There are times when the markets are good for buyers, and if that’s what you want to hear, then this is a great time to look at a few different real-estate markets in New Jersey. The state is currently in a housing boom, which means that if you buy soon enough, you could see your property’s value grow substantially in the future.
The median home price in New Jersey is $318,800, which is up around 8 percent over the last year. Prices aren’t back to what they were before the recession, but that’s good for buyers because it means there’s room to grow.
One good place to buy is in New Providence, where the median home value has increased by 3.4 percent since last year. Another, Palisades Park, increased in value by 4.16 percent. Even better for homeowners was the increase in Bradley Beach, where the median prices rocketed upward 7.93 percent.
Why would you want to buy if prices are climbing?
If you believe that the market is going to keep improving and that homes are going to become scarcer, then this is the time to buy. When the market is a seller’s market, the upward increase in home values is enough to make selling a home, even a relatively recently purchased home, worth the time and effort.
When you purchase a home in this kind of market, it’s important to do your research. It can, however, be an excellent investment as prices continue to climb. It could only take a year or two to see a major return on your investment.