Recent census figures show that homeownership, at 64 percent, is the lowest it’s been in 20 years. The flexibility of renting combined with flashbacks from the 2008 housing crisis have left many potential homebuyers gun-shy. These aren’t just abstract numbers. This trend is being played out in certain parts of South Jersey. Many are reluctant to buy in an area that may change dramatically in five or ten years.
The good news for people who are actually looking to buy is that the surge in rentals may eventually drive home prices in the region down even lower than they are now. One realtor recently indicated that properties in Atlantic City and surrounding areas, for example, are going for a fraction of what they were going for in 2008 before the bubble burst. Also, the demand for rentals has driven up rental prices dramatically and has made the market incredibly competitive. It seems that rather than striving for the American dream of homeownership as they have in the past, many people are now simply competing for a safe and flexible living situation.
Buying or selling a home in a changing area can make the transaction that much more difficult. More buyers are trying to get sellers to drive prices down while sellers try to get buyers to make more and more concessions so they can walk away clean. If you’re looking at buying or selling a home in South Jersey, you need to speak with an experienced and qualified real estate attorney to help you through the process. The right lawyer can help make sure you’re treated with fairness and honesty during your real estate transaction.
Joel R. Spivack, Esq. is committed to helping clients buy and sell their homes in South Jersey. Our experienced real estate lawyers are also well-versed in leasing law, so you can rely on us to handle leasing documents, landlord/tenant disputes, and more. Call us today for a free consultation.