It’s Time for Savvy Buyers to Snap Up Real Estate in Ridgewood New Jersey

There are some incredible deals on Ridgewood Homes in today’s market.

Everyone knows you are supposed to buy low and sell high. It seems to be a simple enough premise but why then are there so few people that are willing or able to pull the trigger today? The main reason is that when the market is “low” folks are understandably afraid to make big decisions of any kind. They prefer to buy when everyone else is buying (aka herd mentality) which is usually at, or near, a market top. This is precisely the wrong time to buy Ridgewood Real Estate and the same goes for stocks. Buy low-Sell High is easier said than done. This strategy has been proven to work time and time again, but it takes some serious intestinal fortitude coupled with a high risk tolerance.

Jeffrey Otteau, the renowned pricing guru of NJ real estate, was quoted in today’s Bergen Record saying that there are 3 reasons that it might be a good idea to buy a Bergen County Home in the next 6 months.

Jeffrey Otteau’s 3 Reasons for Buying a New Jersey Home over the next 6 Months

1. Home sellers are generally in a weaker position over the winter.

2. The bottom of the market, when it does occur, will emerge out of the shadows. Once the change occurs there will be no way to go back to the strength the buyer had when the market was at the bottom.

3. According to Otteau, “It is probable that interest rates are on there way back up.”

Let’s examine some other facts regarding today’s Ridgewood Real Estate Market

• Prices have come down but if you are a first time buyer or a trade up buyer - this is good news for you. Let’s say prices have come down by 10%. If you are trading up from a $500,000 Ridgewood Home to a $1,000,000 Ridgewood Property that means you will get $50,000 less for your current home but you will also pay $100,000 less for your new home. A net gain of $50,000.
• Interest rates remain low - at least for the time being. However, many experts say both current events and long term market trends point to an uptick in interest rates in the near future. I agree with Mr. Otteau here.
• Inventory is still relatively high so buyers have lots of homes to choose from and can probably drive a pretty good bargain.
• The rules for capital gains exclusions are changing. Depending on your specific situation, it may make a huge financial difference to you if you sell your Ridgewood home before January 1st 2009 - as this is when the new rules kick in. Click here to learn more about the new capital gains exclusion rules.

I’d be very happy to show you what I think are some of the very best values in Ridgewood Real Estate. Please call me at 201.906.3287, email me at aldonohue@optonline.net or simply leave a comment here.

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It’s Time for Savvy Buyers to Snap Up Real Estate in Ridgewood New Jersey.