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The Election Is Over, Now What For New Jersey Real Estate
By admin | November 5, 2008
The Election Is Over, Now What For New Jersey Real Estate
The election has passed, Obama has been elected the next president of the United States of America. I cannot say I was excited by Mr. Obama but I am excited at the prospect of a new beginning. Actually it is not a new beginning, but many people are thinking that way.
At this point I am only guessing but I believe that over the next 6 to 9 months we are going to experience a sence of relief. People are going to be willing to go out and spend more then they otherwise would have, more people here in New Jersey are going to be willing to go out and purchase a home, and all of this will have a moderating effect on the economic downturn that we have been experiencing.
I have been of the opinion that the real estate markets here in Morris, Essex, Union, and Somerset counties of Northern New Jersey, though slow, are stronger than the national real estate statistics that people seem to hang on all the time. Why just this coming weekend I will be showing 3 different clients homes. Some of the homes will be in Morristown and Morris Township, and another buyer will be looking in Summit, Chatham, and Millburn, and yet another buyer will be looking at homes in Harding, Madison, and Chatham.
I am sure that all of these buyers will not be buying a New Jersey home in the next week or two, but I do think that it is incredibly possitive that in November I am seeing home buyers be willing to go out and look at homes with the idea of purchasing one in the near future, if not the next few weeks.
As I have written in previous posts, the Morristown NJ Real Estate market has been very slow over the past few months, along with the Madison NJ Real Estate and Chatham NJ Real Estate markets as well. In general we have seen a slow fall real estate market in most towns along the Midtown Direct New Jersey train line. Much of the slowness can likely be atributed to the financial crisis which we are working our way though.
As I write this the stock market is opening (November, 5 2008) and it looks like we are about to have a huge Obama Rally on Wall Street. I would not be at all surprised to see a huge rally in the bond markets as well, which will help the New Jersey economy, as well as real estate markets such as Chatham, Madison, & Morristown, not just through lower interest rates, but though a strengthening in job prospects, and job security for those who have kept their jobs.
Lets all keep our fingers crossed, It has been said that the issues in the real estate markets have been the main contributing factor in the economic crissis, so as we see improvment in real estate markets, we will see bigger improvment in the nations economy.
James Boyer
Morristown NJ REALTOR
RE/MAX Properties Unlimited
973-647-0253 Direct
973-539-6300 Office
Excellence in New Jersey Real Estate Services Guaranteed!!
Category: Chatham, Madison, Morristown |
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