They've been scared off by stagnant wages and a lackluster housing market, but a good share of potential first-time homebuyers seem ready to take that plunge in the near future.
In New Jersey and many other states, more homes are hitting the market this time of year to meet the blooms of spring and rising temperatures. However, it's hardly ever safe to present your home "as is."
The economy is improving, hiring is gaining strength and average hourly wages are moving upward, which means potential homebuyers are beginning to feel better about taking on a mortgage. However, it's a different story for millennials who are not quite ready to pull the trigger.
New Jersey's housing industry is still struggling in several key areas. We are dragging our feet in terms of home price increases, and mortgage delinquencies are still too high.
2013 was a year of extremely low interest rates and reasonable housing prices in New Jersey. So what can the state's homebuyers and sellers expect for 2014?
The nationwide housing market is improving, alongside an uptick in the economy and lower mortgage and unemployment rates, but sellers in New Jersey are holding their homes off the market.