With the real estate market showing barely any signs of speeding up, and with several New Jersey properties carrying the sign bank-owned, these properties are going for a fraction of their earlier value, thanks to the crash of the housing and banking industries not so long ago.
However, if you have a solid income with reasonable amounts of cash flow, here are some reasons why you should buy Ridgewood real estate apart from other properties in New Jersey:
#1: Low pricing
While experts say that it is only a matter of few months now before the real estate begins to pick up speed, it still is the best time to buy yourself a home at the lowest costs available. And this pertains to Ridgewood homes that are under foreclosure or even upcoming construction as well. And banks will do anything to get rid of these properties at the moment as they are listed as a liability in their balance sheets.
#2: Historic low for mortgage rates
Yes, the interest rates have hit rock bottom, and in investing your money to get a new home or a bigger one, you won’t be paying much in terms of interest if you have an excellent credit score, and are able to get a loan from your bank.
#3: It’s only a matter of time before the banks run out of Reo properties
As harsh as this sounds, selling REO-owned Ridgewood property has become the first priority of the banks even the government wants them to slow down. Yet at the brisk rate at which these properties are going, the backlog of properties will soon clear up and business will come back to normal.