The best place to invest in real estate is where prices are on the rise. This ensures that the property you invest in today would be worth much more in a few years. This is exactly what experts are predicting for Monmouth County. According to data published by Zillow, the median home value in Monmouth County increase 2.7% in 2016, and is expected to rise again in 2017 by an estimated 1.9%.
As was the case across the US, home values in Monmouth County declined by more than 20% between 2008 and late 2011. Thus, homes are available for purchase and rent at rates much lower than the peaks witnessed in 2017. Since 2012, home values in Monmouth County have been on a steady uptrend and this is expected to continue.
Reasons for Increased Interest in Monmouth County
Easier to Get a Mortgage: With the bursting of the housing bubble in 2008, banks had raised the eligibility criteria and made the process of getting a mortgage more stringent. Since the housing market has become steadier, credit availability has risen and it has become easier for people to buy the home of their dreams.
Great Place to Own a Home: Monmouth County is considered among the best places to live, say property experts at Donnelly Real Estate. Located in Central New Jersey, Monmouth County falls within the New York metropolitan area. It features in the top 2% of counties having the maximum wealth. This county has robust infrastructure in terms of roads and public transportation. Moreover, it is home to the renowned Monmouth University and Brookdale Community College, apart from the many public schools.
Home Sales Rise in Monmouth County
In January 2017, total units sold in Monmouth County rose 18% compared to the number of units sold in January 2016, according to data released on The Long & Foster’s Market Minute site. This indicates that more people are recognizing Monmouth County as an attractive area to invest their money in.
The data also revealed that the total number of homes available for sale declined by 16% in January 2017. As the active inventory of homes declines, the prices would naturally rise. In fact, the days a property remains on the market in on the market This month, the average number of days on market in Monmouth County declined to 69, compared to last year’s 88 days. Thus, homes are selling faster, emphasizing the need to act immediately.