News

High demand for fewer New Jersey homes for sale fueled price increases.

The National Association of Realtors reported that existing home sales fell by 6.4%, to a seasonally adjusted rate of 4.99 million units in December. This represents the lowest level of home sales since November 2015. Despite the slower number of sales, the price for...

Last week Governor Murphy of New Jersey and the legislature agreed to raise the minimum wage to $15 by the year 2024. This places New Jersey alongside of California, New York and Massachusetts as other states which raised the minimum wage to double the Federal minimum...

Trends to Track - The impact of the recent economic growth has many ramifications, one of which often is reflected in the real estate values throughout each region. In 2017, New York City had 143,000 people move out. This was the first time since 2007 who there were...

The natural gas pipeline has initiated construction in Ocean County. The crews began digging in December, creating a second connection between New Jersey Natural Gas network and the interstate transmission lines. The new pipeline is expected to be operational in 2019....

Trends to Track - List price doesn't equal sales price. It was reported, according to Knock, a national real estate agency, that in 2018, 62% of all homes sold, sold at a price below the original asking price. This seems to buck the trend from earlier in 2018 when...

TRENTON – The New Jersey Division of Taxation reminds taxpayers to take advantage of the New Jersey Tax Amnesty program as the January 15 deadline is fast approaching. Tax Amnesty provides individuals and businesses with the opportunity to pay back taxes or file past...

Millennial Update A Breakdown of Prospective Millennial Buyers■ 89% of Millennial renters say they plan to buy a home someday■ 4% expect to buy in 2019 ■ 30% say they will wait at least 5 years ■ 72% see affordability as the biggest obstacle for their purchase■38% say...

Average Rents Nationwide IncreaseNew Jersey rents hit the average of $1,355 in 2018.It wasn't a straight line up, but rather one-bedroom and two-bedroom apartments went down in price during the summer but then rebounded for the rest of the year. Most likely this is...

Renovation Is the New TrendOver the last few years downsizing has been a big trend within the real estate industry. This was further complicated by the shortage of inventory. But now there's another factor impacting the market, and that is renovation. There are those...

The Rental MarketSome sources throughout the country indicate that rents are going lower but in general, rents still appear to be going higher. According to HotPads, U.S. renters paid out $500 billion in rent in 2018, which is an increase of over $12 billion from...