Nancy Chu Homes — Frequently Asked Questions
Updated October 20 2026
Buying a Home
Moving out from the city?
Whether you're leaving Brooklyn, Manhattan, or Queens, the right town comes down to two things — the commute you'll actually keep, and the city energy you don't want to lose. Compare all 14 side by side on Find Your Town, then dig into the borough-specific answers below.
Relocating from farther away?
Transferring in and don't know New Jersey yet? Don't start with the house — start with your commute, and let the town follow. Find Your Town lays them out by price, schools, and commute, and the questions below walk you through the rest.
What credit score do I need to buy a home in New Jersey?
Most conventional loans want a 620+ credit score, and FHA can go as low as 580 with 3.5% down. But in a competitive Essex County market, a 700+ score gets you better rates and makes your offer stronger in a seller's eyes. Honestly, a solid pre-approval matters as much as the number itself — get that before you start touring.
What closing costs should buyers expect in North Jersey?
Budget roughly 2–3% of the purchase price for buyer closing costs in New Jersey. That covers your attorney (around $2,000 for a typical flat-fee attorney — if you see one much cheaper, it's often à la carte, so you'll pay extra per document), title insurance, lender and appraisal fees, inspections, and prepaid taxes and insurance. For older Essex County homes, also set aside a little for a sewer inspection and oil tank sweep. Your lender must send a Loan Estimate within three days of application, so you'll see real numbers early.
How long does the attorney review process take in New Jersey?
Attorney review officially lasts three business days after both sides sign, though it often runs a bit longer if the attorneys are negotiating changes. During that window, either side can cancel or revise the contract, and the home isn't truly under contract until review ends — so a seller can still take other offers. A responsive attorney is worth every penny here.
What is an oil tank sweep and why do I need one?
An oil tank sweep is a scan of the property for buried, abandoned underground heating-oil tanks — common in North Jersey homes built before the 1980s that once used oil heat. You need one because if an old tank leaked, you as the new owner are on the hook for cleanup that can run tens of thousands. It's cheap insurance against a very expensive surprise.
How do I win a bidding war on a home in North Jersey?
First, find out what it'll actually take to win — which means your agent has to do serious comp work, not guess. We break a house down the way an appraiser does: we find the sold price per square foot from recent comparable sales, then adjust — extra bathroom, extra garage, small yard, busy street versus cul-de-sac, stronger or weaker features — until we land on the number we think wins it. Then we add the terms sellers love. An inspection waiver, for example: you'll still inspect and you'll still find things, but you agree up front how much you'll let go to keep the deal together. An appraisal waiver is the other big one — in these competitive towns you often have to pay more than the comps support, and an appraisal waiver lets you buy above the appraised value. That makes your mortgage offer look as strong as cash and settles a lot of a seller's fears.
How much over asking do homes sell for in Montclair, Maplewood, and South Orange?
List price is marketing — always, full stop. There's no reliable "percent over asking" for a town, because every house has to be comped on its own, every time. A seller might price low to spark a bidding war, or price at the top of what they think the market will bear — you can't tell which from a headline number. Our job is to comp the specific house, tell you the number we think wins it, and the terms that make your offer stand out to that seller. If your agent says "homes around here go 15% over, so bid that," or can't or won't give you a winning number and the terms to get there — you need a new agent.
First-Time Buyers: Buying Your First Home
How much money do we need to buy our first home? Do we need 20% down?
No, you don't need 20% down. Twenty percent is the amount that lets you avoid private mortgage insurance (PMI) on a conventional loan. Many first-time buyers put down as little as 3% on a conventional loan and pay PMI until they reach 20% equity, when they can ask the lender to remove it. FHA loans start at 3.5% down and carry mortgage insurance called MIP, which lasts the life of the loan if you put down less than 10%, or 11 years if you put down 10% or more. VA loans can require nothing down and have no monthly mortgage insurance, though most VA buyers pay a one-time funding fee. More money down makes your offer look stronger to a seller, but we work with what you've got. You'll also need cash for closing costs. See "What closing costs should buyers expect in North Jersey?"
We've lost three offers. What are we doing wrong?
It's going to be your number or your terms. This market gives very few clues about where the final price will land, so it's easy to underbid without knowing it, which is why we comp the specific house to find the number we think wins. On terms, we treat an offer as an answer to the seller's worries. If they need more time before closing, we give them a later closing date, and if they're nervous about repair requests, we shape the inspection terms to settle that. See "How do I win a bidding war on a home in North Jersey?"
Should we waive the inspection to win a house?
No. Never waive your right to inspect. We always do all of our inspections and inspect for everything. To strengthen an offer, we typically waive the first $10,000 of inspection repair items, with two exceptions we never waive: the oil tank and termites. A leaking oil tank is someone else's environmental problem you don't want to buy, and lenders are unlikely to fund a loan on a home with past or present termite activity unless it's been recently treated and comes with a one-year warranty. Everything else is usually fixable, though buyers often add a third exception of their own, like radon, mold or asbestos.
What is an appraisal gap, and how much should we agree to cover?
An appraisal gap is the difference between what you offer and the bank appraiser's opinion of value. That opinion isn't what the house is worth, since the market and the offers already decided that, but it is what the bank lends against. If you offer $1 million and the appraisal comes back at $950,000, the bank lends based on $950,000, so you'd have to cover the $50,000 difference in cash to close. Sellers like to see as much gap coverage as possible, because it makes a mortgage offer behave like a cash offer, which has no appraisal at all. How much to cover depends on your cash and on what it's likely to take to win the house, so decide it with your lender and your agent. Always write a real dollar limit into it, unless you're prepared to complete the transaction in cash.
What do inspections usually find in older North Jersey houses?
Oil tanks are the big one. A lot of homes around here still heat with oil, and some also have older tanks buried on the property, so we never waive tank findings. Termites are the other must-address item, since lenders usually require recent treatment and a warranty before they'll fund. We recommend a full home inspection including radon, plus two scans for problems that are literally buried: a tank sweep, which uses a magnetometer to find buried oil tanks, and a sewer scope, which runs a camera through your sewer line.
Are there first-time buyer programs in New Jersey?
Yes, but many of our first-time buyers earn too much to qualify. The New Jersey Housing and Mortgage Finance Agency (NJHMFA) offers first-time buyer mortgages and down payment assistance structured as a five-year forgivable second loan, with extra help for first-generation buyers. Each program has household income and purchase price limits that vary by county, and in a lot of the towns we work in, those limits rule out many buyers. To count as a first-time buyer you generally can't have owned a home in the last three years, and you have to apply through an NJHMFA participating lender. We work with great lenders who know these programs well, and we're happy to refer you so you can find out what you qualify for. Amounts and limits change, so check the NJHMFA homebuyer page at nj.gov for the current numbers.
Selling a Home
How much does it cost to sell a house in New Jersey?
Total selling costs usually run into several percent of the sale price. That includes brokerage compensation (fully negotiable now — see below), your attorney (around $2,000 for a typical flat-fee attorney), the NJ Realty Transfer Fee, and municipal certificates. Homes over $1M also trigger the state's mansion tax, now paid by the seller. Ask for a clear net sheet before you list so you know your bottom line.
Who pays the real estate commission in New Jersey now?
Commission is now fully negotiable — there is no standard rate. Buyers can pay their own agent directly, or ask the seller to; sellers can offer to pay a buyer's agent or decline. It's become a live negotiation item in every transaction, and how you handle it genuinely affects your bottom line. This is exactly the kind of thing you don't want to leave on autopilot — we treat it as part of your strategy, not a fixed fee.
What is the New Jersey mansion tax and who pays it?
The mansion tax is a state fee on home sales over $1,000,000 — and under the law that took effect in 2025, the seller now pays it (it used to be the buyer). It's graduated: roughly 1% at $1M, 1.5% at $1.5M, 2% at $2M, and 2.5% at $2.5M, scaling up from there. If your home is anywhere near the million-dollar line, build this into your pricing early — and your attorney will confirm the exact figure for your sale.
Do I need a Certificate of Occupancy to sell my house?
It depends entirely on the municipality — and the rules genuinely change year to year as inspectors are hired and retire. Some towns require a full building-department inspection, some only a fire (smoke/CO) certificate, and some require both. Because there's no fixed list you can rely on, we confirm the exact requirement for your specific town early and schedule it well before closing so it never delays your sale.
What is the New Jersey "exit tax" and do I actually have to pay it?
The "exit tax" isn't a separate tax — it's an estimated prepayment of your NJ income tax, collected at closing when you're selling and moving out of state. The state withholds the greater of 2% of the sale price or the tax on your actual gain, then you reconcile it on your NJ return and get any excess back. Most primary-residence sellers recover most or all of it.
What's the best month to list a home in Essex County?
There's no single best month — and honestly, the usual "list in spring" advice works against you, because everyone hears it and everyone lists in spring, splitting the buyer pool across a flood of listings. In this inventory-constrained 2026 market, we think the best time to list is right now, while there's less competition for those buyers. What actually matters isn't the calendar — it's pricing your home properly to grab buyer attention and drive multiple offers, which is what gets you the best price and the most leverage.
How do I sell a house after a death in the family?
First, call us. We can connect you with a great probate or estate attorney to get all the legal particulars in order, and then we build a plan to get the house ready and get you and your fellow survivors the best possible price. We do this routinely for executors — we take the property, clean it up, get it market-ready, stage it, photograph it, present it, list it, and get great outcomes for your loved one's family. You don't have to figure it out alone.
How do I sell a house during a divorce in New Jersey?
First, call us — we'd genuinely like to hear about your situation. We can set you up with one of our best divorce attorneys and walk you through how to handle the sale in a way that protects everyone. Legally, both spouses on the deed generally have to agree (or a court orders it), since NJ is an equitable-distribution state — but the practical key is a neutral agent who communicates identically with both sides, so the real-estate part never becomes another battle. It's a hard moment; our job is to make this piece of it smooth.
Moving Up: Selling Your Home and Buying the Next One
Should we buy our next house first or sell our current one first?
It depends on your finances. If you can comfortably carry the mortgage on two homes for up to six months, buying first lets you write a clean offer with no home-sale contingency, which is the strongest offer you can make. If that isn't comfortable, either sell first or focus on homes that have been on the market a while, where a seller may accept an offer that depends on your sale.
So yes, you can buy before you sell, if the numbers work. Buying first is a calculated risk: you win on terms, but you carry two homes until yours sells. Selling first removes that risk but puts the pressure on finding your next place. We look at your numbers with you before you pick a path.
In 2026 we helped a Nutley couple we had first helped buy in 2020 do exactly this. They bought their next home first, under the asking price and with no sale contingency, then listed their first home and had it under contract in 17 days.
Will a home-sale contingency hurt our offer?
Yes. An offer that depends on selling your current home is weaker than one that doesn't, because the seller takes on the risk that your sale falls through. Sellers usually accept one only when they're confident your home will sell, or when their own home didn't draw strong interest in its first couple of weeks on the market.
That's why, if you need a contingency, we focus your search on homes that have been sitting. In any competitive market, a contingent offer competes poorly against offers without one.
Can we afford to carry two houses for a few months?
Start with your cash reserves. If you can cover both mortgages for a few months from savings, that's usually simpler and cheaper than borrowing. A home equity line of credit can be hard to get on a house you're about to sell, and bridge loans work but are expensive, so they're usually a last resort.
Every situation is different, so talk to a lender early, before you write an offer. We work with a couple of lenders we trust and are happy to make an introduction.
What is our house actually worth right now?
Your house is worth what a buyer will offer for it in a reasonable amount of time. We estimate that number from recent comparable sales, adjusted for differences in bedrooms, bathrooms, overall size, street, neighborhood and amenities, but comparable sales only point to a price. They don't guarantee a sale.
The current market, what our buyer agents are seeing in the field, and where mortgage rates are all move the number, sometimes week to week. We price a move-up seller's home the same way we price every home: the list price is a marketing decision, and the market sets the final price.
Can we stay in our house for a while after it closes?
Sometimes, if the buyer agrees. Staying after closing is called a use and occupancy agreement, and it's negotiated, not automatic. How long it can last usually depends on the buyer's mortgage. Most loans on a primary residence require the buyer to move in within 60 days of closing, so any stay has to end before that.
The attorneys write the agreement, the seller usually pays a fee meant to cover most of the buyer's carrying costs, and money is typically held in escrow until the seller moves out. If you'll want time after closing, we raise it early so the buyer can plan for it. Confirm the details with your attorney and the buyer's lender. Investor loans and some portfolio loans follow different rules.
How do we line up both closings so we only move once?
With careful coordination. It's doable, but only if your attorneys, the title companies and your lender agree on the timeline from the start. We often negotiate a short use and occupancy period of a week or two after your sale closes, as a cushion you can use if the purchase date slips.
Should we fix anything before we list, or sell as-is?
Fix the basics first: no structural problems, a sound roof, and systems that work. Buyers treat those as the minimum. Beyond that, each improvement is a judgment call about how much more money it's likely to bring compared with what it costs.
Ideally every seller would prepare their home for top dollar, but not every seller has the budget or the time, and that's fine. We'll help you sort the list into must-do and worth-it-if-you-can.
How much will we walk away with after we sell?
Roughly, your sale price minus what you still owe on your mortgage, minus your selling costs. Those costs include real estate commission, your attorney, title company fees, the New Jersey Realty Transfer Fee, the mansion tax on homes over $1 million, and any credits you agree to give the buyer for repairs, inspection findings or anything else that comes up along the way.
Capital gains tax can also apply if your profit is large. Federal law generally excludes up to $250,000 of gain ($500,000 for married couples filing jointly) on a home you've owned and lived in for two of the last five years, so check with your accountant. We can't promise a dollar figure from a web page, but we'll build a net sheet for your specific house before you list. See also: "How much does it cost to sell a house in New Jersey?"
Renting
Is it cheaper to rent or buy in Essex County right now?
Sure, renting might save you a couple of bucks a month right now. But here's the question I'd ask back: show me another investment you can make at 4-to-1 leverage — with a normal conventional loan that's easy to get. Go lower-down and the leverage is even stronger; with an FHA loan you control 96.5% of the purchase price with just 3.5% down. There's no other investment product that lets you leverage like that — and this one has the added benefit of keeping the rain off your stuff. Renting is fine short-term; buying is how you build wealth.
Which North Jersey towns have rent control?
Rent control in North Jersey has to be checked property by property — it's never set-and-forget. Montclair has a rent-control ordinance, but the rules vary by town and building type (newer construction and many single-family rentals are often exempt) and they change year to year. So rather than trust a static list, we confirm the ordinance for the specific property and municipality before you count on it.
What income and credit do landlords require to rent in North Jersey?
Most North Jersey landlords look for household income around 2.5–3x the monthly rent and a credit score of roughly 650+, plus clean rental history. You'll typically need pay stubs, a credit report, references, and funds ready for the deposit (NJ caps security deposits at 1.5 months) and first month. The market moves fast, so have a complete application ready the day you tour.
Schools & Family Life
How does the Montclair magnet school system work?
When you register, you apply to a themed magnet track and rank your choices, and the district makes the placement — your home address doesn't lock you into one neighborhood school. That kind of choice is unusual in New Jersey. The particulars matter and can change, so talk directly with the district about each track's curriculum, how placement works, and the transportation options for the track you want.
How does the South Orange–Maplewood school district work?
South Orange and Maplewood share one public school district, the South Orange-Maplewood School District (SOMSD), and its students feed into Columbia High School. The district's elementary assignment model has been evolving, so rather than quote details that may change, check directly with SOMSD for how school placement works right now, and visit the specific schools before deciding.
Property Taxes & Cost of Living
Why are property taxes so high in New Jersey?
Home rule is the real reason. New Jersey towns have refused to consolidate with the small municipalities right next door, so each one runs its own fire department, its own police, and its own administration. A 5,000-family town shoulders the full cost of all those services alone — hugely less efficient than, say, four similar towns banding together and spreading that overhead across 20,000 households. Schools add to the bill (and they're a big reason values hold up here), but that fragmentation is what really drives New Jersey's taxes.
Which Essex County towns have the lowest property taxes?
Chasing the "lowest-tax town" is the wrong way to think about it — your actual bill is driven by your home's assessment, not a town-wide rate you can rank. And those rates shift when a town's budget changes or it does a town-wide reassessment, so today's ranking won't hold. What matters is the real annual tax bill on the specific home you're considering, which we always pull before you make an offer.
How do I appeal my property tax assessment in Essex County?
File an appeal with the Essex County Board of Taxation by April 1 (or May 1 in a revaluation year), arguing your assessment exceeds your home's true market value. You'll need comparable sales to support a lower number, and under the state's ratio rules the assessment generally has to be off by more than about 15% to win. Many owners use a tax-appeal attorney who works on contingency — and I'm happy to pull comps for you.
What New Jersey property-tax relief programs can homeowners use (ANCHOR, Senior Freeze)?
New Jersey homeowners may qualify for a few programs: ANCHOR (a property-tax rebate based on income), the Senior Freeze (which reimburses eligible seniors and disabled residents for tax increases above a base year), and the newer Stay NJ program for older residents. Amounts, income limits, and deadlines change every year, so for what you actually qualify for, talk to your tax accountant or check treasury.nj.gov — that's the one place with the current numbers.
How does the cost of living in Montclair compare to Brooklyn?
Sure, we can compare monthly costs — but the more interesting question is where your money grows faster. Here's the thing about Brooklyn: they're not afraid to build up, and more supply suppresses price growth. If you bought a condo in the last few years and a similar-or-nicer building goes up down the block, those new units undercut you when you go to sell. That doesn't happen in Montclair — it's been inventory-starved for as long as anyone can remember. It's the first NJ suburb everyone names (partly because a wave of New York Times writers settled here, and the old commuter bus dropped them at Port Authority, right by the Times office). Montclair values have appreciated strongly, year after year. Compare the historical returns and it's pretty clear where I'd want my money — and you get the house, the yard, and the parking on top of it.
Commuting to NYC / Location & Lifestyle
How long is the commute from Montclair to NYC?
It depends on where you're headed and what you take. From Bay Street, it's about a 36-minute one-seat ride to Penn Station on NJ Transit's Midtown Direct — so if you work near Penn Plaza, that's basically your whole commute. Working further uptown? Add the time to get uptown from Penn. Heading downtown? You're probably not on Midtown Direct at all — you'd take the Hoboken train and connect to the PATH. Montclair has six stations and the train stops through town, so if you're up at the north end in Upper Montclair, some people skip the local crawl and take the bus instead: the Boxcar Essex Express runs along Park Street and Valley Road, drops you near 42nd and Madison in about 45 minutes most days, with a reserved seat booked through their app. If you're hybrid and only in a few days a week, an extra ten minutes matters far less than the space you get in return. When we tour a house, I'll show you the fastest real option from that exact spot..
Which North Jersey towns are on the Midtown Direct line to Penn Station?
In our area, Maplewood, South Orange, and Millburn ride Midtown Direct on the Morris & Essex line, while Montclair, Glen Ridge, and Bloomfield get one-seat service to Penn Station on the Montclair-Boonton line. "Midtown Direct" means no transfer — straight into Penn. Verona, Cedar Grove, West Orange, and the Caldwells don't have train stations and rely on express buses or driving to a nearby station.
Neighborhood & Town Comparisons
Glen Ridge vs. Montclair — what's the difference?
Glen Ridge is a tiny town — small school, gas lamps, a real bedroom-community feel, and about as Montclair-adjacent as it gets. One perk people miss: its train station is one stop faster than the fastest Montclair train at Bay Street. Montclair, by contrast, is five miles long end-to-end and only about a mile wide, so it's hard to get more than a mile from a station — and there are seven of them when you include Montclair State, each anchoring its own little community (Upper Montclair, Watchung Plaza, Walnut Street, and so on). Upper Montclair feels different from the middle and south ends, Park Street and Valley Road run through it a bit like Broadway runs through Manhattan, and a lot of people forget there's a university at the north end — Montclair is technically a college town.
Montclair vs. Maplewood — which town is right for me?
Both are creative, commuter-friendly towns, but they really differ. Maplewood has what might be the cutest little downtown train station in North Jersey, a major commercial spine along Springfield Avenue, and — this matters — the best pizza around at Artie's. The bigger deal for commuters: Maplewood and South Orange have the best train service in the area, and it runs on weekends, unlike the Montclair line. That's a big reason theater and Broadway folks settle there. Montclair is larger and more spread out — five miles of it — with six station neighborhoods, an arts scene, and a magnet school system. Plenty of my buyers shop both; the specific house and the weekend-train question usually decide it.
South Orange vs. Maplewood — what's different if they share a school district?
They feel similar, but the housing tells the difference. South Orange has the grand historic Montrose section, plus the Newstead area up the hill with more mid-century homes — ranches and splits — and it's a college town, with Seton Hall right there. Maplewood is a little more uniform: big old colonials and Victorians on the west side, and more recent housing stock on the east side. They share the same district (SOMSD) and the same excellent weekend train service, so most buyers decide on the section and the specific house rather than the town line.
Caldwell vs. West Caldwell vs. North Caldwell — what's the difference?
Caldwell is roughly clustered around Bloomfield Avenue — the walkable, downtown one. West Caldwell is a bit more suburban, up against Roseland and Fairfield by Passaic Avenue, with slightly larger lots and slightly newer housing stock. North Caldwell is Big House Country, and it's part of the West Essex Regional school district. Key thing for commuters: there's no train service to any of the three. Caldwell and West Caldwell folks use the park-and-ride at West Orange or Willowbrook Mall; North Caldwell is closest to the Willowbrook Mall park-and-ride.
Market Trends & Timing
Is now a good time to buy a home in Essex County?
Yes — and here's the contrarian case. Right now, rates around 6% are keeping some buyers on the sidelines, and that's exactly why it's a good time to buy. Low rates bring more competition, which pushes prices up. I like Warren Buffett's rule: be greedy when others are fearful, and fearful when others are greedy. And there's an old line — the best time to plant a tree was twenty years ago; the next best time is now. Real estate's the same: the best time to buy was 1978, and the next best time is right now.
Relocation: Moving from NYC to North Jersey
Moving from NYC to North Jersey — where do I start?
Start with your commute, then let the town follow. Figure out how many days you'll really be in Manhattan and how you'll get there — that narrows the map fast — then layer in schools, budget, and whether you want a walkable downtown or somewhere quieter. From there, spend real time in a few towns before you commit to one: take day trips, eat lunch, drive around, visit the stores, and practice the actual commute at rush hour, not on a quiet Sunday. When my own family first looked here, we tried Westchester and Connecticut too — we liked New Jersey best, and while we liked Montclair, we liked Maplewood even better. We only figured that out by touring houses and spending real time in each town. Get pre-approved early so you can move when the right house shows up, then let the towns audition for you.
Which North Jersey town feels the most like Brooklyn?
Montclair — it's the one Brooklyn transplants fall for, half-jokingly called "Brooklyn with a lawn," though Maplewood and South Orange give it a run for their money. You get a walkable downtown, indie restaurants and coffee, a real arts scene and its own film festival — with a driveway and backyard attached. And it's a Midtown Direct train to Manhattan, so you keep the commute and the culture. If Park Slope or Fort Greene is what you're leaving, it's the closest thing around.
Moving from Queens — how do the commute and prices compare?
For a lot of Queens buyers, Essex County pencils out better than expected. The one-seat train into Penn Station is comparable to — sometimes shorter than — a long subway commute, and your dollar stretches into a single-family home with a yard instead of a two-family or a co-op. Bloomfield is the value sweet spot with a one-seat ride to Penn; a little further out, Verona and the Caldwells cost less still, though you'd commute by express bus rather than rail. Montclair or Maplewood/South Orange if you want more of a downtown feel. I'll run the numbers side by side so you can see the trade.
First time buying after renting in Manhattan — what's different?
Different, but not harder — I walk first-time buyers through all of it. Coming from renting, the new pieces are property taxes (higher here, but so is what you get), maintaining a house and yard, and weighing the school district even if it doesn't matter to you personally, since it affects resale. The upside: your monthly builds equity and real space instead of a landlord's mortgage, and the Midtown Direct keeps you tied to the city. I'll make sure you understand the full picture — taxes, insurance, upkeep — before you fall for a house.
Can I buy remotely if I'm relocating on a tight timeline?
Yes — I do this regularly. I run live video tours so you're walking the home with me in real time, send detailed walkthroughs that show what listing photos don't, and coordinate the inspection, appraisal, and a remote closing so you can sign from wherever you are. If your employer offers a relocation package, I'll work directly with your relo coordinator so nothing slips. Plenty of my clients have bought their home before ever setting foot in it.
I'll only commute a few days a week — does that change where I should look?
A lot. If you're hybrid — two or three days in Manhattan instead of five — a slightly longer train ride matters far less, which opens up more towns, more space, and often more house for the money. What ten extra minutes buys you a couple days a week is usually a bigger yard, the school district you prefer, or a lower price. We build the search around your real week, not a five-day assumption.
Do people actually commute by bus or PATH, not just the train?
All the time — a lot of people move out here for the train and end up on the bus most days because it's closer or faster from their door. It works a few ways depending on the town: sometimes a commuter bus line runs right through your neighborhood and drops you at Port Authority in Midtown; sometimes it's a short drive to a park-and-ride, then a direct bus in. And if your office is downtown or on the West Side, PATH — Port Authority Trans-Hudson — is often better: drive to a station like Harrison or Newark, or take a quick NJ Transit train to a PATH connection. Tell me where you'll be working and I'll map every way in from the house you're considering — which line, which bus, and whether PATH makes sense.
Our lease in Brooklyn ends in June. When should we start looking in New Jersey?
Start about six months before your lease ends, so around the new year for a June lease. Plan on two weeks to a month to do your homework, which means getting pre-approved by a lender, working out your commute times and settling on a town or two, then two weeks to a month to find and win a house. After that, the time from contract to closing can be as short as 30 days or as long as 90 to 120 days. All in, that's two to six months, and starting early puts you at the front end of the spring market. Then talk to your landlord, because what you want from your lease is maximum flexibility. If your search runs long, find out whether you can go month to month after the lease ends. If everything goes exceptionally well, ask whether you can break your lease a couple of months early.
How fast do we have to move when a house we like comes on the market?
Fast. In towns where inventory is low, like Montclair and Maplewood, most houses follow the same weekly rhythm. The house lists on a Monday or Tuesday, starts showing Thursday or Friday, holds open houses Saturday and Sunday, and takes offers the following Monday, Tuesday or Wednesday. That gives you one weekend to see most of the houses that came up that week. Ideally, you've narrowed your search enough that when you walk through the house that fits all your criteria in one of your towns, you decide in the driveway on the way out that this is the one and you want to make an offer. If you have to go home and mull it over for reasons other than price and budget, it's probably not the house for you. That's why we have you pre-approved and your towns picked before you start.
What will our monthly payment actually be once New Jersey property taxes are included?
Your monthly payment is usually four things: principal, interest, taxes and insurance. Taxes are your annual property tax bill divided by 12, and if you put down less than 20%, add mortgage insurance too. Your lender collects the taxes and insurance with each payment, holds them in an escrow account and pays the bills for you. To start that account, expect an upfront escrow deposit at closing, usually a few months' worth of taxes and insurance. Here's an example. On a $900,000 house with 20% down, a $720,000 loan at 7% for 30 years comes to about $4,790 a month in principal and interest. Add $1,833 a month for a $22,000 tax bill and $250 a month for homeowners insurance, and you're looking at about $6,873 a month. Your lender can give you exact numbers for a specific house. See "Why are property taxes so high in New Jersey?"
How is buying in New Jersey different from buying a co-op in New York?
The biggest difference is that there's no co-op board to approve you. Instead, New Jersey has attorney review. Because your contract is usually written by a real estate agent, New Jersey gives both sides three business days after the contract is signed to have an attorney review it. In that window, either attorney can send a notice of disapproval, usually a short email, along with a rider listing the changes they want to the standard New Jersey real estate contract. The other side accepts or pushes back on that rider, adds language of its own to protect its client, and sends it back. This can take a few hours if everyone is prepared, or as long as a couple of weeks. We strongly recommend keeping it short, because until attorney review ends, either side can cancel for any reason, including a seller taking a higher offer that comes in late. Once both sides agree on the rider, the house is under contract, and the only way to cancel is through the contingencies written into it. The big ones are the inspection contingency, the mortgage contingency and the title contingency. Title is usually on the seller to deliver, since it confirms the seller owns the property and can legally sell it.
Should we rent in town for a year before we buy?
Sure, you can rent first, but put a hard deadline on it. It's easy for a temporary rental to turn into a permanent living arrangement, and the market moves faster than you think. Renting makes the most sense if you expect to be in the area for only a year or so, or you see a job change or relocation coming. Owning a home can be very rewarding, but it's a long-term game, and gains you make in the short term, say under five years, can easily be eaten up by taxes and fees. Otherwise, rent with an eye toward getting into the market sooner rather than later.
Can we do showings only on weekends and still win a house?
Absolutely. Everyone knows buyers have jobs, which is why open houses are on the weekend. You don't need to be one of the first few people through a house, and most houses stay available through the weekend until offers are due on Monday or Tuesday. See "How fast do we have to move when a house we like comes on the market?"
Investing / Multi-family
Can I house-hack a two-family home with an FHA loan in New Jersey?
Yes — FHA lets you buy a two-to-four-unit property with as little as 3.5% down, as long as you live in one unit as your primary residence, and lenders can count a portion of the other unit's rent toward qualifying. It's one of the best wealth-building moves for first-time buyers in North Jersey, where two-family inventory actually exists. FHA loan limits change year to year, so confirm the current one with your lender — and the real challenge in pricier towns is finding a property where the numbers actually work.
Which North Jersey towns are best for multi-family investing?
There's no single "best town" for multi-family — the moment a town looks great on paper, those deals get bought up. Good multi-family investing here is property by property, not town by town. For any property you're considering, we run the comps, the actual rents, and your likely cost of ownership so the numbers protect your investment. That analysis — not a town name — is what tells you whether a deal is worth doing.
Nancy Chu — Owner, Nancy Chu Homes at Keller Williams NJ Metro. Real estate agent since 2005, leading the team since 2017. $560M+ sold, 1,300+ families served across Essex County and Northern New Jersey. Nine-time NJ REALTORS® Circle of Excellence Platinum. Former professional theatre director.