In the world of real estate and most other economic sectors, what goes down eventually must come up. However, a recent survey by Zillow revealed that it’s going to take more time – probably another three to five years – for NJ’s real estate market to be back where it was in 2007 when the market tanked.
Now, some people in the industry say the market is back to normal – or close to it. There is more inventory and more buyers. Prices are steadily rising, too. However, the Zillow survey shows that first-time homebuyers (a large segment of the annual buying public) are holding back. Simply put, they are not prepared to take the plunge: not enough savings, worries about employment, etc.
Zillow Chief Economist Stan Humphries went on record as saying time is the only real “cure-all.”
“The market remains very challenging for younger, first-time homebuyers who face an uphill battle saving for a down payment, qualifying for a mortgage and finding an affordable home to buy.”
Of course, there is the other side of the coin, too. Older homeowners are trapped in their homes – upside down on their mortgages and unable to find buyers who can pay going rates for larger homes.
Then at the other side of the age spectrum, many older homeowners are trapped underwater or are unable to find buyers for their homes.
A silver lining was also noted in the report: The median value of homes in the United States is predicted to rise 4.8 percent this year (to $176,760) and another 3.7% in 2015.
If you are looking to buy or sell real estate, your first call should be to an experienced real estate lawyer who can protect your interests from the very beginning. A real estate agent will help you find property or a buyer, Cherry Hill, NJ real estate attorney Joel R. Spivack, Esq. will make sure your family is protected throughout the transaction.