New Jersey is slowly emerging as the epicenter of the American real estate market. This is because the city is among the most densely populated areas of the country. Real estate tracking form Zillow points out that New Jersey is emerging from stagnation and currently competes favorably with bigger cities. This is despite the fact that it has one of the highest rates and shares of residential mortgages that are in foreclosure and thus, extremely delinquent. For more info visit boraie.com
Although the performance of the city’s property market has been slow, it goes without saying that there are indications that recovery is imminent. The dropping rates of foreclosures and delinquency in particular, give a reflection that the city’s real estate market is on a recovery path. Factors such as higher employment rates and an increase in home prices also point out that New Jersey will soon establish itself as a major property hub in the US. It is expected that the positive trends will continue because the industry has continued shifting its focus to resolving shortages.
Lawrence Yun, an economist with the National Association of Realtors argues that the shortage of housing is likely to intensify due to the widening of the gap between housing demand and supply. The shortage of homes for sales and auctions, coupled with the rapid rate at which new homes are being sold, is likely to drive up demand all the more. Selling conditions are likely to improve in future. Most towns in the state are already witnessing groundbreaking developments with prices skyrocketing over the past few months. Despite the rising prices of houses, mortgage rates have remained relatively low, which means that credits are available. This will ultimately ease New Jersey’s property boom. Check out Central Jersey Working Moms to know more.
Boraie Development in Brief
This is a real estate development company that offers its clients an array of services and products in all aspects of the urban property market. Besides undertaking outstanding developments, Boraie is dedicated to offering unparalleled services to its clients. The firm focuses on real estate development, sales and marketing, and property management.
For more than 4 decades, Sam Boraie has established a good reputation for itself in the property market. This has seen it partner with financial institutions, contractors, and architects in a bid to ensure that its projects are completed within deadlines. The company was established by Omar Boraie, a visionary entrepreneur who had a dream of transforming New Brunswick’s skyline. Boraie Development mainly focuses on providing high-end residential and commercial units. Visit boraie.com