>Ridgewood Real estate : Get in the Game!
By Michael Fidanza
I am constantly scouring the real estate news. Foreclosures. Mortgage rates. Drop in home prices. It’s crazy out there!
The economic downturn exacerbated by the sub-prime mortgage crisis really put the kibosh on buyers and sellers for the past few years. Basically, it forced many people who were able to weather the economic storm onto the sidelines. These folks are waiting for the perfect time to make a move.
My colleague J.J. said it best yesterday: “Analysis paralysis”
The uncertainty has frozen these people into inaction and now they’d like to pull the trigger because their lives, too, are on hold.
-Maybe they need a bigger house for their family.
-Empty nesters looking to downsize or pick up a retirement home.
-The vacationers who wanted to get a second house but were scared off.
People, the real estate market is constantly in flux but you haven’t always been aware of the fact. For much of your lives, it’s been up, up, up.
Sellers, if you sell low now remember that you are also going to buy low and your mortgage rate will be rock bottom.
Buyers, if you are waiting for the perfect deal, stop right now. Find a house and make a choice. Short of a Greece-like collapse, we’ve basically bottomed out. Plus, your quality of life will immediately improve once you move into your new home. You think you’ll save a couple of grand but you pay that many times over in comparison to the place you’re in now.
I know many of you are content where you’re at. I hear you. However, it’s never too early to start thinking about planning for your next home. The remodeling you can do, the addition you need or improvements you would like may never be more affordable as many contractors are dying for any work they can get. If you put this off too long, the wait for that addition might be years away rather than months.
Home ownership is not a spectator sport. Bold action in an uncertain market favors the decisive. Make sure YOU get in the game!
Michael is a licensed Realtor here Ridgewood. You may contact him at Michael@YourNorthJerseyHome.com