The uncertainty of the housing market in New Jersey, has the state trailing the entire U.S. market in real estate development. New Jersey has found itself in the midst of having the highest foreclosure rates and delinquency, making it nearly impossible for newer homes to get sold, according to the real estate corporation, Zillow. Not standing pat with the current dire situation, New Jersey is tackling these issues head on by utilizing the core basics of development, such as structuring a better formation of households, higher employment rates and lower prices for houses. These key adjustments will not only help New Jersey’s housing market recover, but thrive through this unemployment and affordability crisis.
Some experts feel that the housing market will further decline, according to Lawrence Yun, the Realtor Chief Economist at the National Association of Realtors. Yun expressed his concerns on how the shortage of houses could potentially turn into a housing shortage emergency. This is due to the disparaging gap between housing supplies and housing demands; and this is coupled with the fact that New Jersey has homes for auction that aren’t selling, due to a number of deficiencies, and the steady increase of newly built homes hitting the market daily. This is all creating a log jam that could shatter the current housing market and it’s homes that are yet to be sold.
Having noted the almost certain demise of the housing market in New Jersey, there’s still promise to turn things around. Cities in New Jersey with accessibility to the New Jersey transit system, have began to rapidly develop homes and is becoming increasingly attractive for potential home buyers looking to be closer to the transit system. This in effect, according to economists experts, will drive housing prices down and lower housing mortgages, therefore making the housing boom of newer homes already built, more manageable and easier to sell; this in addition to a firmly cemented foundation of existing employment, along with a steady increase of job creation.
To help make good on the potential promising future of New Jersey’s real estate market, top development company, Sam Boraie and Boraie Development, could be the answer in vastly improving upon things. Boraie Development specializes in developing and expanding upon urban real estate markets, managing those properties, and adequately marketing and selling those properties. Boraie Development’s primary mission is to attract tenants, residents and financial partners that are committed to a long-term working relationship. According to pressofatlanticcity.com, one of Boraie Development’s strengths come from working with the best financial institutions, contractors and architects with the vision needed to complete projects in a timely manner and successfully. Speaking of vision, it was Omar Boraie, founder and owner of Boraie Development, who understood over 20 years ago, how much growth and potential New Jersey had, playing a huge role in the downtown New Brunswick real estate development and completely transforming the city into one of high rises and luxurious apartment buildings; all which are occupied(njbiz.com).
Although the future of New Jersey’s real estate market might appear bleak, it could possibly trend upwards and be in good hands under the right leadership and management. Boraie Development has set the trend in turning hapless real estate projects and markets into astonishing landmarks, and given the opportunity, it’s more than likely, New Jersey’s best attempt at turning the housing market around. More about Boraie on crunchbase.com.
This article was published by Phillypurge.com.