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Updated about 4 years ago on . Most recent reply

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Lisa Alexander
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NJ Market Inflated Prices - Invest now or wait it out?

Lisa Alexander
Posted

Hi - I am a newbie investor looking for my first property.  Currently live in North Jersey and my husband and I would like to house hack for a year or so before fully renting it out.  Since June or so, the prices here have shot up - from what i can tell most I look at are around $100k + over the value they were the beginning of this year.  

 Right now I am thinking we wait this out, but wondering what those familiar with this market are thinking about the prices and how that impacts investment opportunities?  Do you think house hacking is possible in this market?  Do you think the current values are sustainable or will they go back down in a few months or so? 

Obviously no one knows for sure, but would love to hear some thoughts around this.  I'm currently taking the approach of continuing to keep an eye on the market and analyzing investment opportunities, but thinking next year is going to be more likely for an investment timing wise.

Thanks!

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Darren Sager
  • Investor
  • Tampa, FL
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Darren Sager
  • Investor
  • Tampa, FL
ModeratorReplied

The market is inflated compared to what @Lisa Alexander?  I remember (yeah cause I've been at this a long time) in the 1990's when people were saying that real estate prices had hit their peak and would NEVER go higher.  Looking back now how many of you would have loved to get a buy and hold in the 90's like I first did and compare it to the prices we have today?  The big difference between now and then (besides market corrections and super run ups in prices) is the rate at which we can get loans for.  When I started mortgage rates were in the high 7's.  People would cringe at that today. Today's money is practically free with inflation.  So what would you rather do, sit on the side lines hoping for the prices to drop (and risk higher interest rates) or get in and get someone else to pay off your property that you hold for 20 plus years at crazy low rates.  You'll never see these rates again historically.  Take advantage of them.  Analyze the property.  If the opportunity is good long term do regardless of where the market is.  That's what we do.

  • Darren Sager
  • 862-208-2287
  • Podcast Guest on Show #48
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