With New Jersey taking over the real estate market by having the highest shares and rates for mortgages, New Jersey has now become the epicenter real estate surging crisis in the US. There has been a rate of foreclosures, and there has been a stronger knowledge of household formation, higher rates of employment and increase of housing prices. In the future, Philly Purge expects that more positive trends continue in the real estate industry as they continue to learn how to resolve shortages and an impending affordability crisis. This could be caused by new properties being put up for sale before there is an urgency to buy. Realtor Chief Economist Lawrence Yun states shortages in housing are likely to increase unless there is a gap between housing supplies and demands. Most attribute the skyrocketing costs to New Jersey’s accessibility of public transportation, which is a huge factor for potential buyers.
Capital Economists predict that there will be a change in real estate markets because of lower housing prices and high interest rates. Consistency of jobs will also help in pushing up housing demands. Mortgages have remained low, making mortgage credits more available. For more details visit Bloomberg.
There are upcoming companies hoping to improve the real estate market in New Jersey, including Boraie Development. Having over 20 years of development experience, Sam Boraie uses private capital to be the primary source of their funding. They have worked with financial institutions, architects and contractors to complete their projects in a timely manner. Their services include managing property, developing properties, home warranties, free market analysis, marketing, and sales. They specialize in creating projects in order to attract clientele and buyers and their deals are done through the restructuring of finance and master plans. They work in residential, hotel and student housing. Check out Central Jersey Working Moms to know more.
Boraie Development has sold over $150 million of commercial and residential properties.