The Real Estate Market in Feb 2013
Real Estate Market in February 2013
Across the US, housing prices have seen a steady increase, the largest since the so called “housing bubble" of August 2006. Prices in New Jersey have increased at a steady rate, and the Northern New Jersey area has seen a slow plateau of these prices. This trend marks the real estate market in New Jersey as one of the healthiest markets in the nation today. The higher concentration of jobs, proximity to New York City and superior transportation services contribute to the stability of the New Jersey real estate market.
Home sales in New Jersey are on the rise, and will continue to grow. Buyers and sellers both are recognizing opportunity. Low interest rates and bargain prices for buyers, and an eclectic mix of properties that allow sellers to NOT have to compete help the stability of the real estate market. Last December’s court-ordered suspension preventing banks from sanctioning foreclosure claims has helped lower foreclosure sales in the state.
Prices were up in the metropolitan statistical area that includes New York City and Bergen and Passaic counties in Northern New Jersey. Much of that increase is in all probability driven by New York City prices, while values in Bergen County have remained fairly level. In the modern economic climate, prices have begun to even out as buyers and sellers gain a new understanding of property value.
Single family homes, multi family and commercial properties, have been helped by an increase in mortgage availability due to credit boosting measures and a growth in economic trends throughout New Jersey. This across the board trend is very promising for the Northern NJ real estate market. The available number of units for multifamily properties has been on the rise month-over-month for over two consecutive months. The Northern New Jersey New York Metro area ranks second out of the top 48 metros in terms of interest growth for office properties over the past year
for buyers and sellers in New Jersey, this is the best time to buy or sell a home or commercial property in New Jersey. Since the beginning of the “Great Recession” neither buyers nor sellers have been in such an advantageous position to acquire the property of their dreams.
Home sales in New Jersey are on the rise, and will continue to grow. Buyers and sellers both are recognizing opportunity. Low interest rates and bargain prices for buyers, and an eclectic mix of properties that allow sellers to NOT have to compete help the stability of the real estate market. Last December’s court-ordered suspension preventing banks from sanctioning foreclosure claims has helped lower foreclosure sales in the state.
Prices were up in the metropolitan statistical area that includes New York City and Bergen and Passaic counties in Northern New Jersey. Much of that increase is in all probability driven by New York City prices, while values in Bergen County have remained fairly level. In the modern economic climate, prices have begun to even out as buyers and sellers gain a new understanding of property value.
Single family homes, multi family and commercial properties, have been helped by an increase in mortgage availability due to credit boosting measures and a growth in economic trends throughout New Jersey. This across the board trend is very promising for the Northern NJ real estate market. The available number of units for multifamily properties has been on the rise month-over-month for over two consecutive months. The Northern New Jersey New York Metro area ranks second out of the top 48 metros in terms of interest growth for office properties over the past year
for buyers and sellers in New Jersey, this is the best time to buy or sell a home or commercial property in New Jersey. Since the beginning of the “Great Recession” neither buyers nor sellers have been in such an advantageous position to acquire the property of their dreams.