The economic turbulence affecting real estate business in the United States is now being felt at New Jersey. This harsh situation is threatening the real estate sector in New Jersey, one of the most populated areas of the country. According to Zillow, a real estate tracking firm, shares, and mortgages in New Jersey are the highest in the country. This condition is making it difficult for mortgage payers as the situation may cause foreclosures.
Lawrence Yun, the Realtor chief economist at National Association of Realtors, foresees that the current crisis might turn into an emergency if the gap between housing supplies and demand continue to widen. Lack of homes for auction coupled with high rate of selling new homes is still unclear. The chief economy further argues that the situation could get worse if no actions are taken. Some homeowners are holding off vacant houses expecting the situation to get better, a situation exacerbating the current crisis.
Light at the End of the Tunnel
Although this situation is worse for the economy of the region, post-crises events might be better for the people of New Jersey. Positive trends are expected in the future. Higher employment rates, better household formation and an increase in home prices are among the expected benefits. Lawrence Yun also issued similar sentiments that the post-crisis events will be better and will see an appreciation of homes and improved selling conditions.
The turbulence is, however, not affecting all areas in New Jersey, some towns in the area are doing good as the prices have remained high. Cities with NJ Transit station have remained unique despite the economic turmoil. Home prices in these cities have constantly been rising in the last few months, a situation that has attracted prospective home buyers. Check out Bloomberg to know more.
About Boraie Development
According to NY Times, Boraie Development is a real estate firm offering a wide array of services in urban property development, asset management and sales and marketing. Armed with a team of excellent professionals, Boraie development is committed to providing unmatched services to its clients. The team works closely with architects, financial institutions, and visionary contractors who ensure timely completion of all projects.
Led by the visionary Sam Boraie, the firm has established itself in the market as a leading real estate developer in New Jersey. Boraie Development focuses on attracting financial partners, residents, and tenants into a long-term relationship, which fosters development. Currently, Boraie Development is focusing on developing residential, hotel assets, retails, and student housing facilities. The firm has so far sold properties worth $150 million making it one of the most trusted real estate players in New Jersey.