New Jersey Real Estate Market: When will My Home Value Return?

Online Home Mortgage Logo

left curve right curve
Home Mortgage Resources - Don't be a victim of SCAM! Mortgage Fraud, Scandal and Scams. Current Mortgage Crisis Help!

NEED TO KNOW - MORTGAGE INFORMATION

Departments: 

online home mortgagemortgage forum



Home Buyers:

home buyingmortgage info

Home Owners:

home equityrefinancing

Additional Information:

avoiding scamscredit reportforecloseabout usgovernmentresourcesmortgage linksloan definitionsloan horror storiessitemapcontact us

 

New Jersey Real Estate Market: When Will Home Values Return?

If you’re expecting home values to return to New Jersey in the near future, you may be waiting a long time. Although it is evident that home values in New Jersey have definitely bottomed out, Fiserv Case-Shiller Analysis estimates that home values will not return to their 2006 peak levels until 2016.

Slow, Steady Growth Expected

Real estate analysts expect home prices to creep up about two percent this year; although this may not be news to scream from the rooftops, the slow, steady growth is a good sign, particularly for New Jersey home owners, who watched helplessly as their home values went into free fall over the last several years.

Many experts predict the first real signs of a recovery in home sales will occur over the next five years. Home values throughout New Jersey have toppled nearly 18 percent since the market’s peak in 2006.

Foreclosures, Unemployment Continue to Plague the Market

Foreclosures continue to flood the New Jersey housing market, and high unemployment rates add to this problem. In addition, the high unemployment rates have many would-be homebuyers sitting on the sidelines waiting for their luck to change in the job arena.

Home sellers in New Jersey are still pricing their properties rather competitively, although the reluctance of lenders to give mortgages to unqualified buyers has further stalled this already-beaten down market.

Affordably Priced Home Sales Remain Competitive

Many real estate experts predict that the more affordably priced homes will continue to show the most activity. The federal tax credit has helped this sector of the market to remain rather competitive. The luxury home market, however, may never fully recover, as baby boomers continue to downsize to smaller homes, and younger buyers are unable to afford the high prices.

The median home prices for Southern New Jersey, for example, went from $267,700 in 2007 to just $221,300 in 2009. The second quarter of 2010 dropped even further to $218,700.

Amidst all of the bad news across the real estate sector comes data that New Jersey was just one of three states to post a gain in sales during the first quarter of this year, according to the National Association of Realtors. The other two states were Michigan and Wyoming. New Jersey’s annualized sales rate was 120,600 homes in the first quarter of 2010. Nationwide sales of existing homes during the same time period fell 14 percent.

Overall, New Jersey has seen its better day in terms of home values. However, if sales continue to steadily increase, your home in the Garden State may likely see home values return to their peak by 2016.



10 Largest Cities in New Jersey:

1. Newark 273,546   6. Woodbridge 97,203
2. Jersey City 240,055 7. Dover 89,706
3. Paterson 149,222 8. Hamilton 87,109
4. Elizabeth 120,568 9. Trenton 85,403
5. Edison 97,687 10. Camden 79,904

 

 

mortgage moving gif

MORTGAGE HOME | FORUMS | HOME BUYING | MORTGAGE INFORMATION | HOME EQUITY | MORTGAGE REFINANCE | AVOIDING SCAMS | CREDIT REPORTS
FORECLOSURE | GOV HELP | ABOUT US | RESOURCES | LINKS | DEFINITIONS | HORROR STORIES | SITE MAP | CONTACT US

Copyright © 2003-10 Online-home-mortgage.net. All Rights Reserved.