Many are concerned with the national headlines all over the media. While "informative" and typically accurate, they are far from the truth about their comments on the real estate industry trends. The real estate industry is highly localized, and therefore cannot be summarized in just one statistic. The other problem is that because it is highly localized all information is not accounted for.
As a NJ Realtor, it is upsetting to hear some colleagues and clients be so judgemental on the topic without any facts to what their hearing on the "news". It wouldn't be fair to put any blame on anyone, but I felt the need to share some basic, reliable information and give the online community an insider tip by providing this blog for all to read and comment on.
NJ is known for being the last to be hit and first to come back. As I continue attending several real estate industry specific courses, seminars, webinars, e-classes and such, all are relaying the same message. Whether held by a real estate agency, mortgage lender, 1st time homebuyer educator, or Board of Realtors, all are emphasizing what a great market this is.
The interest rates are at a historically low rate, while there is an abundance of affordable homes out there. While mortgage companies have tightened up their rules/practices on lending, it has primarily affected only those consumers who wish they could, but just can't afford a home right now. The regulations in place make it hard for someone who cannot really afford and ultimately would financially suffer by having a mortgage payment - its for the consumer's protection.
So for all those buyers/sellers, sitting on the fence, trying to decide whether now's the time or should you wait. Please check out the following website by clicking on the Title "The True Story about NJ Real Estate Market" or by cutting and pasting the following URL: http://www.realstorynj.com . Let me know what you think!