Is Real Estate in New Jersey a bargain? Maybe not when compared to many of the Midwestern and Western states, but problems within the real estate market in general have helped lower prices and loan interest rates for New Jersey real estate over the past year.
Some of the best bargains may come through the United States Housing and Urban Development Department (HUD). A recent check on homes for sale through HUD in New Jersey showed nearly 2,500 homes for sale. Many of the HUD homes need fixing up, but for the person willing to fix and repair, there are deals to be had.
One major problem with real estate in New Jersey is that the tax rate is always notoriously high when compared to that of most other states. The tax rate is so high it keeps many people from moving into the state. It is too bad the New Jersey legislators do not recognize the problem. High taxes do not attract residents. But perhaps there is reason to the legislators' madness. Maybe they think the state is overcrowded enough already. It is possible that they do not want more people moving into the area. But you can spite them. Move to New Jersey and help vote the bums out of office so you can get your tax rate lowered.
The median income of New Jersey is higher than most other states in the union, so that may account for the high property tax rates. Possibly the legislators and other government entities think they can invest the hard earned income of their constituents better than the residents can. At any rate, the large chunk of cash the state removes from their residents' pockets makes moving to New Jersey fairly unattractive.
If you are considering moving to New Jersey and buying a house, you should make sure there will be a job waiting for you so you can make payments on the house. There is apparently you have a very good chance of finding a job in New Jersey. As of July 2008, the unemployment rate was listed at 5.8 percent.
Investing in real estate in New Jersey can be profitable if you know what to look for. If you want to search for houses or property in the state, you should check out a few successful real estate agents who might be able to help you find what you are looking for.
For more information about real estate in NJ, contact a local RE/MAX http://www.remax-nj.com Realtor. They can speed up the home-sorting process and help you find the neighborhoods that you are looking for. Billings Farnsworth is a freelance writer.
