The aphorism ‘a rising tide lifts all boats’ is associated with the idea that improvements in the general economy will benefit all participants in that economy, and that economic policy, particularly government economic policy, should therefore focus on the general macroeconomic environment first and foremost.
While Manhattan is now plateauing in its sales and prices, surrounding areas such as Brooklyn seem to be hitting it out of the park, according to a Wall Street Journal report.
Signs that this ‘wave’ will be hitting the shores of New Jersey are already showing up. And in Bergen County, for February 2017, new listings have fallen by 5.1% from 2016, but days on market have also fallen by over 15% since 2016. Demand is outstripping supply, and the inventory available has fallen a dramatic 28% from 2016 to 2,482 homes from 3,489 in 2016.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.