Im in limbo - need Input on this, bear with me! We currently live in a 2 bed 2 bath condo in NJ, been here for 10 years. It's me, my partner, toddler and father in law. We have been looking to move to a bigger place because his mother will join us at some point and we also hope to have another kid. We've been looking for homes in central NJ for the last 2 years and the crazy prices prevented us from any action. I have been wanting a 4 bed 3 bath home with a room on the main floor for his parents and also for my own privacy I need that separation of floors. We just resumed actively looking and found a 3 bed 3.5 bath 2000 sqft town home in south Brunswick. SB is a super high demand, low inventory area with great schools and community. The home itself is an end unit fully renovated in great condition and location. There is space for 2 additional bedrooms and a bath if we convert the upper loft and a basement section. The issue is it's a bit tight in space naturally and I don't have the full second floor separation. The second floor has that loft and balcony structure that looks out at the main floor living room. So anyone can simply look up and see the entire floor and the rooms. The place is priced at 650k and we put in an offer at 675k (it's as high as we can go also realtor said we have to come in at best and final if we like it that much since seller is only doing one round. For context, they only had one open house and 80 families showed up in 4 hours.) only because of the layout, condition, location, schooling, and community. This place has multiple offers already and is expected to sell ASAP. My dilemma is... Are we overpaying for a townhome? I feel like we are, Ive always wanted a 4/5 bed 3 bath spacious home only because we are a larger family. This will be our forever home now since I want my kid to stay in the same school system and make friends. Also moving is very expensive and time consuming. Half the time I feel good about it, half the time I question if we should back out ... Time is not on our side since I'm already past 35 and need to plan the second child and the housing market doesn't look great so far. It's been a struggle to find the home layout we need in good condition in a good school district that's not a million dollars. Thank you for reading this far. Are we crazy? Or is this okay? What if I regret not having a larger home down the line. Partner and I like the low maintenance nature of the place, there is an HOA with amenities like pool, gym etc. Tc: 290k
290k is household TC?
No, you are not overpaying. Remember, the price you pay is just purely based on the demand, and you said it yourself about the demand in the area. If you like the house, pounce at it with all your will. The market is much better than the crazy late 2020 to may 2022 market after which the internet rates started to go high. Honestly, housing is America's top most legal ponzi scheme and the prices are only going to go up given the inventory and lack of good regulations.
Real estate, cryptocurrency, AI startups, all ponzi schemes. We just want to get ours before somebody else does. But... people actually need homes to live in and labor costs to build or expand are astronomical in many areas, some legit AI startups will actually disrupt the economy, and cryptocurrency is still a total scam with no real utility to it. So pick your poison!
When we bought our first home and paid 50k over the asking price, I had the same feeling and kept feeling it that way for a while. It is normal. In hindsight, the market kept going up and we made a significant profit when sold it after 5 years. In long term, it will not matter as you are going to buy a house and it will be your home for years to come, will create beautiful memories and perhaps it will appreciate (especially single family and town homes) overtime
The price rise in the past few years were insane and not sustainable. It doesn't mean house prices will keep going up. Incomes are not growing at the same pace. If home prices hit $2M everyone, no one will be able to afford to buy and maintain that home in the long run (There are property taxes to be considered that are based on value of the house)!
my partner and i dont have any children (right now) so we cant relate to you. we were in contract for a 2b/1b house because it was so hard to win a decent house back then. fortunately the contract fallen off by the seller. we kept looking and finally got another house, 4b/2b. it is my dream house. i encourage you not settle for less. good luck!
Don’t buy it you can easily afford a bigger home which you would love. Don’t buy as a compromise as changing home is t fun especially when you buy one. So wait and buy something which you gonna love in the long run.
400k tc and thinking too hard abt 650K home... and here I am with 300K tc and just bought a 1.2M house... you do kkow about bank mortgage I hope..
It kind of sounds like you know the answer and are just here for confirmation (?). 675k does sound a bit high for a townhome. What's the monthly HOA? We are currently in a townhome, but our HOA is extremely low. We love it and have no plans to move anytime soon, but I also don't think I'd buy another townhome mainly due to the unpredictable nature of HOAs and being attached to a neighbor.
HOA is 370.
With in-laws you need split entry friend. Also if they’re aging- multiple floors will be a liability… Great for first home, but forever home is pushing it. All the best whichever way you go
Yea this place has a master bath and bed on the main floor with the kitchen and outside access. 2 bedrooms are on the second level. And a finished walkout basement. I don't expect them to go upstairs or downstairs. They're old so stairs in a split level would be a problem.
Go for it..
Right now no good supply simply due to seasonality. I would personally wait for the Spring / Summer to see what’s available. With 40 other families interested, you might not get the unit anyway. Delay baby for 3 months is not a big deal, we know plenty of first time moms at 35,36, 37, 38. Calm down. Wait for the summer, but get ready to pay up for the house that you want. Either in price or rate…
It’s too big. I ain’t reading it. Good luck though
Yea sorry was trying to give as much context as I coukd
Thanks! I'm hesitant to go beyond 700k due to job uncertainty. I want one of us to be able to cover mortgage payments at the very least if the other loses their job. But yeah I think I want to hold off for a larger home. I feel like I'd be pretty unhappy with the lack of space in a townhime with 5 people living there.