NJAR® Releases Statement Regarding 1st Quarter Home Sales Report
Edison, NJ – May 11, 2010 – (RealEstateRama) — Reacting to the NATIONAL ASSOCIATION OF REALTORS®‘ (NAR) 2010 First Quarter Metro Home Prices/State Resales report, New Jersey Association of REALTORS® (NJAR®) Chief Executive Officer Jarrod C. Grasso, RCE, today issued the following statement: “The real estate market is cyclical and reacts in concert with many factors, so ups and downs are expected. We can be confident in the steadiness of New Jersey’s local markets, as they are supported by tourism, transportation infrastructure, and proximity to popular destinations such as New York and Philadelphia. These are just some of the dynamics that make our state an attractive place to live.
“Not only are buyers seeing the long-term value of owning real estate; they are seeing the value of owning New Jersey real estate. Existing home sales in the Garden State have shown increases in four consecutive quarters and are 14.5 percent higher than last year. New Jersey is among only three states that experienced an increase in sales activity from the fourth quarter of 2009 to the first quarter of 2010.
“Encouraged by the home buyer tax credits, affordable prices and low interest rates, New Jersey’s financially secure buyers have made their dreams come true. Looking ahead now, with the home buyer tax credits out of the equation, potential buyers still have affordability and extremely low interest rates on their side. However, economists have indicated that interest rates cannot stay this low for much longer. An increase in interest will have a significant impact on monthly payment. Given the uncertainty of the current employment climate, that monthly payment makes a world of difference. That is where a professional REALTOR®‘s expertise comes in to help evaluate all options prior to the transaction.”
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The New Jersey Association of REALTORS® is a non-profit organization serving the professional needs of approximately 50,000 REALTOR® and REALTOR-ASSOCIATE® members in the state. REALTOR® is a registered collective membership mark which may be used only by real estate professionals who subscribe to the REALTOR® organization’s strict Code of Ethics and are members of the national, state and local REALTOR® organizations. For more information, please visit www.njar.com.
For media inquiries contact:
Lauren Castellano
Media Coordinator
Phone: (732) 494-4709
Fax: (732) 404-8130
E-mail: lcastellano (at) njar (dot) com
For legislative related media inquiries contact:
Danielle Alpert
Government Relations Coordinator
Phone: (732) 494-4730
Fax: (732) 404-8127
E-mail: dalpert (at) njar (dot) com
