Buying a home in New Jersey—Q&A

by Jeff Johnson Jr.

I lived in four other states before coming to New Jersey, and I had to go and make my first home buying experience here in the Garden State.

Fortunately, it's been a relatively happy experience, and I always suspected it was a unique experience, as well. To see if I was right, I got back in touch with the buyers' agent who helped my wife and I buy our home.

It turns out I was both right and wrong: New Jersey is unique to the extent that every real estate market is unique, says Violetta Adamidou, a licensed Realtor and a Sales Associate at Gloria Nilson GMAC Real Estate in Princeton.

With the national housing market in the business news daily, I thought it would be relevant to get a local expert's perspective on New Jersey's situation. When we bought our home in Central New Jersey nearly two years ago, we found Violetta to be trustworthy, responsive, and focused on our needs, so I couldn't think of a better person to interview for this Q&A.

(For the record, this is NOT a paid post; I have volunteered my time and questions, and Violetta has volunteered her time and answers.)

Here's what Violetta had to say:

Q: Is there anything unique about buying a home in New Jersey—anything that a buyer might not encounter in any or at least most other states?

A: This is a great question, one that already understands that markets are different everywhere. But they are not simply different because of large regions or even states. They are different by smaller regions: such as towns and townships. New Jersey, because it is densely populated and because it has so many different areas with their radically different schools systems and services, provides unique opportunities if buyers are willing to travel a bit. Many buyers will find it useful to have an agent who is licensed in PA and NJ but it is also helpful to have an agent who knows the pros and cons to buying in Pennington versus Princeton or Rocky Hill versus Montgomery. It is useful to have a perspective on each of the surrounding areas in order to make an informed decision.

Additionally our proximity to New York City and the city of Philadelphia is a major contributing factor to the differences within the state and its various counties.

Q: Everyone I know in New Jersey has hired a lawyer when they bought a house. Is this required? If not, why do it?

A: Is it required? Is it mandatory? Is it necessary? Good points and here is the reality in brief terms.

Our region and all of North Jersey does have attorneys involved in the transaction from the moment the contract is fully executed to closing. South Jersey brokers and buyers do not employ attorneys to close the transaction. They do use title companies to facilitate the process.

This is a major reflexion on the point made above: New York does use attorneys for Real Estate Contracts, Pennsylvania uses title companies. So depending on where one is purchasing a property, an attorney may or may nor be required.

Does a buyer have to use an attorney? Not necessarily. However, it does feel, if not necessary, at least preferable to have one representing the buyers interest. This is exactly where we are as a region or county.

A good agent can sometimes help even the lawyer through difficult contracts. Sometimes an extra voice, extra perspective can be very useful.

It is team work, provided all members know the rules of engagement and keep a clear focus in mind.

Q: How's New Jersey holding up compared to other places in the housing downturn at the moment?

A: Every location is different and it would be dangerous to generalize for an entire state. It is safer to say that certain areas, like Princeton, West Windsor, Lambertville and more have done quite well or doing better than others.

Overall we as a state we are in better position than specific states such as Florida, Ohio, etc., for obvious major reasons.

Q: What's attractive about living in NJ? People in other states make fun of it, but it seems OK to me. What do you think?

A: Many people are shocked at the beauty of central New Jersey, and once people get a taste of that beauty (and proximity to NYC and Philadelphia) they believe they have the best of two worlds.

The ones who make fun of it are only basing their limited opinion on driving through the state on the turnpike by the refineries ... apparently this is not how a state should be evaluated!

Q: Have you ever had an experience buying or selling a property here that made you think "only in New Jersey?"

A: I think the answer to your first question may provide an answer to this question as well. Buyers have such opportunities in New Jersey, and buyers can begin thinking they want one town and begin considering another town or they can be very oriented to NYC but discover the beauties of Philly or they can believe Princeton will provide lots of culture but then also fall in love with the nature preserves and historic buildings of surrounding towns and townships. "Only in New Jersey" could you find such opportunities and surprises.

Q: Any general advice for anyone thinking of buying or selling a home these days?

A: Don't get lost in the extreme pronouncements in the news. People are still buying and selling, and you can make an informed decision based on the specifics of each property. If there is one house that is listing for a fraction of what it listed for a year ago, is it definitely the better deal over a house that just came on the market and is priced to sell. A lot of people think they are getting tremendous deals when they go to Outlet stores, but this is not always true. You must look at the house in the greater picture and with a greater history of the market and not get seduced by the "great" deals out there. Preserve the emotional excitement but have it informed by a strong market analysis and a clear understanding of the pros and cons of the area, the property, and the price. A good agent can help you navigate through the hype.


Violetta Adamidou's profile page is available at http://www.glorianilson.com/violettaadamido.