Last weekend, my wife and I did our house hunting.
A small four bed room colonial built at 1920, the fourth bedroom is the attic. Lot is around .1 acre. Location is nice, at Montclair, NJ. Owner slashed price from 580 to 540. My realtor strongly recommended it to us. In her word, same house will be gone in a week at the last year, maybe with price at 600.
One thing shocked me is that property tax is nearly 15000. What the heck!
Currently we are renting one floor of a two family house at the same good area. It is around 1300 SF with 1600/month. To get the house, we will have around 50% living room increases, but what we pay for it? In my calculation, nearly triple our current rent.
I do not know how to define a bubble, but my wife and I decide to pay more money on rent instead of owing a house.
Let's call it a long term PUT.
A small four bed room colonial built at 1920, the fourth bedroom is the attic. Lot is around .1 acre. Location is nice, at Montclair, NJ. Owner slashed price from 580 to 540. My realtor strongly recommended it to us. In her word, same house will be gone in a week at the last year, maybe with price at 600.
One thing shocked me is that property tax is nearly 15000. What the heck!
Currently we are renting one floor of a two family house at the same good area. It is around 1300 SF with 1600/month. To get the house, we will have around 50% living room increases, but what we pay for it? In my calculation, nearly triple our current rent.
I do not know how to define a bubble, but my wife and I decide to pay more money on rent instead of owing a house.
Let's call it a long term PUT.