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www.OurNJhouse.com

www.OurNJhouse.com

By Carmelo Oliveri | Agent in Oradell, NJ

Buying in todays New Jersey Real Estate Market

IS BUYING THE AMERICAN DREAM A GOOD INVESTMENT IN TODAY'S MARKET?

History tells us we should learn from our mistakes.  
If we don't we're doomed to repeat them.

Yesterday The Hudson County MLS (HCMLS) issued it's productivity reports for 2008.  The results are extremely interesting.  If in 2002 a consumer decided not to buy a home or condo with his $250,000 savings this is what he would have after 6 years.

$250,000 invested in 2002:

Bank Savings.....approximately $305,000 in 2008

Stock Market.......no change after 6 years or less???

The volume of sales in 2002 and 2008 in both the HCMLS and NJTAXRECORDS.COM have about the same amount of sales in both data bases. The following is the average sale prices for both.

HCMLS
2002 $257,000
2008 $395,000

NJTAXRECORDS.COM
2002 $216,000
2008 $392,000

If this consumer purchased a home in 2002 how much would the consumer be worth today?

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