There are plenty of areas in the United States of America that has much potential in real estate and are rapidly growing. A few spaces are currently on fire regarding sales price, inventory, and development. Suppose you have looked into buying a home in the city of Philadelphia or the state of New Jersey recently. In that case, you know how intense both of these markets are.
Both New Jersey and Philadelphia feel impacted by big-time New York developers who have made their way into both areas. What does this mean for the property owners who already exist in these two places? It can mean a lot of mixed emotions.
Some may tell you they are happy with it and have already turned a sweet profit from this hot market. Others may say to you the complete opposite: they wish it would come to an end. Whatever side of real estate you are on, you noticed a change.
New Jersey
It is a decent-sized state with a population of 9.2 million residents. It is slightly larger than the big state of New York. If you are looking to “sell my house fast New Jersey,” you should have no problem selling your home. New Jersey has been increasing in value.
Inventory has been hard to find. Development has sure made its way into the garden state. This state has many different geographical regions. You can find big cities, farm regions, beach towns, rural and urban areas. Whether you buy a home, you will pick any lifestyle you are looking to live.
Big cities New Jersey
Newark is ranked the largest population city in New Jersey. With close to 400,000 people living here, you can imagine the real estate here is nothing but competitive. With it being so close to New York City, you have found a strong influence in the real estate market here. Since New York City has grown to the massive demand it is today. You can imagine that has quite the effect on Newark as a whole.
Newark used to have real estate on the cheaper side in the early 2000s. Recently, you will notice that the city has seen a significant increase in pricing. 1,500 to 2,000 square foot homes are selling for upwards of $700,000 and more. That is a massive increase from the early 2000s. You can imagine if dwellings from the early 1900s are selling for that price; now, look at the newer construction homes they are selling for in Newark.
New Jersey beach points
New Jersey is home to 44 different beach points in the state. That is an imposing number. If the significant city areas in New Jersey are selling, then so would the beach areas. You can find insane home prices in Avalon, Wildwood Crest, Stone Harbor, and many more. Plenty of developers have found their way into these regions and are building extremely pricey homes.
Wildwood Crest is home to real estate selling close to 2 million dollars. To buy a house close to the beach, expect to pay a decent amount for the home. It only makes sense for the real estate market at beach towns to be extremely high. Yes, New Jersey does not experience warm weather all year around. People from different Pennsylvania, New York, and New Jersey are paying big bucks to own a summer home in these towns.
South Philadelphia
When we buy houses in Philadelphia, then South Philly may be the place for you to begin your search. South Philadelphia makes up a large portion of the cities 1.5 million person population. East Passyunk has seen some severe increase in home values. Everything is tight in this area as far as development is concerned. There was not too much room for big-time developers to move into this section of the city. The average home price is between $400,000 and $600,000 for your average 1,200 square foot row home. People have been flocking to this area for several years now. You are making this one of the most competitive neighborhoods to buy a home in the city.
Selling a home fast is easy
Suppose you are looking to sell my house fast Philadelphia. In that case, you should not have an issue since the real estate market has been severely increasing across the city, no matter where you own a home. You should not have a problem selling any property at all. You can easily do your research to help you get the best value for your home. Most of the areas that have seen a substantial increase in home values usually sell their home in less than seven days.
All the competition in the hot real estate markets is helping homes sell for $20,000 to $30,000 above the asking price. If you have been looking for a time to sell, now would make the most sense. Mortgage rates are going up but are still at great rates. A new wave of homeowners is currently buying homes across the country. Take advantage and cash out on that long-lived home.
