It is a question faced all the time by my clients. The short answer is: it depends. The long answer is that it depends upon a lot of factors:
1. Your job: If you are being moved to the Princeton area for only a couple of years it probably does not make the most sense to buy. If you see your job as stable and you plan on being in the Princeton area for the long term, it is probably best to buy.
2. Your credit: The higher the credit score, the less you pay in interest and you qualify for more programs. If your credit it not exactly up to snuff you might want to consult with a credit councilor and spend a year in a rental to improve your credit score.
3. The Real Estate Market: The Princeton real estate market is like any other, driven by the 1st time home buyer. The market has pockets where it is brisk and some pockets where it is stagnant. If you are looking to buy in a declining market and the home sellers are not willing to negotiate than rent for a year. You are taking a gamble on the rates being higher but the price coming down.
In short, if you are not certain whether you should rent or buy in Princeton, call me, I’ll help you analyze the pro’s and cons of both. (c) 609-977-5343
