The state of the New Jersey real estate market in 2019

The impact of the new federal tax laws in the New Jersey real estate market can’t be overlooked. The IRS now only allows homeowners to deduct $ 10,000 from the local and local gross tax on their gross income. Although the new code may not affect the corporate deductions asserted by investors, federal government action could create buying opportunities when homeowners are no longer able to use an unlimited exclusion to help them pay their high property taxes in New Jersey. As a result, you may be able to make arrangements in areas where some analysts expect the price erosion on luxury properties, such as downtown Jersey City.

However note that the rents in New Jersey are much cheaper than that of nearby cities like New York and Philadelphia, also note that New Jersey residents pay fewer sales tax than New Yorkers. These are just a few reasons why New Yorkers have fled to Jersey City and why you might want to invest in New Jersey real estate.

The real estate market in New Jersey is ideal and great for house sellers. Due to New Jersey's proximity to New York and Philadelphia, this has made it possible for New Jersey to be a preferred city to move to for commuters since New Jersey is the country's most populated state, the demand for housing is constant. While the real estate market depends on many factors such as interest rates, New Jersey shows no signs of slowing down at all. Researches and forecast carried out have shown that the New Jersey real estate market will grow by another 1% over the next 12 months.

For homeowners in New Jersey with single-family homes are expected to grow in 2020 due to strong demand. But for luxury real estate, it does not show any signs of appreciation. The economy of New Jersey is booming in recent times with an unemployment rate of 3.0% in June 2019. From May 2018 to May 2019, New Jersey ranked 24th in the world for employment growth with 3,000 additional jobs in Professional Services and Business Services; 2,600 additional jobs in trade, transport and supply; and 1,000 additional production orders.

Best time to sell a house in New Jersey

Research has shown that the best time for homeowners to sell a home in New Jersey is a weekend. The reason for this fact is because the most homeowner in the nearby city of New Jersey like ​​New York sells a house on a Saturday and sells for an average of $ 3,100 more than indicated at other times. As the New York metropolitan area infiltrates New Jersey, New Jersey is hit by New York trends.

Note: If you're trying to determine the best time to sell your New Jersey home for maximum return, contact cash home buyers like We Buy Jersey Shore Houses LLC, they understand New Jersey home trends and give the best price to homeowners who want to sell their house.