New Jersey, one of the densely populated regions in the U.S. is at the brink of a real estate market crisis. Records by Zillow, a real estate tracking agent, show that New Jersey is among the U.S. states with the highest rates and shares of residential mortgages that are delinquent and in foreclosure. This is the reason why New Jersey’s real estate markets are trailing the country. However, the dropping rates of foreclosure and delinquency are a sign of the improved policies and efforts by the authorities such as high rates of employment and formation of households. It is expected that in future, such positive trends will continue as the industry starts to change its focus in resolving shortages and tackling the developing numbers of markets and the affordability crisis.
Mixed Sentiments Regarding the Housing Industry in New Jersey
In a report by Philly Purge, Lawrence Yun, a chief economist at the “National Association of Realtors”, says that the housing shortages are set to intensify and might result in a housing emergency unless the widening gap between the supply and demand of housing is addressed. Considering the shortage of homes for sales and auctions, and the quick pace of selling newly constructed homes, things in New Jersey are likely to get worse. Experts predict that the drop could intensify in the near future.
Despite all this negative reports, New Jersey might just as well defy the odds. Zillow projects that house prices are likely to rise and households can expect better selling conditions in future. The sentiments revolving around house shortages have caused many people to withhold vacant houses from the market. The house owners expect house prices to increase.
A majority of the towns in New Jersey are bracing themselves for revolutionary developments and an increase in apartment buildings. Prices in these towns have gone up in the last couple of months. The most obvious trend amongst these towns is the easy access to transit. These towns are within a few minutes to the transit station, which is an incredible attraction and draw for many prospective home buyers. Economists predict that the real estate markets are set to change because the high interest rates expectations and low house prices will contribute to an increase in the construction of homes. The creation of jobs will further increase the demand for housing. Visit Bloomberg to know more.
About Boraie Development
Boraie Development is dedicated to satisfying the needs of the urban real estate market. The firm works with the most talented and reputable institutions, architects and contracts in an effort to meet the demands and expectations of the housing consumers. With a track record of more than twenty years in real estate development, Omar Boraie Development is among the most sought after real estate firms in New Jersey.