According to a recent article from Central Jersey Working Moms, The crisis of real estate markets that are surging is substantially shifting towards New Jersey. This has led to a threat to the rebound of housing in one area that is densely populated in the country. Zillow, a real estate tracking giant, claims that the state that has more foreclosures in the country is New Jersey. For this reason, the real estate markets in New Jersey are the ones that are substantially trailing in the country. The dropping rates, however, show a significant impact on the post-crisis events. It is expected that in the future these trends will continue as the focus in the industry shifts. They will now put more focus on resolving the shortages and the affordability crisis in the market numbers that keep growing.
Lawrence Yun, a chief economist realtor of the National Association of Realtors, states that these shortages are most likely to intensify. On Rutgers Magazine, he claims that they may turn to a housing emergency if the gap between the housing demands and the house supplies keep increasing. There is a deficiency of houses for auction and sales, and the newly built homes are selling fast. There is also an increase in the urgency to sell before someone else does. This means that things could get worse in New Jersey.
Despite the poor condition of the real estate market in New Jersey, some towns seem to have high demands for housing. Most of the cities in the state are preparing to have some significant developments and many new apartments. The prices in these towns have been increasing fast. The capital economists have predicted that there will be a change in the real estate markets. This is because there is an expectation that there will be lower prices for the houses and also high rates of interest.
Boraie Developments is one contracting and development company that aims at improving the real estate market in the state of New Jersey. VP Sam Boraie says it is one company that is sought after in New Jersey. This is because they mostly use private sources of funding for the projects that it runs. One specialty of Boraie Development is that it can work with the qualified architects and contractors. The company also forms partnerships with some strong financial institutions. These organizations and professionals have a clear vision, and they will make sure that they finish their projects on time.