Real estate always has and seems as if it will always be a main indicator of how well an economy is performing. After all, owning property is one of the most common financial goals, and cannot be procured if consumers lack the financial resources to do so. These financial resources often stem from a well-performing economy. In the East Coast, New Jersey is well on its way to a residential and commercial real estate boom due to increased demand, innovative communication apps, new buyers and new technology.
In the past, real estate buyers were scarce, and property demand was lacking in New Jersey’s market. Now, the winds of change have started to blow and have brought in a swell of demand. Various factors that have contributed to this shift include affordable down payments, low-interest rates and consumers feeling better about their buying power. What’s more is lower gas prices have made it easier for buyers to get out and explore their options over a wider area than they might have considered before.
Innovative Communication Apps
Facebook ads, new MLS technology and Google’s new approach to keyword optimization are just some of the technological innovations that have made it easier for buyers, realtors and sellers to accomplish their real estate goals. Social media has stretched its influence to the world of real estate, making it easier for users to share and discover listings. The benefit to real estate agents is they can utilize the power of keyword optimization to attract sellers and buyers in their areas, giving both groups more options for who will help them sell or buy residential as well as commercial real estate.
Not only have Millennials made waves in the workforce, they’re bringing that change to New Jersey’s real estate market — specifically the single Millennial. This demographic have made the decision to put off marriage until later in life and instead buy a home. With the amount of debt recent graduates have when they finish college, and with the uncertainty of the job market, many Millennials feel buying a home makes more financial sense than getting married, which can cost as much as the down payment on a home.
In addition to the implementation of social media, communication technology such as Google Chat, Meebo, Skype, Viber and Facebook chat makes it easy to view a home in real time and meet face-to-face with realtors without being physically present. These capabilities can make it easier for buyers to decide which properties to spend their time and money on, and it can make it less of a hassle for realtors to take care of clients.
Making Real Estate Waves
Because of this real estate boom, there’s a very good chance the economy of New Jersey and even New York could see a boom. The demand for real estate could stimulate job growth, construction and much more.
While the East Coast is the latest region to see a spike in its real estate market, that trend is likely to spread to other parts of the U.S. as well. Who’s next on the list to experience a property boom? The answer could be coming to a city near you.