Parts of northern New Jersey including Bergen, Hudson, Morris, Essex, and Middlesex counties are considered part of the New York metropolitan real estate region – accounting for over 20 million in population – making it the largest populated area in the country representing one-in-sixteen Americans.
The region totals 13,000 square miles, crosses 3 states and includes the largest city in the nation: New York State, Connecticut, New Jersey and New York City, of course. New York City is home to 8.4 million residents alone.
A recent forecast published by Veros Real Estate Solutions projects real estate in New York City will be flat in 2020. But that doesn’t translate into the surrounding regions such as Bergen, Essex and Hudson counties in New Jersey.
Veros is actually predicting Essex County will see a depreciation of about two-and-a-half percent. But with the sound economy and demand for strong talent-base within these markets, it is a stronger probability the adjacent counties in New Jersey will continue to show steady appreciation. Behind the steady appreciation is the economic engine, but there is also the optimism of both buyers and sellers keeping the real estate market healthy.
According to a survey conducted by the National Association of Realtors in the second quarter of 2019, now is a good time to both buy and sell a home. Forty-six percent of those surveyed strongly believe now is a good time to sell a home. This number is up dramatically from 37% reported in the first quarter of 2019. The reason for the optimism is most likely found in the drop in mortgage rates and the increase in inventories in certain markets.
The same survey showed that 38% of respondents now believe that now is also a good time to buy a home. What makes this a positive number is that 49% of the respondents believe that prices will rise within the next six months of 2019.
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.
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