Great Real Estate News For New Jersey!

The Garden State has high taxes, congestion and yet another huge State Budget deficit, but a newly released report indicates a lot people must still like the idea of calling New Jersey home. Yesterday, the National Association of Realtors its first quarter home sales report and New Jersey fares very well. New Jersey Association of Realtors (NJAR) Chief Executive Officer Jarrod C. Grasso says, "New Jersey is among only three states that experienced an increase in sales activity from the fourth quarter of 2009 to the first quarter of 2010….. Not only are buyers seeing the long-term value of owning real estate; they are seeing the value of owning New Jersey real estate. Existing home sales in the Garden State have shown increases in four consecutive quarters and are 14.5 percent higher than last year." Grasso cites several reasons for the Garden State's allure including; the steadiness of New Jersey's local markets, and the fact that they're supported by tourism, transportation infrastructure, and proximity to popular destinations such as New York and Philadelphia. He says, "These are just some of the dynamics that make our state an attractive place to live." Moving forward, Grasso points out that unless the federal government enacts new legislation home buyer tax credits will not be an option, but potential buyers still have low interest rates on their side for now. He warns that may not be the case for very long, "Economists have indicated that interest rates cannot stay this low for much longer. An increase in interest will have a significant impact on monthly payment. Given the uncertainty of the current employment climate, that monthly payment makes a world of difference." http://www.nj1015.com/1st-Qtr-Report--NJ-in-Top-3-in-Home-Sales/7028854