The 2006 real estate slumber across the United States affected all the states across the nation. Although the majority of the states have recovered from the slumber, New Jersey is yet to recover. The prices of properties in the state are still below the prices that were there during the 2006 slumber. However, New Jersey real estate has seen been on the rise in the recent year. It is believed that the low prices of properties in New Jersey are caused by two main things. The first one is the low populations of the state. New Jersey’s population is about half the national average population of states. The second reason is the number of foreclosed properties in the state which is at 8.12%.
Many experts, such as Omar Boraie of Boraie Develoment LLC, believe that the real estate industry of the state will recover and finally boom. He is one of the people who have shown continued faith in the state. In four decades, he has been able to transform New Brunswick urban area from a deserted area into an area where people want to live in.
According to Housing Wire, there are four reasons why the real estate industry in New Jersey will boom. The first reason is the low down payment and low interest rates in the industry. These will enable more people to afford properties.
The aggressive marketing due to technological advancement is the second reason. This is especially true with free marketing that can be achieved through social media and keyword optimization. These marketing platforms enable developers to reach a great number of people. Boraie Development LLC has managed to use these platforms successfully.
Traditionally, only families were involved in owning houses. The new trend has seen many single people looking for houses to own. This means that the number of people looking for houses will be on continuous rise.
Real-time brokerage is the last reason. Unlike the past, a potential property owner only needs stable internet connectivity to discus a given property with a broker and decide if he or she can buy the property. This means that a person anywhere in the world can access New Jersey real estate market.