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For Immediate Release:
August 14, 2008
NJAR® RELEASES STATEMENT REGARDING 2ND QUARTER HOME SALES REPORT
(Edison, NJ) Reacting to the NATIONAL
ASSOCIATION OF REALTORS®' (NAR) 2008 Second
Quarter Metro Home Prices/State Resales
report, the New Jersey Association of
REALTORS® (NJAR®) Executive Vice President
Jarrod C. Grasso, RCE today issued the
following statement:
"The old adage that all real estate is local
is more important in today's marketplace
than ever before. While some metropolitan
statistical areas in New Jersey have
experienced a slight decline in median sales
price, there are areas in the state where
home values are holding relatively steady.
In fact, the Trenton-Ewing area even
experienced a 1.6 percent increase in the
median sales price of existing single-family
homes. This report shows that to get a true
understanding of what is happening in your
local area, it is best to consult with a
REALTOR® because conditions can vary
considerably from one area to the next.
"The fact that home sales figures, which are
seasonally adjusted, are up by 3.6 percent
from last quarter shows the increased FHA
loans limits are starting to have a positive
impact on New Jersey's housing market.
Whether it's the first-time home buyer tax
credit, permanently higher FHA loan limits,
or a property tax deduction for individuals
and couples who do not itemize deductions,
the recently enacted federal housing
stimulus bill creates greater opportunities
for the home buying and selling public. This
measure along with low interest rates and a
tremendous housing stock should spur people
to get off the fence and explore their real
estate options.
"NJAR® is hopeful that in the fall the New
Jersey Legislature will follow suit and work
to enact laws that bolster the state housing
market, as well as the economy. This process
must include reforming current tax policies
that hurt homeowners and businesses,
including repealing recent increases to the
realty transfer fee (RTF). It is also
imperative that legislators address New
Jersey's property tax crisis. It's time for
Trenton to stop talking about easing the
property tax burden and start implementing
measures that truly reform our property tax
system."
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For media
inquiries contact:
Lauren Castellano
Media Coordinator
Phone: (732) 494-4709
Fax: (732) 404-8130
E-mail: lcastellano@njar.com
For legislative related media
inquiries contact:
Danielle Alpert
Government Relations Coordinator
Phone: (732) 494-4730
Fax: (732) 404-8127
E-mail: dalpert@njar.com
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