Glenn Yanovak Provides an Overview of The New Jersey Real Estate Market
The real estate market in New Jersey is experiencing massive upward strides towards becoming a more appealing market for sellers, and current forecasts give the impression that this isn’t going to change any time soon. With steady conditions, the housing market is on the rise, and now’s the best time to jump in. Glenn Yanovak, a former real estate agent with eight years of experience, has an overview of the New Jersey real estate market.
The Current Situation
Several factors are currently contributing to the state of the seller’s market in New Jersey. With a low inventory of properties, more value is inherently placed on each one, especially as demand for these houses continues to increase. Factoring in the high population density, as well as New Jersey being situated in an ideal location for New Yorkers — most of whom aren’t faring quite as well in their respective markets — everything is coming together nicely in a perfect storm of conditions.
In spring 2019, the lowering of interest rates brought in even more potential buyers, inevitably leading to even more sales currently. Whether you’re buying or selling, location is the fundamental element to the decision-making process, and plenty of varied neighborhoods to choose from, you’re bound to find the right fit for your needs.
Why Sell, And When to Do It
For those of us looking to jump into this hot sellers’ market, there are a few key reasons why now is a better time than ever. For starters, the median income for residents of New Jersey is about $20,000 dollars higher than the average for the entire country, leading to higher expectations for the pricing of real estate.
Second, the market in New Jersey is faring far better than the one in New York: Simply put, it’s exponentially harder for real estate expansion in the latter, and development is quite stagnated compared to the former. This also means that demand will include residents of New York, as the city’s relatively close proximity to New Jersey is a commute more than a few people are willing to make. Combined with the fact that New Jersey is one of the most densely populated cities in all of America, demand has reached a fever pitch, which can only be a good thing for aspiring sellers.
In terms of when to sell, there is something of a narrow window that is considered the absolute best time. During the second half of May, homes that are listed in New York sell up to $3,100 more on average, and with New Jersey very much affected by trends from New York, it’s predicted that the city will see similar results.
Markets to Watch Out For
Jersey City
Jersey City continues to market itself as an alternative to New York City due to its reasonable housing options. Located across the Hudson River from Manhattan’s West Side, the current median home value is $585,000.
Monmouth County
Located near luxurious beaches, Monmouth County has an inherently higher value for its properties. The population here might be lower than average, but the prices are anything but: The median value ranges from $580,500 to $426,400.
Weehawken
This area is renewed for its schools, and is the best of the best for a commute to NYC. With a median value of $780,200, and still-rising home values, it might just be the perfect pick.
Asbury Park
With small businesses that are seeing above average performance, Asbury Park is also a solid option for people who need to commute to Newark, Manhattan and Philadelphia. The median value is approximately $365,600.
Carlstadt
Lastly, this area is a smaller town with scenic views of New York’s more iconic scenery, including the Statue of Liberty. Like Weehawken, it’s nice and close to New York, and it has a current median value of $413,600.
Having a comprehensive knowledge of the real estate market is crucial to ensuring a successful transaction. Glenn Yanovak recommends conducting extensive research to understand the market before committing to a purchasing decision.
Glenn Yanovak is an experienced police officer and law enforcement professional. He is currently a private detective in the New Jersey area, having previously been a real estate agent for eight years.
