Is the housing market in NJ on the decline?

Question

I am interested in real estate investment -- either rehabbing or owning and renting. In today's market (in NJ), what's the best option? How do I get started?

Answer 1

I would recommend that you hook up with a licensed professional in your area to assist you in navigating the maze of requirements and to avoid investment pitfalls in the real estate business.

In most cases the agent that you work with and that helps you, gets paid by the seller's listing agent.
After you find a professional to work with you should study the market conditions in your area and have your agent provide you with the facts.

Here is a link that will allow you to look up all kinds of real estate market reports not just for residential but for all other types of real estate markets in different areas including New Jersey.
Different Real Estate Markets in different states – Reports
http://www.nyu.edu/library/rei/market.htm

I wish you success; when you make it please don't get a hair do like Trump.

Answer 2

In general it's a buyers marker right now...meaning that you can find the best prices around for homes.

If you have the means...be aware that you will need lots of extra cash to start investing wisely if we are talking more than your current home. If you are investing in the home you are living in, less cash flow will be needed. If you already have your house, but want to buy another...

keep in mind, how are you going to pay the mortgage when no one is in it? What about the fact that the mortgage may be higher than you can charge for rent?

This is when extra cash will be important.

Best wishes, and do a lot of research. Since the market is in a "slow" mode, meaning lots of homes for sale, and appreciation is slower, don't get in over your head. It is a good time to think about it, and start investing again, if you have the means!

Answer 3

i just sold my house in nj after it was on the market 8 months. we had to reduce the price quite a bit. don't know if it's like that everywhere but my sense is there are a lot of houses on the market and that gives buyers the upper hand.