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The Real Estate Market
In the Northern New Jersey area, the real estate market is bouncing back. What was once a dismal landscape for both sellers and buyers alike is now an incredibly diverse arena to be in. Anywhere you look, you can see signs of growth and opportunity for almost every buyer. One simply has to take a careful look. A wonderful way to get a thorough view is with a professional property appraiser, such as Abbe Edelman.
Across the US, housing prices have seen a steady increase for the first time in six years. This increase was the largest since what was considered the peak of the “housing bubble” in August 2006. Recently, there has been a leveling off trend of prices in NJ. Appraisers such as Abbe Edelman can help buyers and sellers both get fair market value.
Abbe Edelman can also attest that some of the healthiest markets in the nation today are in Northern New Jersey, where there is a higher concentration of jobs, proximity to New York City and superior transportation services.
According to latest reports, the number of New Jersey homes for sale is up, and will continue to grow! With record-low interest rates and bargain-basement prices, buyers are beginning to recognize opportunity. Foreclosure sales in the state are down, largely due to last December’s court-ordered suspension preventing banks from sanctioning foreclosure claims
Prices were up in the metropolitan statistical area that includes New York City and Bergen and Passaic counties in Northern New Jersey. Much of that increase is in all probability driven by New York City prices, while values in BergenCounty have remained fairly level. In the modern economic climate, prices have begun to even out as buyers and sellers gain a new understanding of property value.
Credit boosting measures and a growth in economic trends throughout New Jersey have helped increase mortgage availability and reinvigorate the property market. Surprisingly, this trend is not only for single family homes, but includes multi family and commercial properties also.
This across the board trend is very promising for the Northern NJ real estate market. The available number of units for multifamily properties has been on the rise month-over-month for two consecutive months, increasing 3.2% over that time. Office properties in the New York Metro Area are turning over faster than the same time last year
Interest for retail properties listed in the New York Metro Area, which includes Northern New Jersey, market has risen 5.9% since June 2012, 1.7 percentage points more than the 4.2% increase in the national average. Similarly, demand rose 36.9% over the past year.
The Northern New Jersey New York Metro area ranks second out of the top 48 metros in terms of interest growth for office properties over the past year. Demand has increased 45.4% during that time.
Interest for multifamily properties listed in the New York Metro Area market has risen 5.8% since June 2012, 2.4 percentage points more than the 3.4% increase in the national average. Similarly, demand rose 39.2% over the past year.
So what do all of these figures and statistics means for buyers and sellers in New Jersey? Simply, this is the best time to buy or sell a home or commercial property in New Jersey. At no other time since the “Great Recession” have both buyers and sellers been in such an advantageous position to acquire the property of their dreams.
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