New Jersey Real Estate Industry Still Struggling Despite Recovery Of Market Across The Nation But Experts Sees New Jersey Rebound In The Future
The real estate industry has recovered since the 2006 slumber but apparently, New Jersey has not. According to Realtor, there are properties in New Jersey that were still below the 2006 slumber despite the fact that the industry is on the rise. An expert in the real estate industry said that citizens of New Jersey are still afraid to have their properties listed on the market because of a possible price undercut once mortgages finally goes to the market.
Experts also see two more reasons why the property prices in New Jersey is still in slumber, first, the number of foreclosed properties at 8.12% and second, the state's population, which is half the national average.
On the other hand, this could be a potential for investors and homelookers most especially from its neighbor New York. Despite of New Jersey's ridiculous state taxes, properties and homes are more cheap compared to The Big Apple.
Although this can be considered as a half and half good/bad news, there are still some who know and believe that the New Jersey real estate industry will recover.
Housing Wire pointed out 4 reasons why New Jersey's housing is set to bloom. At this point, they said, the real estate industry is really threading on a thin ice, but in time, the low interest rates and low down payment will pave way to the industry's recovery. Second would be technology. With the technology today, advertisements can be very aggressive and rampant. Social media is a great example of free ads. Full and smart utilization of keyword optimization is also in the picture that can and will lead into sales if used properly.
Third is the emerging demographics. Not unlike before, it takes two to tango; it takes a family to own a house. But today, although the family is still the biggest purchasers of properties specifically houses, single people who look to own a house is on the rise. Last but not the least are Real-time brokers. Before, you need to meet face-to-face with a broker before you can close a deal or at least take interest on a property. Today, all they need is a stable internet connection and they can talk about a certain property.