The hot NJ real estate market of the last two years has caused would-be investors to pause before making the leap into real estate investing. Experts consistently laud real estate as the #1 investment for its consistency in value and high yield on returns. Sky-high real estate prices and rising interest rates may make real estate investing seem out of reach for some investors. But investing in real estate in NJ is still an excellent idea. Some of the top reasons to invest in NJ real estate include:
1. Accessibility to Major Cities
New Jersey is situated uniquely between several major cities. Even if your home is in the middle of the state, you are still an easy commute away from New York or Philadelphia. Many folks left big cities during the pandemic and poured into the suburbs. New Jersey is perfect for those looking to maintain access to big cities while taking advantage of the benefits of small-town living. The proximity to the Atlantic Ocean and other attractions at the Jersey Shore is also a major drawing point for those looking to settle in the Garden State.
2. NJ Real Estate is Growing
New Jersey property values have increased steadily over the last decade. By the end of 2022, experts predict that increases in home prices will slow to single-digit growth after two years of significant double-digit increases. But even with home price increases slowing down, property value is expected to continue to grow. This means investors can get a better deal up front and watch an investment increase in value.
3. The NJ Economy is Growing
While the public health crisis took a toll on most state economies, NJ fared pretty well compared to other states. Between December 2020 and December 2021, the NJ unemployment rate decreased by 1.5% (NJ Department of Labor). With ample job opportunities in pharmaceuticals, financial services, manufacturing, tech, and transportation, NJ is an attractive place to live and work.
4. We Have a Diverse Market
You can find a real estate opportunity in NJ at every price point. Vacation rentals, multi-resident housing, single-family home rentals, flip opportunities, apartments, condos—whatever kind of investment you want, you can find in NJ. Property values throughout NJ vary significantly. This is great for investors because you can scout markets that match your desired price range. It also gives you ample opportunity to branch out into pricier markets when ready.
Investing in NJ real estate is an excellent move for burgeoning and experienced investors alike. At any level, the best way to get the most out of your investment is to work with experienced real estate professionals. Veitengruber Law is a full-service real estate law firm in NJ. We can help you reach your real estate goals.