Reports are showing that New Jersey’s housing market is slowly recovering. However, throughout New Jersey the average home sales are still lower than those in peak of the housing bubble.
Tg Glazer, president of the New Jersey Realtors Association, stated “[w]e’re not out of the woods yet. There’s still work to be done, but everything is looking very positive and I believe that things will continue to move forward throughout the year.”
The New Jersey Realtors Association for 2015 reveals that home sales increased 12.3%. There were also small increases in the median and average sales prices. In December, the 22.7% jump in pending sales made many believe that 2016 would be a stronger year, but the number of homes for sale has gone down.
While small improvements in our State’s housing market are a good sign, many homeowners are still underwater on their mortgages. As a result, they don’t want to sell their properties and take a loss.
If you purchased your home several years ago when prices were dramatically higher than now, the offers you are going to get on your home will likely be well below what you paid and possibly less than what you owe on your mortgage. Thus, most homeowners are not selling their houses unless they are in a distressed situation.
The good news is that the number of residential building permits obtained by New Jersey homebuilders in February of this year (2,410) was more than any February since 1987. Just as significant, the number of permits issued this February was almost twice the number of permits in January.
If you are underwater on your home and you are interested in learning your options for obtaining debt relief, we can help. We will review your individual situation and help you understand how a loan modification or filing bankruptcy can improve your financial situation.
At Levitt & Slafkes, P.C., we are consumer lawyers who know how to make a difference in your financial situation. We have experience you can rely on and we care about your results. Contact our New Jersey law firm online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation with an attorney.