A number of sources are projecting that New York City real estate will remain flat for the most-part of 2020. A part of that metric reflects the number of New Yorkers leaving the state for places that are more tax-friendly (state, city and real estate taxes). But those regions that are adjacent to the Empire State, such as Bergen and Hudson counties in New Jersey, are expecting to see an uptick in activity and valuation.
With Millennials and now Gen Zers entering the first-time homebuyers, New Jersey is looking to be a viable option. This is confirmed by the survey conducted by the National Association of Realtors in the second quarter of 2019, stating that now is a good time to both buy and sell a home. The report by the NAR states that 46% of those surveyed strongly believe now is a good time to sell a home, up from 37% reported in the first quarter of 2019. The job market and the continued low interest rates are clearly fueling this optimism.
The survey reported that 38% of respondents believe that now is also a good time to buy a home because 49% of the respondents believe that prices will rise within the next six months of 2019.
The facts* are bearing this optimism out:
Hudson County Single Family Sales Up 10.3% Y-O-Y
Passaic County Single Family Sales Up 9.4% Y-O-Y
Union County Single Family Sales Up 7.8% Y-O-Y
Middlesex County Single Family Sales Up 4.3% Y-O-Y
*October, 2019 NAR
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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