Residential housing stock in New Jersey has gone up as well as the median price. New Jersey Association of REALTORS Executive Director Jarrod Grasso told NJTV News Anchor Mary Alice Williams that as unemployment rates drop and the economy stabilizes, the housing market will stabilize.
“We’re seeing that unemployment rates are starting to drop here in the state,” said Grasso. “I think we’re seeing rates that are better than what we saw back in November of 2008, so that’s a positive thing. It means that the economy’s starting to stabilize, the housing market is starting to stabilize and I think it’s a positive sign for those sellers that are out there, that are selling their properties here in the state of New Jersey.”
Whether there is currently a hot area within the state, Grasso says that every market is different but that Lavallette and Princeton have been doing very well.
“It’s about pricing your home right. You know when it’s priced right. It’s shown to sell,” Grasso said.
From a buyer’s perspective, Grasso said that school districts and property taxes influence buyers. Sometimes buyers look for both as the full package, as well as safety when looking at property.
Compared to the housing market in New York City, New Jersey is consideedr to be more affordable, according to Grasso.
Grasso said that the rental market is doing well and that seasonal rentals in some areas are doing better than they were post Sandy. In other areas such as Seaside Park, seasonal rental numbers have not met expectations. Grasso said that the past winter and construction on Route 35 may have impacted the shore community.
According to Grasso, the condo and townhouse market is a more affordable option for some buyers, specifically first time buyers. He said that the condo and townhouse market tends to be easier to keep up as well.
As the summer season continues, Grasso said that it is a great time for potential buyers to go out and look. He also said that buyers have to look at interest rates when looking at properties.
As for people preparing to sell their homes, Grasso recommends working with a realtor.
“You want to make sure that you work with a realtor,” Grasso said. “A realtor is going to tell them what to expect in that area, how to price their property right and how to stage their property so it becomes more desirable to those people who are out there looking.”