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Today, I want to briefly discuss New Jersey market trends.
Just the other day, I attended the premiere conference when it comes to analyzing recent New Jersey market trends. It is run by the OTTEAU Group, an independent appraisal company that crunches all the numbers regarding New Jersey real estate stats.
The good news is that the New Jersey market has appreciated 3% and next year is predicted to go up 4%, despite a definite rate hike. The most dramatic appreciation, of course, was in the commuter towns in New Jersey, particularly those near a train line.
The report the OTTEAU Group provided included market conditions by county and sales trends by quarter. We saw the first two quarters get off to a hot start before sales really tapered off in the third quarter - this is expected to continue in the fourth quarter.
Despite the many challenges facing New Jersey right now - like slow job growth, the high cost of living, and the high cost of doing business - the next three years are predicted to be strong for New Jersey! While rates are low for now, they are expected to rise soon! Additionally, the market is very price sensitive right now, so if you plan on selling, it's crucial that you price your home correctly.
If you have any questions about where our market is heading, or if you need real estate assistance of any kind, please don't hesitate to reach out to me. I would love to give you a hand!
