Facebook
Home New Jersey Real Estate

New Jersey Real Estate

Newark Real Estate

Newark Real Estate

Newark is considered New Jersey’s largest city, and is on the list of the 100 largest cities in the United States. It is a larger, financial and commercial region; within Newark there is the Prudential Financial institution, PSE&G, and numerous smaller business ventures. 
Furthermore, it is located next to the Atlantic Ocean, and is home to a port, which helps to further the commercial and financial aspect of the city. It is also home to the New Jersey’s Devil’s hockey team and various other smaller sports teams.
Regarding recent trends in Newark Real Estate, and subsequently all Real Estate throughout New Jersey, there has been a significant decline in the prices of houses for sale around the state. This is because New Jersey was severely affected by the recent economic decline. Housing has decreased in price and the number of houses available has increased, causing an even larger discrepancy in the housing market.
In regards to Newark Real Estate, it is important to keep in mind that Newark Real Estate is centered around a city that is densely populated and compact in proximity. All of the houses that can be found are typically townhouse style, or semi-attached houses. However, some of the houses have dipped under $100,000 and boast 3 bedrooms.
However, a fair number of the houses that are currently on the market are situated in between $150,000 to $280,000 for the average 3 bedroom houses. With these houses there is limited, if any yard space, but the area is highly accessible to restaurants, food stores, and sporting events, and transportation into New York City for convenient commuting.
 

The Best of New Jersey Real Estate

The Best of New Jersey Real Estate

New Jersey real estate has various different locales throughout the state of New Jersey. There are more urban areas like that of Newark, suburban areas like Lakewood, which are close proximity to the shores; there are even large farming lands within the south of New Jersey. Each boasts their own housing markets, and region specific housing complexes, whether it be townhouses, apartments, single-family homes, or farm-houses. 
New Jersey Real Estate

New Jersey real estate has taken a harsh hit because of the overall economic downturn of the United States. The densely populated state still boasts a significant number of people per square mile, but the number of houses for sale or that have been foreclosed on are extremely high in numbers. In regions where housing used to be in the upper hundred thousands, some areas have dropped to $200,000 – $300,000 and some still lower.
NJ Property Tax

NJ Property tax is another matter when it comes to looking at the State of New Jersey from a Real Estate perspective. NJ property taxes levied, vary depending on each specific town and county. In some areas, the overall amount brought in per year is all in the millions, regarding property taxes collected overall. In other locations, they are only in the hundred thousand range. NJ property tax is reevaluated ever few years because of housing developments, and overall population changes.
Lakewood Real Estate
 
Location wise, Lakewood can be found on the Southeastern side of New Jersey. It is one of many townships in the southern area, and has a lower range of real estate prices. This suburban area is just one of the many areas that have been affected by the economy’s downturn. Houses are starting anywhere from $115,000 and going up the scale to the moderate price of just over $300,000.
 
Newark Real Estate
Because of Newark New Jersey’s close proximity to New York City, it is one of the more popular residential areas for people community from New Jersey into NYC. Real Estate in Newark is primarily compact apartments and townhouse style dwellings. The range of housing prices has been anywhere from under $100,000 to $300,000 on average.

New Jersey Real Estate

New Jersey Real Estate

As everyone
knows, in recent years the United States, as well as the rest of the world took
a serious hit to the economy. The indicator of this decline was the housing
market, which many failed to notice; and for this market, it was the first one
to collapse and is currently the market that is still struggling. In the state
of New Jersey, though there appears to be a little hope for the state in
regards to jobs and a turnaround in cash flow, the professionals in New Jersey
Real Estate are still reporting a decline in housing prices.

One of the main reasons for the stagnation and further decline of Real Estate
in NJ is that there is an issue regarding credit. The credit system of New
Jersey took a significant hit when the economy collapsed and now banks are
hesitant to give out credit as freely as they used to, or they simply do not
have it within their power to be able to dole out the credit. Because there is
tightness around the credit, many people simply cannot afford to purchase new
houses, or even pay for the ones that they currently have.

Another issues regarding New Jersey Real Estate is the foreclosure rating; as
previously stated, because of credit issues, families are having difficulty
being able to pay for their houses and because of this, the houses are being
foreclosed on. This is a legal process in which the house is repossessed by the
bank and is eventually put back up for sale. Altogether, what this means is
that there is a high increase of houses being foreclosed and put back up on the
markets, but there is simply not enough credit for individuals to be able to
purchase housing, thus perpetuating a negative cycle and causing the stagnation
and decline of the New Jersey Real Estate market. However, for those who do
have the means to purchase a house, there are numerous houses available
significantly reduced prices.

Facebook

EVEN MORE NEWS

POPULAR CATEGORY

©