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Clifton, NJ real estate attorney Peter G. Aziz talks about where he sees the real estate market in New Jersey going. He notes that the real estate market has been exceptionally strong over the past several years. In his experience, he rarely encounters someone who purchased a property 20 years ago and regrets it. He advises that, for the most part, there is no such thing as overpaying for real estate; it may simply require holding the property longer, particularly when it is a primary residence, which also serves as a tax shelter. He anticipates that real estate values will continue to rise in the foreseeable future. Even if there is a temporary decline, it generally does not impact most homeowners, as first-time buyers typically remain in their homes for at least five years, a period over which real estate trends tend to stabilize. Overall, he sees the market continuing on an upward trajectory.
