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: 555 About Andy: Having lived in New Jersey for over 20 years, I have been a top producing Realtor and member of the ...
The Crawford Home Selling Team is one of the premier real estate teams in NJ. Consistently ranked in the top 100 teams in the country, our motto is treat every client like they are your only client. Give us a call and let us show you what we can do for you!
Those of you who are keeping track of the real estate market over the
"For Gordon Crawford:
Gordon made my experience as a first-time home buyer as stress free as it can be. He came highly recommended, and didn't disappoint. I had dealt with a couple of agents before I met Gordon, and both were a nightmare. Moving from Hoboken, Gordon introduced me and my fiancé to the Morris County area. He spent an exceptional amount of time pointing out the local hot spots, pros/cons of neighborhoods, and overall made me feel comfortable narrowing the search. His approach to finding the right home was refreshing, if not tedious, taking us to various listings to see a single detail we may like so he could narrow the search. He often would say, "I know this isn't the right place for you, but what do you think about the yard/kitchen/bedrooms/etc?". When the listing for the home we eventually bought came up, he immediately knew we'd like it.
Gordon walked us through the inspection, negotiation, and closing process. In the rare case when he wasn't able to answer the phone, Gordon's responsiveness was excellent as well. I love the home I'm in, but if I ever need a change, I hope to have Gordon as my agent in the future."