While the words “positive” and “foreclosure” in this headline seem to be an oxymoron, the truth is that the surge in foreclosures in South Jersey isn’t all bad news.
For the past couple of years, housing inventory has been increasingly low throughout New Jersey and especially in the southern portion of the state. By most real estate experts’ estimations, New Jersey has been a seller’s market.
Now that foreclosures – once stacked up due to paperwork and sheer volume – are clearing throughout the process, inventory rosters stand to benefit. This means buyers will have more to choose from and they won’t have to bid top dollar or get into bidding wars with other families trying to get the keys to the same house.
With full knowledge of the foreclosure statistics in South Jersey real estate agents in Gloucester, Cumberland and Salem counties may have been worried about the bad press. However, smart Realtors are viewing the influx that foreclosures will bring as a good thing.
One agent told NJ Online: “The more choices, the better.”
That being said, any buyers willing to consider a foreclosure are going to easygoing about their wish lists; foreclosures tend to be fixer-uppers or and rarely have the updated features buyers are willing to pay premium prices to get.
Most buyers want the most they can get such as renovated bathrooms and kitchens, hardwood floors, neutral colors and more – at the lowest prices. Therefore, if you are a seller who wants to unload your property but you don’t want to do upgrading that will attract top dollar prices, consider getting rid of bright colors on the walls, spruce up whatever you can inside and out (including landscaping.) First impressions make a huge difference and, thanks to the Internet, would-be buyers can check out hundreds of home before deciding which ones to actually tour.
The bottom line as the calendar turns to 2015 and each day inches closer to warmer weather, buyers in South Jersey will likely have a variety of options to choose from when it comes to real estate. Those who are willing to do some work, you will have even more of a selection and may get a bargain, to boot.
Real estate lawyer Joel R. Spivack, Esq. has been guiding South Jersey families through the real estate process successfully for more than 20 years. He will protect your rights and your investment as you buy or sell property in New Jersey. Call him today.
