It is important for those who are looking to buy or sell a home to have an idea of the state of the United States’ real estate market. This can allow potential buyers and sellers an idea of what to expect going into the real estate process. According to Zillow’s market report for March 2017, the average value of homes in the United States has risen 6.8 percent up to $196,500.
The report also shows some interesting news for renters. Even though home values have grown, the increase in rates that renters are paying nationally slowed considerably compared to previous months. In some cities, median rent rates actually decreased compared to other months. Now, the national median is $1,408 for monthly rent. Zillow expects that the cost of rent will remain nearly the same for the next year, increasing only about 0.9 percent. Another interesting aspect of the home report is that the housing market has a shortage of houses for sale. This means that the market is growing increasingly competitive among sellers and buyers may experience multiple bids on their homes.
If you have questions about buying or selling a home in New Jersey, contact an experienced real estate attorney who can provide you with assistance.
Juan C. Velasco, Esq. is a trusted attorney for bankruptcy, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.