An article published through Philly Purge revealed that the state of New Jersey has one of the highest rates of delinquency in residential mortgages. This has caused the performance of the New Jersey real estate markets to drop significantly. However, of late, the rates of delinquency in the state have started dropping, and this has been as a result of the stringent measures taken by financial institutions to lower the rates of delinquency. It can also be attributed to the improvement in employment rates and prices of houses going up. These trends are expected to continue in future as the industry is addressing the shortages in housing.
If the shortages are not resolved, the gap between demand for housing and supply of housing will continue to widen, and this will lead to an even bigger crisis as housing would become unaffordable. This is according to a realtor from the National Association of Realtors. Something else that is causing the shortages in housing is the fact that many homeowners and real estate developers are holding houses off from the market with the expectation that prices will go up and they will be able to make bigger profits on them. As it is now, home prices are going up and so are rents. The only viable option consumers are left with is to take up mortgages as they are more affordable. But thanks to reals estate developers such as Boraie Development, there is hope for the New Jersey real estate markets. Check out Central Jersey Working Moms to see more.
About Boraie Development
Boraie Development LLC is committed to improving the New Jersey real estate markets through the excellent services it provides. The company provides a wide gamut of services including property development, property management and sales and marketing of properties. They offer the full range of services, ensuring that properties are maintained in good condition so that they can serve their tenants for longer. The properties developed by Boraie Development are world-class, and this is ensured by partnering with the best contractors, financial institutions, and architects. The company deals with residential properties, commercial properties, hotels and students’ accommodation facilities among others.
With real estate companies such as Boraie Development, the performance of the New Jersey real estate markets is expected to improve. The company’s commitment to excellence will see it work hard to help resolve the housing shortages in the state. And thanks to its strategic partnerships in the industry, it is bound to do a fantastic job.