House prices in the Garden State are continuing to climb amid a new reality of life. A company which tracks the prices of residential homes across the country, including those in New Jersey, has found that the values of homes in seven metropolitan areas of the state have continued to rise since last May. The largest increase was in the Atlantic City area with a hike of 5.7%.
Ocean City in Cape May County saw prices increase by 5.6%. Prices in the Camden/Philadelphia area are up 4.6%, while other areas hovered in that range as well. New Jersey price increases are a little better than the national average which sits at 4.2%. Economists are pinning the recent real estate boom on lower interest rates due to a recession in light of current events.
Even a small drop in the interest rate may allow more potential buyers into the real estate landscape. A buyer may also be able to get more house for his or her dollar. So, although a recession is not good news on the whole, it gives some a chance to fulfill the dream of home ownership.
There will always be a market for residential real estate, no matter what the economy is doing. The inking of these deals takes the experience of a New Jersey attorney to ensure everything is done within the letter of the law. An attorney can assist a client during every part of a real estate endeavor whether that client is a buyer or a seller.