There are some interesting trends developing in the local Real Estate market that I would like to share with you. While New Jersey continues to be a wonderful state to live in, with beautiful parks, mountains, miles of shoreline and close proximity to NYC , there are some storm clouds on the horizon.
High taxes continue to effect housing affordability and make it difficult for senior citizens to retire in state
Morris County has lost a lot of corporate jobs over the past decade as employers have moved to less expensive places around the country (Honeywell, being the latest example) …which is a devastating blow to the housing market
Millennial buyers are willing to chase prices, because they don’t expect that buying a home will be a good financial move. That’s because home prices have performed so poorly over the past decade. Today NJ home prices are still 9% less than they were 12 years ago
In a recent National Association of Realtors survey 80% of millennial homebuyers expect to delay buying a home for up to 7 years due to crushing student loan debt.
Take heart, its not all gloom and doom, interest rates are still low( thankfully!) Houses are still selling, particularly in neighborhoods where a combination of younger homes (1990’s built) and public utilities (septic systems are killing home sales in parts of Randolph and Morris County) continue to be an advantage. However, for every house that sells, another may languish on the market. Today’s buyers in all price ranges are extremely price sensitive. Today’s seller must price their house realistically to realize their maximum price potential.
My reference sources for the above are from Jeff Otteau, www.Otteau.com a leading NJ real estate authority and the National Association of Realtors.
Please reach out to me at 201-424-8628 should have any questions or comments about the content of this newsletter.
Author:Andy Walker Phone: 201-424-8628 Dated: July 29th 2019 Views: 293 About Andy: Having lived in New Jersey for over 20 years, I have been a top producing Realtor and member of the ...
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