New Jersey, one of the most populated states in the United States is the recent state to experience the real estate market upsurge following the strict post-crisis events in the country. It is believed that New Jersey is characterized with the highest shares and rates of housing mortgages that are in foreclosure and very delinquent. For this reason, the property market in New Jersey is responsible for trailing the nation. Check out State Theatre New Jersey to know more.
Nevertheless, there is a drop in delinquency as well as foreclosure rates which can be attributed to better employment rates and increase in home prices. If this continues in the long run, then more positive trends within the real estate market will be experienced.
Lawrence Yun, a Realtor Chief Economist at the National Association of Realtors, elucidates that the housing crisis is likely to augment and may result into a housing emergency if the gap between house supplies and housing demands continues to widen. Moreover, with the building permits drop in May, Economists are pessimistic that the shortage could increase in the future months.
In an article published by NJ Biz, even though New Jersey is on the resurgence of real estate, property experts like Giant Zillow and economic reports predict that the prices of houses are likely to increase and with higher selling conditions in future. This results in a predicament where there are many vacant houses and homes hoarded from the market as the resellers await higher rates before they can sell.
New Jersey is characterized by incredible developments and many new apartments. Many home buyers love New Jersey solely because of the city’s proximity to transit. With time, economists foresee lower house rates and increased interest rates which will increase the number of homes in the market shelves. The continuous creation of jobs in the state will further increase housing demands. Additionally, mortgage rates are relatively low making it easier to get mortgage creditors easing the housing boom in New Jersey.
About the Boraie Development
According to NY Times, Boraie Development LLC is a real estate firm based in New Brunswick, NJ. The company was founded in 1986 and offers a broad range of services such as urban property developments, real estate properties, asset management, and sales and marketing service. Boraie employs over 35 personnel and with annual revenue of $ 9,279,614. All the triumphs of this real estate company can be attributed to Omar Boraie who is the founder and its president.
Boraie Development collaborates with the prominent financial organizations, visionary architects, and experienced contractors that are diligent in meeting deadlines and success of all its projects.