Should we Buy or Wait?

[Sylwia Leczycka]

Hello,

Curious on thoughts about buying a home in Northern NJ. Market has been crazy with lots of overbidding and/ or all cash offers. To compete I have had to increase my budget by over $150K and take out most of my 401K for the down payment. This would be for a family home. I have investments elsewhere. Wondering should we buy know at what could be the height of the market or wait it out?  Is my money better sitting the 401k or should I put it into a currently overpriced home. We are actually in attorney review on a townhouse that needs a ton of work and is overpriced and its just not sitting well with me. Looking for logical points for or against if anyone would like to share. Maybe there is something I haven’t factored in.  Any insight is appreciated. Thank you!

[Brian Perlman]

I would change the strategy a little bit. Mainly look in areas that are not as popular. Meaning away from the major destinations in Bergen County. Put your focus on Northwestern Jersey - Upper Passaic and Sussex Counties. You can definitely find more value for your money there.