How do Real Estate Sales in New Jersey affect the economy?

by Nan Woodward

When a home is sold in New Jersey, income is generated for related industries. Furniture sales/purchases and appliances total almost $40,000.00. You must look at the greater picture. Home sales create jobs. Taxes are paid on these property sales that roll into the State coffers.

The more stable the industry is, the stronger the economy will be. The NJ Realtors would like to see the state roll back recent increases to the realty transfer fees to boost sales. They definitely would like to see our property tax system totally revamped.

Help put the pressure on our legislators. This is your State and your economy also.

Real Estate today

So where are we now?

Thats a complicated question actually. I believe home prices will continue falling just not as quickly. I think sales will start to increase but the major boom of customers won't be here in 2009.

At this moment, we have inventory excesses of existing and new homes while a bad economy and credit crunch are simulataneously happening. So you should expect prices to fall.

Do I think prices will eventually increase, of course. Just at a more reasonable pace.

This is Nan Woodward's comments for today.