Are you looking to buy a real estate property in Morris County? Or perhaps rent one? This decision is not an easy one to make, and before you do it, you should research real estate trends in Morris County. The best way to do it is to look at the fluctuations in the real estate market in the past two years.
Real estate trends in Morris County
When purchasing a property, you have to worry about a lot of things. You must find the best deal on the market, avoid fraudulent real estate companies, and, most of all, pick the best time to make an investment. This short article will help you with that by analyzing:
- fluctuations on the market
Sales and prices in 2018
The best way to research real estate trends in Morris County is to start by looking at the real estate market in mid-2018. It was noted that the sales went up for 3% and the prices went down. Most of all, leverage for sellers was increased. That was not the case in other regions of NJ. However, at the same time, Morris County saw deprecation of prices for the same percentage. That could be looked at as a “glitch”. The demand was still high and strong.
Sales and prices in 2019
The year 2019 showed that the housing market in Morris County slowed down. Sales plummeted, and the transactions went down for about 12%. The average price went up by 2%. 2018 Tax Reform’s $10,000 SALT Cap showed some impact on the market. Nevertheless, the economy is still strong and the interest rates are low. As you can see, real estate trends in Morris County really have an impact on the decision whether you wish to purchase or rent your first apartment.
As we can see, the fluctuation in the cost goes up and down for about 2%-3%. It is all about waiting for the right conditions! That can be tricky. Relocation requires a lot of things to be done, like finding movers, taking care of your stuff before an NJ move, etc. With all of that on your mind, it is best to hire a professional to monitor the market for you.
Moving out of NJ?
Even though there are many families looking for a chance to relocate to Morris County, there are those who are moving out. It is best to find help moving in case you are located in Morris County.
Do the research
I hope that this article about real estate trends in Morris County showed you the direction in which you must do the research. Monitoring sales and prices is never an easy task, and it even might be a tedious and unknown process for many. There are many factors that affect changes in the real estate market, so that is one more reason to hire professional help. Good luck!