Over the past 6 months how many different opinions have you heard about the conditions of the current residential real estate market? We have been inundated by the expertise and predictions of every financial talk show host in the United States tellng the public "Whatever you do, don't buy a house now!" While these individuals are extremely knowledgeable and are highly regarded, I believe that they have missed the mark by treating residential homes as if they were stocks and bonds, which are are bought and sold every day as an "investment". The vast majority of the buyers of residential real estate still purchase their homes as shelter for the long term. The last time we experienced a downward adjustment in housing prices in my market, Ridgewood N.J. was in 1991 where the average price of a house had dropped to $280,855 from the previous high in 1988 of $331,150. Today our average price is $848,000. So while there have been fluctuations year to year, the overall trend has been that of a generous appreciation rate. This information combined with the historically low mortgage interest rates (yes- mortgages are still available), realistic sellers and average inventory levels makes this an excellent time to buy. If you follow the advise of not buying now and waiting for the market to "turn around" you run the risk of potentially higher mortgage interest rates and increased competition from other buyers. My best advise is to do your homework and have your REALTOR educate you on your areas market statistics.
 

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Bill Gilsenan

Ridgewood, NJ

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Gilsenan & Company

Office Phone: (201) 445-1600 x 138

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