Triangle NC · Member since 2016 · 136 posts · 11 votes
I have a property in NJ which I may be selling shortly. I'm wondering how the market is right now in Bergen County NJ area-is it at a high or falling some from it's high last year? I'm just wondering if it's a good time to sell my property in NJ and purchase investment properties in NC or if I should hold off. NJ properties tend to go up more in value; however, taxes are very high and eat a big chunk of rental income. NC taxes are lower; however, so are the rents so the return might be higher but not significantly. I really need to have ongoing income from the properties or investigate another type of investment that would provide me such income. What are your thoughts about selling property in this area of NJ right now and buying in NC? Do you think the market in either state is about to drop?
New Jersey market, as well an nationally, is seeing a shortage of available inventory. Most towns in Bergen are seeing modest appreciation. In my opinion, we are getting towards the end of a positive cycle. When will the end of the cycle come? We won't know until it has already occurred.
New Jersey market, as well an nationally, is seeing a shortage of available inventory. Most towns in Bergen are seeing modest appreciation. In my opinion, we are getting towards the end of a positive cycle. When will the end of the cycle come? We won't know until it has already occurred.
New Jersey market, as well an nationally, is seeing a shortage of available inventory. Most towns in Bergen are seeing modest appreciation. In my opinion, we are getting towards the end of a positive cycle. When will the end of the cycle come? We won't know until it has already occurred.
Kevin,
If NJ is short on inventory then will rentals fair better?
I know NC has a shortage of inventory and houses, if priced appropriately, are selling quickly in NC. Just wondering if I should sell the property in NJ and invest inNC instead. Hard to figure out if it's better to hold the property in NJ or if I should get out while the market is at a decent appreciation. Appreciation in NJ is far greater than in NC;however, NJ is not a landlord friendly state and taxes are high.
Rental market has been in short supply for a new years in Bergen County, driving prices up. Maybe someone else could respond to give you more info on the NC market.
Buy and holds are tough to make cash flow in NJ. All depends on your numbers.
Chris,
The markets here in Bergen County are great for prices up to 1M. With a multi family cash flow producing home investor will for sure give you multiple offers.
Chris L. Approximately 30% less inventory than same time last year and increased prices by approximately 5%. I don't think we are at the top of the market but it is coming very shortly (maybe 18-24 months).
Chris L. It is a challenging market, but work hard enough and put yourself in a position to succeed and you will. Do your homework and you can find worthy deals in either area, you just have to be creative!
Have you seen the cost of renting vs buying lately? Jeez, you're lucky if you can find a 1BR here in Monmouth County for less than 1500 a month. I know the costs over there in Bergen are way more. I also know you see The Agent Thing on my profile and assume we are all programmed to say this.
To make an accurate decision -- you need a document with some comparable active & closed homes and a net sheet to break down all the costs to you to see if this is a good move. PM me. I can work on getting that over to you by email. I know people all over NJ that can help me get the numbers together for you to make a good decision.
@Brent Coombs, the problem is that the house I'm selling is not a 2 family so I can't take in a substantial amount of rent so the sale would allow me to buy a property in another state that would produce more ongoing income.
@Chris L., I hear ya. Unfortunately, none of us has a working Magic 8-Ball regarding future values. We can just go with our best educated guesses, crunch the known and guessed numbers against our goals, and decide. All the best...