Still time to buy multi family in JC ?

[Vik Nirwal]

Hi,

I am a first time home buyer . Have been renting in JC and have seen both rents and house prices in last few years go up like crazy. I have been looking to buy a Multi family in JC with easy access to NY transportation for the last year and half but no luck as I have been overbid . Prices keep going up and I have had to increase my budget in order to fulfil my dream of buying a 2 family - where I can live in one unit and rent out the other.

I don't have much experience in RE . I recently found a brand new 2 family construction close to Rt 139 which meets my criteria of being close to NY access. Problem is it is priced close to 800K.

At that price point , does it still make sense to get into this market while the rates are still low ?

I am putting close to 25% down so that my monthly mortgage is within reach and does not increase my monthly cost of living . I am currently renting paying close to 2200 for a 3 bedroom

Experts - can you please suggest if this is a wise decision.  Or is it better to wait for an opportunity when the prices dip , even though interest rates might have risen ? ( something I have been hoping for last 2 years with no luck )

Thank you for reading and sharing your thoughts!