The Real Voice of New Jersey Real Estate

NJAR^® releases statement regarding

3^rd quarter home sales REPORT 

(Edison, NJ)- Reacting to the NATIONAL ASSOCIATION OF REALTORS^®' (NAR) 2008 Third Quarter Metro Home Prices/State Resales report, New Jersey Association of REALTORS^® (NJAR^®) Executive Vice President Jarrod C. Grasso, RCE, today issued the following statement:

 "Once again, the third quarter report shows that the median sales prices in most of the metropolitan statistical areas in New Jersey remain relatively stable.  There are even areas in the state where home values have increased.  In fact, the Trenton-Ewing area experienced a 4.2 percent increase in the median sales price of existing single-family homes.  While we have yet to experience the full impact of the financial crisis on Wall Street, we are hopeful the increased Federal Housing Administration (FHA) loan limits, first-time home buyer tax credit and other economic stimulus measures will encourage Garden State residents to enter the housing market.

 "Today's housing market offers real possibilities for financially capable buyers.  Extremely low mortgage interest rates and a tremendous housing stock give people more buying power than they had in previous years.  As always, consumers should seek the guidance of a REALTOR^® to get a true understanding of local housing market conditions.  This localized knowledge helps consumers to make informed, smart decisions in these unsteady times.

 "Our hope is that our state legislators recognize the importance of the real estate industry in the overall fiscal health of the state.  During this tumultuous economic climate, our elected officials should take every opportunity afforded to them to bolster the housing market.  At the top of their agenda needs to be reforming current tax policies that hurt homeowners and businesses, including repealing recent increases to the realty transfer fee (RTF).  It is also crucial that our elected officials take steps to reform our state's broken property tax system.  Now more than ever, Trenton needs to partner with the real estate industry to ensure the financial stability of our state." 

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