All Real Estate is Local
Peeling back the national numbers and focusing on New Jersey specific statistics will give you a much better idea of what is going on in Ridgewood and surrounding areas. Below is a recent video and a statement issued by the New Jersey Association of Realtors.
Reacting to the NATIONAL ASSOCIATION OF REALTORS®‘ (NAR) 2010 Second Quarter Metro Home Prices/State Resales report, New Jersey Association of REALTORS® (NJAR®) Chief Executive Officer Jarrod C. Grasso, RCE, today issued the following statement:
"There is no denying the impact the federal home buyer tax credit has had on many local real estate markets. It provided an incentive for first-time purchasers to obtain the American dream of homeownership and, in turn, provided an outlet for sellers to trade up to the homes of their dreams. Many of the trade-up buyers were also able to receive a federal tax credit for their purchase.
"The effect that the stimulus had on New Jersey in particular can be seen directly by looking at the increase of sales activity during the second quarter of this year. Existing home sales in the Garden State increased 15.4 percent from the first quarter of 2010 to the second. They are 29.9 percent higher than the second quarter of last year. New Jersey home sales have also far outpaced the nation, which only showed a quarterly sales increase of 9.1 percent and a yearly increase of 17.3 percent.
"Each of New Jersey's metro areas have seen year-over-year growth in median home price. This may be a sign of market stability. Even with the tax credit out of the equation, today's buyers can experience record-low interest rates and affordable prices. However, these conditions will not last forever. Consumers will need to rely on the U.S. government and private businesses to create jobs to revive confidence, which should thus revitalize their confidence in the housing market."
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What Clients Are Saying About Al Donohue...
Alicia Abdoo and Anthony Inzerillo - formerly of Richards Road, Ridgewood
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Video - New Jersey Existing Home Sales Increase 15.4 Percent
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