Surprising survey reveals NJ attitude on real estate market

You can get real estate professionals to talk ad nauseam about New Jersey’s market and where things stand in 2024. But what really matters and what really says most about the future of the market is how consumers feel about it.

Coldwell Banker just released results of a survey they took on regular people’s attitude, perception and goals regarding the Garden State’s home buying market.

Folks were asked questions such as what was now most important to them in looking for a home, where they thought the market would be this year compared to last and whether they could expect financial help from their parents.

Location used to be the biggest factor. Now that’s surrendered to price. People are willing to forego the location they wanted most for a lower, more realistic price. Nearly 60% said price was now the most important thing.

Could that willingness to drop what they wanted most in favor of more affordable homes be the first step in sellers breaking the back of the insane buyer’s market?

It certainly can’t hurt.

SEE ALSO: There may be no NJ beach bar at Hard Rock this summer

Where is the market going this year compared to last? There doesn’t seem to be a consensus: 25% say it will get better, 24% believe it will get worse and 41% think it will stay pretty much the same.

Living in their parents' basement

When asked if parents were able to help them financially, most young people said that wasn’t happening. Nearly 77% said they received no financial help in buying a first home nor did they expect any.

On the parents’ end of things, the Coldwell Banker report shows only 15% said they had given money to their children to acquire a first home; 38% said they would consider it but have not; and 26% say they have not and would not. The remaining percentage didn’t have children.

Where the help in New Jersey is coming from is largely in the form of allowing children to live at home for free or paying very little rent in order to save up money for their own home. And with how ungodly expensive New Jersey has become, there should be zero shame in that.

Read more about the report here.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.

Report a correction 👈