It’s no secret that the stalled real estate market can be blamed on a roller coaster economy – not the least of items being New Jersey’s outrageously high unemployment rate for so many years.
However, the newest job numbers released by the U.S. Bureau of Labor Statistics shows an enormous leap in added jobs. New Jersey added 12,400 jobs in January 2015, putting the state’s unemployment rate at 6.3 percent. Over 35,500 jobs were added in 2014, despite estimates of around 29,000.
Will this good news translate into more home sales in South Jersey? Perhaps, and for a few reasons.
Sellers: Anyone who might have wanted to sell their homes over the past several years were stalled in place. Without jobs, they really had no place to go. Many, upside down on their mortgages, couldn’t afford to play let’s make a deal – they needed every dollar they could squeeze out of the transaction. Regardless, buyers weren’t knocking down their doors.
Buyers: No job? No mortgage. Further, as much as it might have been a buyer’s market – plenty of inventory and low pricing – without jobs, people really had no idea where they needed to move. So, they stayed put.
Millennials: Recent college grads had no choice but to move back home. Without job prospects on the horizon, twenty-somethings couldn’t even begin to think about buying real estate.
Low unemployment may breathe new life into South Jersey’s real estate market. People are working again and the real estate market is once again coming to life. There is plenty of inventory to choose from and a whole bunch of buyers who are coming out of hibernation.
If you are looking to buy or sell real estate, hire an experienced real estate lawyer who will protect your interests every step of the way. Joel R. Spivack Esq. has been helping families with their real estate dealings in South Jersey for 25 years. Call him today for a consultation.