As a nation, the real estate market has recovered from the 2006 bubble burst; however, New Jersey is lagging behind the rest of the country. According to Realty Today, some of the properties in New Jersey are still well below their 2006 values. Experts say this lagging is making citizens afraid to list their houses. They don’t want to be left behind when the market eventually recovers.
There are two other reasons why New Jersey is stalling: First, the state has half the population of the national average. This simply means there are fewer buyers in New Jersey than in other states. Second, New Jersey still has one of the highest rates of foreclosure in the country.
Despite this, Realty Today is reporting that New Jersey is set to make a comeback in a big way. They feel that the market lagging in such close proximity to New York City will turn into a major source of profit for investors. The low interest rates, and low down payments on these cheap homes will also help attract new blood. Single homeowners are reported to be looking at New Jersey as an excellent place to get a good value for their next house.
House Wire also added that embracing technology could help boost sales in New Jersey. Advertising is cheap on social media and can be easily targeted towards potential home owners. Video calls also allow realtors to meet with clients on a more flexible schedule.
With the New Jersey recovery right on the horizon, one man stands to make a clear profit from his prophecy. Omar Boraie has seen the potential of developments in New Jersey for decades, but he was mocked for his beliefs for years. Boraie started working in New Jersey in 1972. He recalled the early days saying, “You couldn’t walk on the streets after 4 p.m. Everyone had left the city. But I thought, ‘This is an area where we could do something.”
Boraie bought up foreclosed lots located next to each other, and his company rebuilt the land into powerful office spaces. He further went on to build a luxury set of high rise apartments in the heart of New Brunswick. Industry experts openly mocked Boraie for his positions on New Jersey, but the businessman persevered. With the impending boom coming to New Jersey, Boraie is in position to make major profits with his luxury offerings.