What’s important to know in the New Jersey Real Estate market NOW

What’s important to know in the New Jersey Real Estate market NOW

December 04, 2017

There are a few things you should know about the current New Jersey real estate market and how it will affect your search for the perfect place to call home.  Our spotlight is on these wonderful areas:

Montclair, Glen Ridge, Ridgewood, Glen Rock, Westfield, Summit, Millburn, Maplewood, South Orange, Verona and the Caldwells

Click the link to read a little about each of these areas in northern New Jersey.  They all offer several unique reasons you might feel most comfortable there and your local marketing specialist will provide all the details you need to choose which works best for your lifestyle.

Current market conditions have been summed up this way by Tom Wright, President of the Regional Plan Association, who declared “Our region is struggling under the weight of its own success — with housing prices at an all-time high and space at a premium.”

His words are evidenced by the direct impact continued low inventory levels are having on availability. However, low interest rates continue to have a positive effect on affordability. This fact is leading more people to seek to buy with fewer looking to rent. That is having a big impact on where home prices are heading.

Recent surveys reveal that with rental prices having moved so high the last several years people find it makes more sense than ever to buy.  Right now, mortgage payments and rental fees are comparable in terms of monthly expense, while owning remains the path to greater financial advantages in the long term.

To meet the higher demands of the multitudes choosing to make the leap to home ownership, there are plans to build around 250,000 housing units in 2018.

We also want to keep an eye on tax reforms that are still up in the air at this time and which will also directly affect housing market conditions in this coming year.  Additionally, millennials are on the move, many making decisions to abandon city life in favor of suburban areas, bringing with them their expectations of good schools, healthy neighborhoods and thriving social culture.

 

 

 

 

 

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