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- Make New Jersey your long-term vacation destination.
- Garden State Resales Outpace U.S.
- July Sales Fall as Expected but Prices Rise in Northeast
Get beyond the headlines and find out what’s happening locally. Contact a REALTOR® today!
Make New Jersey your long-term vacation destination.
Vacation retreats are on the rise, while investment properties are a declining trend. According to the NATIONAL ASSOCIATION OF REALTORS®’ 2010 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2009, U.S. vacation-home sales rose 7.9 percent in 2009 from 2008, while investment-home sales fell 15.9 percent in the one-year period. Primary residence sales rose 7.1 percent to 4.04 million in 2009.
Families and individuals recognize the value in utilizing their real estate properties for vacation and making memories, not just a quick financial turnaround. Contact a local REALTOR to help you find a second home in one of New Jersey’s vacation spots.
Garden State Resales Outpace U.S.
According to the NATIONAL ASSOCIATION OF REALTORS ® (NAR) second quarter 2010 State Resale Report, New Jersey existing home sales have far outpaced the nation. Existing home sales in the Garden State increased 15.4 percent from the first quarter of 2010 to the second. New Jersey’s resales are 29.9 percent higher than the second quarter of last year. The national figure for second-quarter resales only showed a quarterly sales increase of 9.1 percent and a yearly increase of 17.3 percent.
In addition, each of New Jersey's metro areas showed year-over-year growth in median home price, according to NAR's Metropolitan Area Home Price Report. According to NJAR® CEO Jarrod Grasso, “This may be a sign of market stability. Even with the tax credit out of the equation, today’s buyers can experience record-low interest rates and affordable prices. However, these conditions will not last forever.” View NJAR®'s full statement and a story in the Asbury Park Press.
July Sales Fall as Expected but Prices Rise in Northeast
Existing-home sales were sharply lower in July following expiration of the home buyer tax credit but home prices continued to gain, according to the National Association of REALTORS®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 27.2 percent in the U.S., and are 25.5 percent below July 2009.
Regionally, existing-home sales in the Northeast dropped 29.5 percent and are 30.3 percent lower than a year ago. The median price in the Northeast was $263,800, up 4.8 percent from July 2009. Read the full report.
There are still great opportunities now for buyers who weren’t able to take advantage of the tax credit. Mortgage interest rates are at record lows, home prices have firmed and there is good selection of property in most areas, so buyers with good jobs and favorable credit ratings find themselves in a fortunate position. Visit www.REALstoryNJ.com for more information.
