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gleninjersey

Where Did You Go / Are You Thinking Of Moving TO When You Leave NJ

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Tennessee here.  

We spent the last year looking at TX, FL and TN.  Had actually planned to head to PA for a year while we sorted between those three however we decided to stay put through the winter and finalize it.  

The last few trips to TN sealed it for us and we just leased a nice single family home on .6 acres in Murfreesboro for a year.  We'll spend that time deciding where exactly to buy as we'd like a bit more land for the long term.  Our house in NJ goes on the market this week and we have very low inventory in the area so hoping for a somewhat quick sale.

Should be settled in the new home by May.  Maybe a little sooner.

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9 hours ago, Shepherd9 said:

Tennessee here.  

We spent the last year looking at TX, FL and TN.  Had actually planned to head to PA for a year while we sorted between those three however we decided to stay put through the winter and finalize it.  

The last few trips to TN sealed it for us and we just leased a nice single family home on .6 acres in Murfreesboro for a year.  We'll spend that time deciding where exactly to buy as we'd like a bit more land for the long term.  Our house in NJ goes on the market this week and we have very low inventory in the area so hoping for a somewhat quick sale.

Should be settled in the new home by May.  Maybe a little sooner.

Good on you!!! Congratulations on your pending escape! 

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9 hours ago, Shepherd9 said:

Tennessee here.  

We spent the last year looking at TX, FL and TN.  Had actually planned to head to PA for a year while we sorted between those three however we decided to stay put through the winter and finalize it.  

The last few trips to TN sealed it for us and we just leased a nice single family home on .6 acres in Murfreesboro for a year.  We'll spend that time deciding where exactly to buy as we'd like a bit more land for the long term.  Our house in NJ goes on the market this week and we have very low inventory in the area so hoping for a somewhat quick sale.

Should be settled in the new home by May.  Maybe a little sooner.

Unfortunately, TN still has some snow in the Winter, so that would be a deal breaker for me. It's also  little too close to "Tornado Alley."

I'll stick with FL.

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1 hour ago, HBecwithFn7 said:

Unfortunately, TN still has some snow in the Winter, so that would be a deal breaker for me. It's also  little too close to "Tornado Alley."

I'll stick with FL.

Still having a trace of snow and an actual winter was one of the reasons we love it there.  Much less snow than NJ which is an improvement but I didn't want to give it up completely.

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1 hour ago, Shepherd9 said:

Still having a trace of snow and an actual winter was one of the reasons we love it there.  Much less snow than NJ which is an improvement but I didn't want to give it up completely.

I am sorta bummed about no snow here in FL, but I can tell you that since I've been here 10 months now, 60 degrees is cold, anything colder than that artic tundra!

It's finally Florida again this week, lows about 65, highs in the 80s.  We had a stretch of weeks there, I had to put on jeans, a tee shirt, an undershirt, a heavy fleece and a jacket to walk the dog.  50 degrees, BRRR.

It looked a little something like the picture below.

 

 

 

cold.jpg

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53 minutes ago, Malsua said:

I am sorta bummed about no snow here in FL, but I can tell you that since I've been here 10 months now, 60 degrees is cold, anything colder than that artic tundra!

It's finally Florida again this week, lows about 65, highs in the 80s.  We had a stretch of weeks there, I had to put on jeans, a tee shirt, an undershirt, a heavy fleece and a jacket to walk the dog.  50 degrees, BRRR.

It looked a little something like the picture below.

 

 

 

cold.jpg

Same thing in Texas. My neighbors bundle up like Eskimos when the temp drops below 60°. Lol

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8 hours ago, gleninjersey said:

I don't mind winter.  I mostly mind having to drive in it while other knuckleheads are on the road who don't know how to drive in snow or icy conditions.

This.  

I love the snow when I'm home and don't have to drive. Figure I'll at least have a lot less in TN. Though I think Nashville shuts down with a thin coating of ice.  

Still happy to have four seasons there.

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I am wondering what folks think about this. As previously mentioned my family was considering a relocation to NC and may now have opportunity to execute. I did some research and am not sure how comfortable I am with it in the present market.

First, NC is a "buyer beware" real estate state and part of that is that there is a fee due at offer acceptance called Due Diligence (passed into law back in 2011 from what I read), which is supposedly to compensate the seller because the house has to come off the market for inspections, and also protect them against buyers walking away from the deal. The problem is that with rare exception can you get that money back should you find something seriously wrong with the house. In the triangle area the MINIMUM you have to offer is $25k now and upward to $50k (was $5k-$10k pre-COVID). People are apparently buying houses like this sight unseen, which is nuts IMHO.

Second, is appraisal risk. Due to bidding wars prices can easily escape the appraised values which means more cash at signing. And you won't know until after you've already paid the DD fee above.

Third, prices in the triangle are up over >=75% in the last two years from what I can tell. Where I am currently here in the PRNJ it's probably more like 25%. Given the aroma of 2008 I am not sure I want to buy now and end up being late to the game and then taking a big equity hit when (not if) things correct. My feeling is that the correction will be more down there and therefore it's better to wait.

Fourth, mortgage rates are going crazy, more hikes are on the way, and the economy may go (further) in the toilet. While I don't expect rates to drop any time soon, in a couple years we will be in an even better place financially so rates are less of a concern overall.

Fifth, given the limited supply of houses and how quickly things go pending, actually getting down there to see things and put in an offer will be challenging to say the least.

There are some other complicating factors but from an actual purchase perspective, these are the main ones.

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That makes for a tough choice. 
 

Not only are housing prices WAY up, but many believe (myself included) that the bubble will burst soon. And hard. 
Then, you’re underwater in a mortgage, and you might not ever recover from it. 
 

Add in the ‘buyer beware’ laws, and that you might wind up losing a big chunk of good faith money, I’d say either wait for the bubble to bust, or reconsider your location choice. Or both. 

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32 minutes ago, Displaced Texan said:

That makes for a tough choice. 
 

Not only are housing prices WAY up, but many believe (myself included) that the bubble will burst soon. And hard. 
Then, you’re underwater in a mortgage, and you might not ever recover from it. 
 

Add in the ‘buyer beware’ laws, and that you might wind up losing a good chunk of good faith money, I’d say either wait for the bubble to bust, or reconsider your location choice. Or both. 

Thanks, @Displaced Texan. We own outright now so all we are paying are (high) property taxes. Kid #1 attends school down there and has expressed a desire to live there after undergrad and grad school but NC ranks dead last in her intended career for salary, and as a result that desire may change, and I sure as heck don't want to move twice if I can avoid it (nor do I want to weigh her decision about where to ultimately setup shop).

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I would seriously consider renting first. It lets you check out the area far more thoroughly than just going down to look at houses plus when the correction hits it shouldn't affect you.

My wife has been in the real estate business for 40 years and we have seen many boom bust cycles. Her opinion is now is not the time to buy. She's not a sales person she is in the financial end. Rates are rising inventory is increasing and buyers are drying up. That's the trifecta for a correction.

If you can wait.

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2 minutes ago, brucin said:

I would seriously consider renting first.

This is what we did when we moved to Charleston.  Got to know the area first so we weren't stuck buying somewhere we didn't want to be, and we were able to pounce when we were ready to buy.

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2 minutes ago, YankeeSC said:
6 minutes ago, brucin said:

I would seriously consider renting first.

This is what we did when we moved to Charleston.  Got to know the area first so we weren't stuck buying somewhere we didn't want to be, and we were able to pounce when we were ready to buy.

Thanks. I forgot to mention, I actually inquired with a realtor down there about both renting and buying a lot to have something built and the answer was the same for both: tons of other people are already trying to do this exact thing and the demand for both is just as high as for homes for purchase (along with low supply). Rentals are around $2k/month.

 

8 minutes ago, brucin said:

My wife has been in the real estate business for 40 years and we have seen many boom bust cycles. Her opinion is now is not the time to buy. She's not a sales person she is in the financial end. Rates are rising inventory is increasing and buyers are drying up. That's the trifecta for a correction.

If you can wait.

This is exactly what I was wondering. I can wait but my SO doesn't really want to...

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8 minutes ago, Xtors said:

tons of other people are already trying to do this exact thing and the demand for both is just as high

People are all trying to GTFO.  Glad we escaped when we did.  I can't leave my house w/o seeing at least one NJ tag.

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6 minutes ago, YankeeSC said:

People are all trying to GTFO.  Glad we escaped when we did.  I can't leave my house w/o seeing at least one NJ tag.

Me too, although we don’t see tags from the northeast here. I do see a good bit from the Midwest. 

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20 hours ago, Xtors said:

Third, prices in the triangle are up over >=75% in the last two years from what I can tell. Where I am currently here in the PRNJ it's probably more like 25%. Given the aroma of 2008 I am not sure I want to buy now and end up being late to the game and then taking a big equity hit when (not if) things correct. My feeling is that the correction will be more down there and therefore it's better to wait.

Fourth, mortgage rates are going crazy, more hikes are on the way, and the economy may go (further) in the toilet. While I don't expect rates to drop any time soon, in a couple years we will be in an even better place financially so rates are less of a concern overall.

Over 75% in 2 years??  That's nuts and not sustainable.  

As rates rise prices will HAVE to come down.  And the Fed has said they WILL be raising rates at every Fed meeting this year. 

With four meetings left for the year and most likely .50 raises at every meeting there is a strong possibility that mortgage rates will be over 7% by year end.  The 30 Year Fixed started at around 2.8% this year and us currently at about 5.4%.  

Things have already started cooling down.  By fall of this year the real estate market will probably be down SUBSTANTIALLY.

You may want to try to sell now and rent here in NJ then move down there.  Or rent down there but further out or in cheaper area of where you want to buy.  You'll still be down in the area and can really research things. All depends on when you want to move.

If you wait until the market comes down then your home will also be selling for less and could take MUCH longer to sell.

 

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Agree with the above on renting first. Especially with the current market. 

We sold a few months ago and had our rental ready since the beginning of the year.  Love the rental house and its on a nice 1/2 acre so we can spend a year or two comfortably deciding on where exactly to buy and wait out the imminent market correction.

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I just read a form letter that Mom (in Idaho) received from their Governor.  It begins:

“Dear Fellow Idahoan, 

Idaho leads the country in economic prosperity. For the second straight year, we achieved a record budget surplus.”

It goes on to announce permanent tax cuts and a 12% rebate of taxes paid last year, because that money really belongs to the people 

Mom’s check was enclosed. 
 

It’s a rather different approach than that taken by the greedy bastards in Trenton. 
 

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On 12/28/2021 at 8:32 PM, mustang69 said:

You realize you only need to spend 6 months plus 1 day there to claim Fla residency,

He would claim FL as his state of domicile, not just residence.

I'm a resident of NJ and PA, but my (one and only) state of domicile is NJ.

For the time being.

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1 hour ago, 45Doll said:

He would claim FL as his state of domicile, not just residence.

I'm a resident of NJ and PA, but my (one and only) state of domicile is NJ.

For the time being.

Correct.   What matters is where your "primary domicile" is.  Usually, that's determined by your Driver's License/State ID, plus any utility bills, receipts etc. that show that address.  But I think it's possible to use a boating license (in NJ anyway) as a domicile indicator as well. Never tried that. Didn't own a boat.  

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1 minute ago, HBecwithFn7 said:

Correct.   What matters is where your "primary domicile" is.  Usually, that's determined by your Driver's License/State ID, plus any utility bills, receipts etc. that show that address.  But I think it's possible to use a boating license (in NJ anyway) as a domicile indicator as well. Never tried that. Didn't own a boat.  

When I did my research on this for my PA LTCF it became clear that there is no single personal fact that defines state of domicile. The DL is certainly part of the picture, but it doesn't negate a slew of other factors.

Usually people are concerned with tax matters, so they go with whatever the involved taxing authorities have to say about it. Typically it's the amount of time physically spent in a state.

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1 minute ago, 45Doll said:

When I did my research on this for my PA LTCF it became clear that there is no single personal fact that defines state of domicile. The DL is certainly part of the picture, but it doesn't negate a slew of other factors.

Usually people are concerned with tax matters, so they go with whatever the involved taxing authorities have to say about it. Typically it's the amount of time physically spent in a state.

Agreed, there is no one single fact. But I think the DL/State ID offers the most immediate and widely accepted proof of residency. Yes, where you pay taxes might also be a factor, but remember Florida has no State Income tax (not yet anyway....  :ninja:) only sales and property taxes. I don't know how many people keep readily available records of that to present as proof of domicile.  Maybe Voter registration might also help, a little.

 

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