According to Omer Barnes, who is a real estate development and construction expert in the Tri-State area, 2023 is the perfect time to invest in New Jersey real estate. His sentiment is also supported by other industry professionals. Cumulatively, they offer these four fantastic reasons why now is the right time to embark on the journey to seeing financial consistency and high yield on returns on New Jersey property ownership.
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1. The New Jersey Real Estate Market is Expanding
The property values statewide have been steadily increasing over the last decade, with significant rises, particularly in the past three years. While it’s likely to decline to single-digit growth as home sales slow down, investors can get a great deal up front and see a solid return on their investment.
2. The Economy in New Jersey is Growing
Employment opportunities in the state are on the rise, despite the state of other states’ economies during the global health crisis. In December 2022, four out of nine major industry sectors recorded job growth. The predominant industries attracting job-seekers include education, health services, trade, transportation, and utilities. Month-over-month, job opportunities within New Jersey’s public sector increased by 1,300 jobs.
3. Easy Accessibility to Major Cities
There are several major cities around New Jersey that offer great opportunities for employment, education, and entertainment. Short commute times too big cities like New York and Philadelphia provide property owners, renters, and investors with a wide range of things to do and see. In essence, one can enjoy the benefits of small-town living in the Garden State without missing out on the nearby action.
4. The Real Estate Market in New Jersey is Diverse
There’s real estate in New Jersey available at all price points. Whether you are interested in finding a single home to occupy personally or rent out long or short-term, there are opportunities here for you. Apartments, condos, homes, and lot options vary, but it certainly gives investors a number of opportunities to scout out the marketplace.
Those with experience and financial backing can discover limitless possibilities here. Take advantage of great pricing and interest rates now before the opportunity passes you by. Of course, having a bit of advice from a local professional like Omer Barnes can come in handy to make the most of your residential or commercial property investment.
Invest Wisely in NJ Real Estate—Consult with Omer Barnes
Omer Barnes has years of experience and presently works in real estate construction and development within New Jersey. While he specializes in the neighborhood of Englewood Cliffs, he uses his skills statewide to assist clients with both commercial and residential investment projects. As the founder & CEO of REMO Enterprises, Barnes understands the current trends and marketplace. Learn more about Omer Barnes and his talents and successful projects in his portfolio.