New Jersey real estate market is heating up, creating new problems for buyers

In Sussex County, the rural northern part of New Jersey where he was born, Vieira said, commute times to major city centers aren’t a priority for buyers who can make more money in rural areas. Now, housing prices are rising rapidly.

Read more: What made housing unaffordable in Q3?

Bishoi Nageh added that New Jersey is seeing growth statewide. Petra Cephas: President and CEO of Residential Mortgage Brokers, which specializes in northern and central New Jersey, says suburban and suburban markets are flooded with offers, as well as smaller cities like Hoboken and Bayonne. says.

“There are three driving forces behind this market,” says Nageh. “[Buyers leaving] New York is one of them, but generally low interest rates are another case…and the bottleneck that COVID has created is the surge in demand from people who were looking to buy in February, March, April and May. produced. Thanks to waiting buyers and even lower rates, you’re in for an almost perfect storm. ”

Nageh expects demand in the New Jersey housing market to continue to grow. He cannot predict the continued pace of growth, but expects it to be unlikely to see a price correction any time soon.

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