Shalu Thaman

Hi Ivyzmama,
How are you searching properties on the MLS ?
Through an agent or a public MLS tool on the internet?
if through an agent, is the agent one who is a member of TRend? ( mercer MLS)
Agents have other ways of searching for suitabl homes, not just those that are active on the MLS . Besides, if something new is supposed to become available soon, they would know of it, not someone in your zip ( 08816 is East Brunswick, isn't it?)

FSBO's are not so common in this market, as it is harder for a seller to sell on their own...........plus they don't know/ understand current market trends that affect pricing their home, so are overpriced anyway.

If your issue is that you're not finding enough homes , switch your agent to one who is local & see how that works out for you.
As an FYI, there are 15 homes in Princeton under $600K right now on the market.......some are fabulously priced for the location/features & show very well.
And like I said, there are other sources.......you just have to find the right agent :-) - Yesterday, 11:43

According to this report almost all major markets in all zip codes of NJ are declining..........they are because the market hasn't yet bottomed out.
08540 is also Princeton ..08550 is West Windsor & 08536 is Plainsboro.............values have held up here better than South Brunswick..........which Pricneton Walk is located in..........the zip here is 08540---this community has a Princeton mailing address.

The source of this data is very relevant ( AIG - insurance co.) ...........and the chain important to understand.

The sliding of list prices underline the definition of what a declining market is.

Yet.....08501 ---Allentown Nj has dropped 20-30% since last year compared to 8-10% in West Windsor ---Plainsboro & Princeton are even smaller declines.
The decline is the coming down of prices to realistic levels.

So because list / sale prices are lower than 2007..........all markets in NJ are classified as declining because the market has yet not bottomed out.

The data in this report is being applied to loan applications - the cost to borrow today is higher since all these markets are classified as declining.
That is the purpose of the report.
applying this data for its own sake.....without understanding the decline %'s & which counties/towns are holding value better than others is more significant for a buyer / seller.
And zip codes & physical locations of communities vary....so one has to be aware of physical locations before jumping to any conclusions.

Please correct me if I am wrong. - Tue Jul 1 2008, 21:23

Sigh !.Why do agents get personal on this board is beyond me. The client always has the choice to work with an agent who seems best informed & referring to facts, not opinions.

To clarify regarding the rates increase at the Fed's meeting in September:-

This is NOT speculation.........the speculation is that The Fed may increase rates as early as August.....BUT the rate increase IS coming in September.
Check any financial publication or news source. (bankrate.com, WSJ )

Even if this was not to pose another opportunity for argument.....just look at where the rates are now & where they were in JAnuary or MArch 2008.

And is there ANY buyer in this price range ( who may be financing their purchase ) who is NOT impacted by rising interest rates?
A purchase price can be negotiated but the higher the loan to purchase value ratio, the cost of the loan to the borrower is higher and they have to show better down payments & credit scores etc........all upfront..in order to be preapproved.

I am NOT spinning theories here ! - Fri Jun 20 2008, 07:30

Hi Kaushal,
The list prices in Princeton Walk are inconsistent with any trend as such , & the properties have been listed & sold based on the initial list price & the overall condition & features ( analyzing princeton Walk 3 bedroom townhomes with basement ).
On a broad average the list prices have come down at the rate of under 1% per month.

I have to mention as I've faced this with quite a few of my clients- the direction & orientation of the home seems to impact the desirability of a particular property as well.......If the home faces North or East or North East, there has been more interest in it; all other factors remaining applicable ( price , condition)

However, the interest rates have gone up at about the same rate per month & are at a 10 month high at a national avg of 6.39%.
What individual rate you may get is another question to broach with a mortgage lender while you're conducting the analysis on home prices.

This should really adddress your motivation & timing a purchase.

Also, know this that at the lower end of the avg pricerange for this area & in any decliing market, lenders may require higher loan standards to be met -- higher down payment , credit score, income - or all 3.
Check with a mortgage rep or go tohttp:// www.bankrate.com to start this important research before you make any decision.
Good luck
BTW- with soft growth & housing, the one thing you can be sure WILL impact the market is an official rate hike by the Feds.......and we do anticipate an announcement to be made in September this year or even August. ---all to contain current inflationary trends
when that happens, there are a lot of buyers like you waiting for prices to bottom out.........these will be the ones making offers n the best homes on the market ( already happening) ........that will tell us the impact on prices of future listings. - Thu Jun 19 2008, 09:45

Hi Michelle,

West Windsor Plainsboro are my niche areas & all of the homes I've sold since September 2007 ( 99% working with buyers) are in WWP.........the client testimonials ( more recent ones) are from my clients who bought in this area.
This means, that I could provide you with a "hands on" knowledge of current inventory ( types of homes available in different communities) , price points & what to look for & what to watch out for.

If you're ready to move forward with your search & work in a consultative manner with a buyer's agent , please feel free to email or call me to decide if I could provide you with the level of representation necessary in this market.
Regards,
Shalu - Sat Jun 28 2008, 20:25

Hi Michelle,

East Windsor's tax rate is significantly higher than Plainsboro West Windsor --East Windsor property taxes for a $350k home avg to around $8000
However there are newer single family homes & townhomes in an affordable price range.

West Windsor has a tax rate of 1.9 & Plainsboro 2.1........both were reassessed in 2005 & 2006 & listing prices & sale prices have come down 8-10 % since last year, making it affordable for first time buyers in the area.
Values have held up well despite the downtrend & the proximity to the Princeton Junction train station & the schools ( in NJ magazine's Top 10 list) are the factors.
Having said that WWP is not 'the best' .......the are in the Top 10 though for the last few years.

You could review schools athttp:// www.GreatSchools.net

Montgomery & Hopewell ...both offer better choices than East Windsor ( IMHO) , depending on your flexibility & commute options.
Montgomery offers excellent schools, proximity to Princeton, reasonable taxes & has both options--newer single family & townhomes with basements ( some finished)
Hopewell has some beautiful single family new(er) and townhomes --lots of nice features & probably the most affordable for the features & age range offered.


Here are links that may hlep
http://www.state.nj.us/treasury/taxation/index.html?lpt/taxr…
http://money.cnn.com/magazines/moneymag/bplive/2007/snapshot…

Please email or call if you wanted to discuss available options based on your lifestyle requirements & priority list.
I have been working with buyers for the last year or so, quite consistently & have a hands on understanding of inventory, price points & features based on these different areas & communities, and would be happy to share with you any aspect that helps you find the most suitable area & home.
Regards,
Shalu - Wed Jun 25 2008, 08:42

Hi S,
All things considered, it comes down to your lifestyle & how long you plan to live in your new home?........most first time buyers are now moving every 2-5 years ...not 5 years as previously believed.

You will not recover you money if you sold in the next 2-3 years.........the real estate market will take some time to come back up & while appreciation builds; the market is not expected back to cycle back up to the real estate boom times.

So, consider your lifestyle & requirements and THEN factor in everything else.

If thinking of resale value ( and deciding on areas) ....analyze how many similar homes to what you're considering buying are on the market right now.
If there are a lot of homes, you know you'll have a problem selling in thse areas.

Property taxes should bring in a good value for the school system. If the taxes are high & the schools are not that good, it may make sense to compromise & find the best match for your lifestyle requirements, elsewhere.

I also want to say, as I specialize in the Greater Pricneton area of West Windsor, Plainsboro, Montgomery South Brunswick, working with First Time Home buyer & their unique concerns ......................... that the closer you are to the Princeton area or the train station & whath the qualitty of school education................these areas DO hold better value.

Most people who buy in East Windsor are in a lower price range , & have a 'connection' to manhattan or North NJ ( want to be near the turnpike or the Park & Ride off Rt 130 ) .

Lastly, if you haven't yet had a talk with a mortgage rep.......do so to see which areas work for your preferred monthly payments & decide where your comfort zone lies.

In this curent market & with changes in the mortgage industry, this step comes first & may actually help clarify the picture regarding your options ........before you decide on an area.
Good Luck - Wed Jun 18 2008, 08:07

Hi KS
Please interview at least 2-3 LOCAL Realtors who have specialized in this area........by either working with other buyers who have bought/ are buying here ( last year to the present market ) OR one who has lived in this area & knows this community.
Don't just go with an agent who says they are the best or a recommendation on this forum .......as you have no way of verifying its acuracy.

Talk to these shortlisted agents about the specific local market & what is expected here price wise in the coming months.
The agent should have a thorough knowledge of the models, prices, selling features & what is desirable or not for you as a buyer.......know the price points.........They should know the history of prices here without having to check the MLS.
( I am giving away lots of preparation tips to the desperate agents who will now contact you with "their expertise" based on my checklist) :-)

Get references for other buyers & talk to them specifically about what is most important fo you , when deciding whom to work with.

Also, liking this agent & being able to easily see that they ARE indeed knowledgable AND experienced working with buyers ( esp if you're a 1st time buyer) is important.

They should have the confidence & integrity to not be afraid to educate you about the market etc.while putting YOUR needs before their own self-interests.

Bottomline.........YOUR requirements,time frame & pprice range should be respected & the approach should beconsultative & not pushy or limited to the traditional thinking ( you must have an agent today who thinks outside the box & who is NOT keeping their comission in the back of their mind while working with you)

Hope this helps you make an informed decision. - Thu Jun 12 2008, 14:18