Houses For Sale In Ocean County, NJ
Buyers looking for houses for sale in Ocean County, NJ can start by looking at real estate forecasts to have a good idea about whether or not real estate in this area can be a good investment. While suburban real estate can be relied upon to weather recessions with grace there are areas in New Jersey where the forecast for real estate is particularly robust. Ocean County is seeing a boom in prices that are raising outlooks for property values down the road. Although these prices have not reached levels in 2006, the height of the market before the real estate bubble burst, the prices are the highest they have ever been in most recent years.
Median home prices are still down 15.5 percent from 2006 according to Asbury Park Press. This covers single-family homes measured in the first nine months of 2015. However, prices have picked up from 2014, and for Ocean County, this was tracked at 4.3 percent from the prior year.
Positive Signs
Rising number of home sales in New Jersey reflect positive signs of a recovery in real estate. Experts saw a 13 percent increase in home sales between 2014 and 2015, which are the highest since the height of the bubble. Experts attribute the rise to an improvement in the job market in 2015 and stability in financial markets. The same factors are expected to continue driving prices in 2017. Millennials enjoy a more stable job market which is expected to lead to more wage growth. Experts foresee more millennials buying homes for child rearing in the suburbs, given that for a first time in more than a decade, there is an increase in take home pay.
Challenges
While the glass is now half full for real estate in Ocean County, there are challenges that might slow progress down. These include higher mortgage rates which will likely be felt in the second half of 2017. Purchases may also be affected by White House policies such as spending on infrastructure, corporate taxes and regulations.
Home building has also stayed below average due to a number of factors. For one, projects are complicated and take longer to get approved. Environmental cleanups are also needed in some areas. Also, many areas do not allow high density construction, some areas lack suitable land for development, and builders lack skilled workers, which could be expected to worsen if Trump pushes through with his immigration policy.
Lending standards also remain tight since the financial crisis. Home foreclosures are one more factor preventing home prices from surging up. However, lenders are actively clearing the backlog of distressed properties so there is hope that this downward pressure on home values can be eased in the latter part of the year.
Real estate experts agree that there is definitely an appreciation in the real estate market, which most experts conservatively label as modest. However, a stronger economy, more jobs and higher wages are supporting hopes that there is nowhere to go but up for NJ home prices, especially in Ocean County.
For more information about houses for sale in Ocean County, NJ feel free to contact us at info@onestophomebuyersLLC.com