Philly Purge, an online news site, recently published an article about New Jersey’s real estate market. According to the writer, a surging real estate market crisis has hit New Jersey. Zillow, a real estate tracking firm, reported that the state has the highest rate of residential mortgages in the United States. This statistics reflect the tough times that homeowners are facing. It’s projected that this situation will somehow improve the lives of the residents. After the real estate market, the homes in New Jersey are expected to gain value. What’s more, there will be an increase in employment rates in the region.
The article mentioned that things could get worse for New Jersey. There are speculations that the housing shortage might intensify. Consequently, the demand for housing will be more than the supply, thereby creating a deficiency of housing units for sale. Moreover, there will be an influx of home sellers. Although this looks like a disaster, it’s a blessing in disguise. The real estate market of New Jersey will improve and the values of homes will appreciate. Many property owners aren’t selling their houses at the moment because they anticipate an increase in home prices, in future. This means that they will make more money if they wait for a few more years.
More homes are expected to be put up for sell in the coming months because of the new developments in New Jersey. Additionally, the cost of living has gone up. Economists have predicted that rent rates will increase. The mortgage rates, nonetheless, might remain the same. With the new developments in New Jersey, more construction companies will emerge. Established firms like Boraie Development are expected to make the most out of this housing boom. You can visit Central Jersey Working Moms to know more.
About Boraie Development
Boraie Development has transformed the real estate scene of New Brunswick. The construction company is run by a prominent realtor called Omar Boraie. Omar is a successful entrepreneur as well as a philanthropist. His leadership has enabled Boraie Development to achieve a lot in the last decade. Some of Mr. Boraie’s notable projects include The Aspire and the Rector Street building.
Boraie Development works with architects, contractors and various financial institutions to complete its projects. It renders a wide range of construction services, including selling homes, project management and housing development. The firm gets most of its funds from private investors and commercial banks. Boraie Development works with other property managers to identify trends in the real estate market.