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Simone, Home Buyer in New Rochelle, NY

I own a coop in new york near the bergen county border, and I would like to live in ridgewood eventually. Although it is a buyers market now, I am

Asked by Simone, New Rochelle, NY Fri Nov 20, 2009

not in a position financially to buy anything any time soon. I have seen nice homes in ridgewood currently for high 300,000's and up. What do you anticipate the market to look like in 5 years, when I will be in a better position to buy? Even in 5 years I would not like to spend more than 550,000 or so. Thank you

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Al Donohue is right and he's an expert on the Ridgewood market. There's no way to know what the market will be like with certainty in the future. However, it is logical to expect that values will be higher as we've already passed the bottom of the real estate market here in Bergen County for the most part and definitely this is true of Ridgewood. In studying why people moved when they did, the National Association of Realtors has consistently found that the #1 answer was because it was the right time to move in a buyer's view. So when it's the right time for you, that's when you'll deal with whatever market you have at that time. Meanwhile, keep abreast of the market so that when you are ready, you'll be better prepared. I do know Al and love his blog - it's one of the best and most informative blogs I've seen and a great resource on Ridgewood.
0 votes Thank Flag Link Sat Nov 21, 2009
In five years it will be the best time for you to buy ,because that is when you will be in a position to buy. In the long run Real Estate is always your best investment. Once you are ready, assess the market and make the appropriae decision at that time.
0 votes Thank Flag Link Sat Nov 21, 2009
Simone,
As much as we would all like to be able to do it, it is impossible to predict future real estate prices. That said, even in the height of what some folks call the “real estate bubble” there were plenty of beautiful Ridgewood homes available in the $550,000 price range - so I think you will still be able to find something nice in a few years. Obviously, it makes sense to keep tabs on the market in the interim. I write a Ridgewood Real Estate blog called the Ridgewood Front Porch and I regularly post Ridgewood Real Estate market reports and price charts. See the link associated with this reply.
Thanks.
-Al Donohue
201.906.3287
0 votes Thank Flag Link Fri Nov 20, 2009
A lot of people are asking that question but unfortunately no one really has the answer.
You can only go on the historical record and trhat is that over the long run Real Estate, like the stock market, has risen but has been the subject to fluctuations like we are experiencing at the moment.
people would love to buy at the bottom of the market but even the experts have no idea when the bottom is reached.
All we know is at the moment prices in this area seem to have stabilised.
If you own at the moment and are able to sell and buy its probably not a bad time to do so. Altohugh your current property is worth less so is the one you are buying so its a trade off.
What most people agree on is the interest rates are probably going to rise over the next few years as we are probably going to see inflation. Interest rates are pretty well as low as they could ever be and if I were in the market to buy I would do so and lock in a 30 yr mortgage at current rates as you may never see them again in your lifetime. Thats not my idea, just borrowing it from others!
0 votes Thank Flag Link Fri Nov 20, 2009
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