The high demand for both residential and commercial properties in the United States is steadily shifting to New Jersey. According to Zillow, a giant real estate tracking company based in the US, New Jersey is already ahead of several states when it comes to highest rates and shares in residential mortgages. The region’s real estate markets are at the top of other states and Boraie Development believes the trend is likely to continue into the future. Boraie has pointed out that the industry has since shifted its focus to addressing housing shortages, affordability, and increased number of markets in NJ.
According to the National Association of Realtors’ chief economist, Lawrence Yun, there is urgent need to close the gap between housing supply and demand in order to avoid acute shortages that may result into housing emergency. Yun further pointed out that already there is a shortage of residential properties as newly built homes are sold as soon as they hit the market.
Even though some economists remain pessimistic on the issue, economic and Zillow reports express industry renaissance. New Jersey continues to register a significant increase in new apartments among several other infrastructural developments. Unique access to NJ Transit station has been cited to be a key pulling factor hence increased housing demand. According to Capital Economists, more residential properties will soon be available in the markets owing to expected low home prices and high rate of interests. They further predict that increased job opportunities in NJ will continue to impact significantly on the demand for residential properties. Capital Economists explain that even though rent and prices for homes have gone up, the low rates of mortgages will continue to keep the region’s real estate industry vibrant.
About Boraie Development
According to NY Times, Boraie is one of the leading real estate companies in the entire State Theatre New Jersey. With over 30 years of experience, the company has continued to offers various industry services, including property development, management and sales.
Apart from its proven ability to deliver projects within the timeframe, Boraie works with reliable financial partners as well as reputable architects and contractors. The company is committed to all segments of the urban market. As a result, it builds, manages and markets various types of properties, such as residential homes, apartments, commercial buildings and students’ hostels. Its unique style of management has made it one of the most trusted companies in NJ. Boraie Development has become consumer’s choice for those looking forward to buying or selling their properties.