The Great Recession left a crippling impact on the real estate industry in the United States. However, the post-crisis events like high demands and low supply are hitting hard in New Jersey (NJ), one of the highly populated areas in the US. Zillow, a giant real estate tracking company, reported that compared to other states, NJ has the highest shares and residential mortgage rates that are in foreclosure and delinquent. However, the low delinquency and foreclosure rates being witnessed across the country are a testament to the improved basics like higher employment rates, gains in prices of homes and households formation.
According to NJBiz, the current situation might get worse in the future. Lawrence Yun, the National Association Realtor’s chief economist said that the current high housing demand and low supply might intensify, leading to an emergency. The shortage of homes for auction and sales and the high pace of selling newly built homes and housing permits are shocking trends. Since the building permits dropped in May, economists predict that the drop in housing will continue. However, Zillow and economic reports suggest that the current state will pave way to improved selling conditions in the industry, as home prices are expected to appreciate. Due to this anticipated gain, homeowners are holding off numerous houses and homes waiting to sell them at the right time.
Despite of the handicapped real estate market in New Jersey, some towns with relatively high demands are still recording good inventories. Most towns in NJ are bracing for redefining developments and numerous new apartments that will change the current market situations. In the last few months, real estate prices in these towns have shot up. This trend is supported by accessibility to transit given that most of the towns are close to New Jersey’s Transit Station. This situation, together with the consistent creation of jobs, has attracted more home buyers. This information was originally mentioned on Central Jersey Working Moms as explained in the following link http://www.phillypurge.com/2017/06/22/boraie-development-new-jerseys-most-sought-after-residences/
About Boraie Development
Boraie Development, a real estate developer, is one of the companies striving to improve the real estate industry in New Jersey owned by Omar Boraie. Boraie Development is among the most recognized development companies in New Jersey. Over the years, the corporation has delivered consistent and excellent results. Besides real estate development, they specialize in property management, and sales and marketing. Their strength lies in their ability to partner with superior financial institutions, architects and contractors to establish outstanding properties. The real estate leader focuses on urban development. Their properties attract both commercial and residential clients. Some of their notable projects include The Aspire, One Rector Street, The Beach of South Inlet and Waverly Place estates. This information was originally reported on Boraie’s website as explicated in this link http://www.boraie.com/company