Real Estate in New Jersey
Real Estate in New Jersey
is a very valuable commodity.
Whether you are referring to North NJ, Central NJ or South
NJ; real estate in New Jersey has a tremendous amount of
value. This is if you are interested
in selling or buying. NJ Homes
for sale are a good long term buy.
Homes for sale in NJ
are good to have.
Real Estate Sales Should Rebound in 2007
By Cy Yablonsky
The media was hyping the burst of the “real estate
bubble” for a few years before we saw the actual decline. Although all real estate markets go at
their own pace, 2006 saw a general decline in real estate value and number
of homes sold throughout the United States. Due to many indicators 2007 should see a
stabilization of this decline.
In order to understand what will be in the future we
need understand the past. With a few
exceptions real estate value has been rising since the l950’s. Since 2000 interests rates were falling
rapidly, thus making financing easier.
Combined with a generally strong economy (the 2001
“recession” notwithstanding) this created a real estate market
where people felt they could buy.
In the Internet Age, real estate information, like
everything else, is disseminated rapidly at the speed of, well, The
Internet. This meant that as people
sold their house slightly higher than the previous comparable house the
next person knew about it that much faster.
Before the Internet, with free online public records and online
MLS’s, it would take time for a general uptick,
or downtick, in the real estate market to disseminate to the surrounding
houses and areas. Now, with instant
access at our fingertips, this real estate information is gotten easily,
and cheaply.
In this instant information age a volatile real estate
market is inevitable. When the
perception of a certain type of market (sellers’ or buyers’) is
created and the underlying components are there (economy and interest
rates) then a rapid growth, or decline, will happen.
That doesn’t mean that there are only two ways to
go, skyrocketing or plummeting.
There is a middle ground, and this middle ground will happen quickly
also. Obviously we can’t tell
the future but rapid real estate stabilization will probably occur in
2007.
The deflating of the “real estate bubble”
occurred because of past rapid market growth and the fear of the market bursting.
A lot of people declined to buy a home in 2006 because they thought
that if they waited they would get a better deal. Sellers, who were accustomed to being in
control, didn’t see the real estate decline as permanent and many
decided to wait it out. Many sellers
put their move on hold rather than take a perceived loss. 2006 saw many expired and withdrawn real
estate listings.
As people who deferred buying a home for a while see
that houses are not plummeting, like many predicted, they will start coming
into the home buying market again.
So the actual stabilization will also happen swiftly. This is, in a large part, due to the
Internet. 2007 will probably not see
a meteoric rise in the real estate market but it should see stabilization,
with a slight uptick possible.
Copyright 2007 Cy Yablonsky. Cy Yablonsky is a
Realtor Associate with ERA Othello Realty, you can
reach them at Homes for Sale in New
Jersey or Marlboro NJ
Real Estate. Feel free to reprint or use this article as long as you
keep this paragraph and all links are live.
Tip #23
Home Buying Tip, Big Ticket Items:
Before you buy a home
you should avoid buying any big ticket items. When this is found out during the
credit process or reporting it can make mortgage banks nervous.
Even if you will be able to get a loan, you might not be able to get
the best available interest rate.
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Tip #24
Home Selling Tip, Listing Right:
A common mistake when people list their house (especially in a
buyers’ market) is list the house at a high price that they
don’t anticipate to sell it at.
They figure that if they get it then GREAT but if not they can
always lower the price.
This is not a good practice because what mostly happens is it will
stay on the market for a while and make potential home buyers nervous because
it’s been on the market so long.
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