Living in the NY Metro Area - Should I Stay or Should I Go?

Well the easy answer to this question is ‘Yes’ I am staying in the area.  We have to: my wife and I both work in Manhattan and we live (West Orange) very close to mass transit, shopping, schools, etc.  Plus, we have great neighbors.

The real question is, ‘Can I afford to buy another house in this uncertain (to put it lightly) housing market’ in the area? After living in the same house for almost 7 years, with a dog and young daughter, we definitely have the itch to move.  But what should I do with the house that I currently live in: try to sell it?  Rent it (which alot of people near me have tried and failed to do)?  Or, just stay and add more space - which we really do not want to do: go into more debt - when we really want to move on…

The funny thing is, as a loan officer based in the real estate capital of the US: New York City, specially Manhattan, I am posed these very questions every single day.  Now, the shoe is on my foot and yeah, its makes me a bit uncomfortable.  I guess the experience should make me a more understanding, empathic loan officer, so there is a lesson to be learned here - in fact, I know my feelings are exactly what makes the homebuying process so stressful, exciting (and even traumatic for some). 

So I hope you don’t mind if I devote some time to talk about my own experience…the good and the bad, from time to time.  It should be fun (I hope…). 

Right now, my wife and I (well, really my wife) are checking out www.greatschools.net to research the school districts in Essex, Morris and Union counties.   The journey has begun… 

Daniel

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Thursday, March 27, 2008