Seven Things You Need to Know About Real Estate in New Jersey

New Jersey residents might be surprised to learn that there are many positive aspects about the state's real estate market. Currently, the New Jersey real estate market offers many opportunities, evidenced by increasing affordability rates and a high inventory of homes for sale. Read the seven key facts about New Jersey real estate buyers and sellers should consider when thinking about a real estate transaction.

NJAR^® is encouraging New Jersey residents to Get the REAL Story^SM on real estate in New Jersey with a public education campaign that features an informational website, www.REALstoryNJ.com, designed to assist potential buyers and sellers in learning about New Jersey's real estate market.

Federal Reserve Maintains Rate, Housing Data Released

The Federal Open Market Committee of the Federal Reserve System voted on June 25, 2008 to keep its target interest rate for federal funds at 2 percent. The committee considered the rising energy costs and soft housing market in voting to keep the rate at its historically low mark.

In related news, the NATIONAL ASSOCIATION OF REALTORS^® (NAR) released its existing home sales report for May 2008. According to NAR, existing-home sales increased nationally from April to May with buyers responding to lower home prices.

NJAR^® Addressing Insurance Issues

As the leading advocate for homeownership and the real estate industry in New Jersey, NJAR^® is extremely concerned with the availability and cost of homeowners' insurance here in the state. NJAR^® is eager to work with Governor Jon Corzine, the Legislature and the New Jersey Department of Banking and Insurance (DOBI) to address the potential insurance crisis.

NJAR^® is seeking information on the various factors influencing homeowners' insurance coverage in the state. Any information you can provide would be helpful. If you or your clients are having difficulty either obtaining or affording adequate property insurance, please complete NJAR^®'s Homeowners' Insurance Questionnaire.

NJAR^® Launches Public Education Campaign

NJAR^® launched a public education campaign on June 16 to highlight the opportunities in New Jersey's real estate market. The campaign features the theme, "Get the REAL Story" on real estate in New Jersey, and is intended to present an accurate picture of New Jersey's real estate market, while spotlighting the many positive aspects of the current climate for consumers.

The "Get the REAL Story" public education campaign will be delivered through a variety of media, including print, radio and Internet. In addition, REALTORS^® throughout the state will be provided with information, tools and resources to assist the home buying and home selling public in making sound decisions and aiding them in understanding their local markets.

The cornerstone of the campaign is a consumer website - www.REALstoryNJ.com - which offers national, statewide and localized housing statistics, as well as resources for both sellers and buyers. In addition, the site provides links that enable users to search for a REALTOR^®, along with access to an abundance of information on how a REALTOR^® can help either a buyer or a seller to maximize their success in a real estate transaction.

New Ways to Connect with NJAR^®

NJAR^® has added new initiatives to our website that will enable NJAR^® to connect to its members through a variety of different means. Members can now get NJAR^® news and updates through methods that fit their lifestyles. We've added podcasts; RSS feeds of the Week in Review, press releases, and njar.com updates; and a brand new What's News feature that compiles the most important real estate and allied articles into one place each business day.

Members of the public and media can subscribe to receive NJAR^® press releases through an RSS feed.

NJAR^® has also expanded its web presence into popular social networking sites, such as LinkedIn and Facebook. Get more details about each of these new initiatives at www.njar.com/connect.html.