New home owner are you kidding me? You may have a great case for a tax appeal. Did it come out 15% higher than what you paid.

Are you for real. I find this difficult to believe given the current conditions of the market. It seems like the homes in and around the areas I drive and live, are sitting forever. Furthermore, the people i know in that end of the business, resi- brokers, resi-agent, and resi-appraisers tell me a different story.

Is your business located in an urban or suburban area?

:-)

I understand you guys are upset because you have to live based on what your landlord says and let him into your house to make sure your not pissing on the walls etc. But don’t take it out on me for buying a house and not losing 25% like all of you are predicting! Jeeze. Life is too short to worry about housing every day and sit in your little apartment.

Just my opinion.

They’ll refi by mailing their keys back to the bank.

AKA “jingle mail”.

Not to rain on your parade, but you said you think rent for your 2BR is approx. 1800-2200? Currently you are paying mortgage & taxes of $2667? Once you factor in maintenance fees & insurance and other owner related bills, the calculation probably would favor renting rather than owning.”

Add to that the fact that the $2667 is with an I/O mortgage, so actually he owns nothing, just a piece of paper with a great big IOU to a mortgage company.

$2667 a month to rent money!

I wish NJ does something similar.

I just have to say this:

paid …NOT payed

The Tennessee mortgage brokers helped pass that law because there’s no one left for them to shaft.

I’d say you got scre**ed. NJ tax assessment guidelines state you should be assessed ad valorem…that is, at the purchase price of your new home. Submit your HUD-1 statement with your tax appeal.