New Jersey House prices continue to drop

December 23, 2011 by  

While New Jersey home prices still exceed the national average, the value of homes in South Jersey are continuing to decline. The president of an East Brunswick appraisal firm has said that the value of New Jersey property has stabilized over the last six months. In the same time period, the inventory of homes has decreased by 12%.

In order to understand the real estate market in New Jersey, buyers need to break it down into sub-markets. The largest declines in home values are in rural and urban markets. South Jersey has also experienced declines. North Jersey on the other hand is holding steady.

One of the reasons behind this is that the people living in these areas are in low income homes. As they have difficulty making loan repayments this area has a large amount of short sales.

Real estate agents in this area have the potential to take advantage of these low prices. For example launching a marketing campaign is a good way to attract attention to affordable homes. Real estate agencies can do this by using printing services to print flyers and leaflets.

There are many people in the New Jersey area who are struggling with their expenses. However, there are also people who are ready to buy a home. People who tend to buy in times of economic uncertainty are first time home buyers. Just because the market is slow does not mean that agents need to suffer financially. In some cases an aggressive campaign is all a company will need to sell more homes.