According to the website Forecast-Chart.com, projected New Jersey real estate prices for 2013 are expected to decline slightly at a rate of 3.9 percent. In addition, appreciation rates for property and homes located in New Jersey may reach between .3 percent and -8 percent. However, professional housing forecaster Jeffrey Otteau thinks that New Jersey housing prices will soon start increasing in 2013, predicting that it may take another decade before prices equal that of 2005 property values.
Otteau, whose housing estimates are respected by real estate agencies across the U.S., further states that although the housing market recovery is still in its early stages, the demand for homes remains strong in Bergen County, more so than Passaic, where economic stagnation and foreclosures have seriously impacted that community.
Low mortgage rates and prices as well as spreading confidence in the economy is luring potential buyers into Bergen County, where elegant, stately homes grace most of the area. Following a 27 percent drop in housing activity, Otteau says that at least a three percent increase in median prices will cause demand for these homes, with more and more buyers feeling less cautious and more optimistic about the housing market in New Jersey.
Now is a great time to invest in Bergen County real estate, with prices low and a variety of homes currently on the market. In fact, North Jersey contains the healthiest property markets due to its closeness to New York City and the area’s higher than average concentration of employment opportunities. Additionally, Bergen County is home to excellent transportation services that facilitate traveling to NYC.
Reasons to accept Otteau’s predictions for an increase in the popularity of Bergen County real estate not only include the attractiveness of the houses but also its appealing environment and high living standards, one of the best in New Jersey. Whether you want to hike along an Appalachian Trail, explore New York City on the weekends or ferry across the Hudson River, Bergen County provides the ability for residents to engage in these activities and many more.
As the economy recovers and people who previously wanted to move but held off to see what would happen in 2012, the ability to purchase the home of your dreams may be stifled by the rapid increase of buyers entering the real estate market and investing in that Bergen County home they always wanted. To get a jump on the expect boom in the housing market, make an appointment with Orly Chen today to inquire about the many listings in beautiful BergenCounty.