NJ Goes against the Grain: Wage Growth Increases ahead of Home Prices

Living in New Jersey just a got a little more affordable according to a new survey from RealtyTrac. Data showed that wage growth has been outpacing the rise of home prices in the Garden State.

While 76 percent of markets surveyed showed home prices rising ahead of wage growth, New Jersey was actually in the minority. So, even though many in NJ are speculating that home values aren’t rising fast enough, the RealtyTrac stats are great news for anyone looking to buy a home in a state that has long considered to outrageously expensive and cost prohibitive for many. In fact, New Jersey was recently ranked the fifth most expensive place to live in the United States.

This news could embolden first-time homebuyers to place New Jersey back in the running as they look to plant roots and start the next chapter of their lives. However, remember, slowly but surely New Jersey is creeping its way out of a recession. Unfortunately, during those downtrodden years, many people weren’t able to afford to properly maintain their homes. So, it’s critical for homebuyers to keep their eyes open. Make sure you get an excellent inspection and negotiate for repairs.

Along with countless other issues, many real estate deals fall through because the two parties couldn’t come to terms on inspection and repair matters. Of course, the seller wants to get top dollar for the property you are hoping to buy for a song. While you are negotiating a win-win as best as possible, make sure you don’t get stuck with a home that you’re going to have to spend your life (and lifesavings) fixing up.

An experienced real estate lawyer is very different from a seasoned real estate agent. The agent will find you the home of your dreams but a skilled attorney who knows the ins and outs of New Jersey real estate law, including foreclosure and short sale laws, will be your best advocate as you wade through the ups and downs of your real estate transaction.

Rothamel Law has been representing South Jersey families in real estate deals for many years. Our skilled real estate lawyers will protect your rights when it comes to contract and inspection negotiations, appraisal issues and all other stages of the sale process. When you are ready to buy or sell, contact Rothamel Law for sound legal real estate guidance.