Newark
Trenton
Closing Conducted by: | Title Agents; North New Jersey: Attorneys |
Conveyance: | Bargain-and-Sale Deed |
Primary Foreclosure Method: | Judicial |
Process Period: | 3 - 10 months |
Notice of Sale: | Sheriff |
Redemption Period: | 6 Months |
Income Tax: | 1.4% - 8.97% |
Corporate Tax: | 9% |
Sales Tax: | 7.00% |
Estate Tax: | 16% |
Inheritance Tax: | 0.16% |
Median Property Tax: | 1.89% |
Property Taxes by County: | http://www.tax-rates.org/new_jersey/property-tax#Counties |
Closing Cost: | $2,625.00 |
Transfer Fee: | 0.4% - 1.21%; Homes over $1 million 1%; Commercial sales over $1 million 0.1% |
Origination Fee: | $1,891.00 |
Median Home Value: $353,518
1-Year Appreciation Rate: +3.8%
Median Home Value (1-Year Forecast): +4.5%
Median Rent Price: $2,000
Price-To-Rent Ratio: 14.72
Average Days On Market (Single-Family Homes): 52
Unemployment Rate: 10.9% (latest estimate by the Bureau Of Labor Statistics)
Population: 8,882,190 (latest estimate by the U.S. Census Bureau)
Median Household Income: $79,363 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 10.0%
Foreclosure Rate: 1 in every 9,411 (1.0%)
Sussex: (1 in every 3,892)
Camden: (1 in every 4,788)
Gloucester: (1 in every 5,626)
Essex: (1 in every 5,947)
Atlantic: (1 in every 7,518)
Tax Lien or Deed: Tax Lien state (Also has some Tax Deed sales)
Interest Rate: 18% (plus penalties)
Redemption Period: 2 years
Trenton may receive added investor attention: As the capital of New Jersey, Trenton already has a fair amount of demand. However, as the cheaper alternative to large cities like East Rutherford, Jersey City and Piscataway, Trenton could easily see an influx of budget-conscious investors. Priced well below the median home value in New Jersey, the median home value in Trenton is a welcome sight for budget-conscious buyers. As a result, it’s reasonable to assume more buyers will turn to Trenton in the coming year.
Inventory will drive appreciation: Inventory levels, or lack thereof, have sufficiently capped New Jersey’s real estate potential. Much like everywhere else, there aren’t enough homes in New Jersey for sale, which has driven prices upwards for several years. What’s more, it looks like the trend will continue, at least until new inventory can be brought to market.
Demand for suburban housing will increase: As we get further and further into the pandemic, work-from-home trends appear more sustainable than ever. No longer do employees need to live within close proximity of their workplace. That, in addition to wanting to leave metropolitan areas where the virus continues to spike, should drive more people to consider calling the suburbs their new home. The trend is already happening in every state, and New Jersey isn't the exception. More people will look to leave cities in an attempt to cut costs and wait out the virus with larger living spaces that can't be found in a city apartment.