Sales of homes in South Jersey increasing for the first time since 2010

As we move into the second quarter of 2013, it is nice to finally see South Jersey real estate move towards a more stable market.  Based on reports from Bloomberg News, it appears that sale prices across New Jersey have increased by 11.9% from February 2012 to February 2013.

This is the first increase since 2010, allowing many homeowners to be more excited about having to sell their home in today’s market.  With the increasing trend, many sellers in South Jersey are experiencing multiple offers and “bidding wars.”  When a buyer sees a great home come to market, they often times will hear that it has gone under contract before even setting an appointment in recent months.

Another factor that is helping to drive up home sale prices is the attractive interest rates.  Currently, the 30 year rate is under 4%, which is an all time historical low.  Taking advantage of the lower rates in South Jersey are first time home buyers, current home owners looking to refinance, and second time home buyers looking to upgrade homes. In addition, in a recent article published by the Washington Post, the Obama administration is pushing to allow more people to qualify for loans with weaker credit.  While some feel this will stimulate the economy, others feel that this is what lead to the housing crisis initially.

Overall, there are many factors that have contributed to the recent positive changes in the real estate market, and as we move into a more stable market, both buyers and sellers in South Jersey will benefits.  For buyers, being able to take advantage of attractive interest rates, and for sellers, being able to realize a nice increase on property values is great for everyone.

For buyers looking to see what is available in South Jersey today, click here.

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