One direct offshoot of the current recession and it’s resulting lag in home sales has been an increase in the number of Bergen County New Jersey homeowners engaging in home renovation projects. For many of these homeowners, more square footage is what is primarily on the minds.
Bergen County Real Estate Boom Years
They bought their home as the market surged, with the full intent of reselling by now for a substantial profit. Then as the real estate market has declined they now face the prospect of living in the home, most likely for some years to come.
Declining Home Values in a Stale Market
Equity vanished while they slept at night and they awoke morning after morning with their home investment being less in value then it was when they went to bed the night before. To sell now would incur a loss.
Bergen County Home Extensions and Remodeling Trends
For many, the only option for increasing the value of their home is by adding square footage with a home extension. Also after all if they are going to be living in the home for a while many are looking to make it a more comfortable home to live in.
Immediately Prior to the Current Recession
Bergen County New Jersey in particular was one are of the country that saw some very heavy speculation in real estate immediately prior to the onset of the current recession. It was driven by record setting increasing home value rates which left many current homeowners over leveraged in the market.
Coming Market Improvements
So for those homeowners with an eye towards re entering the market as soon as the market picks up, remodels and home extensions are the only way that they will be able to do so and still hope function in the black.
By: Marta Dreamheisen
Bergen County: Home to Many Changes – Real Estate News
Many home buyers have opted for luxury Bergen County homes in quiet neighborhoods with good schools, open space and fresh air.
Real Estate Sales Associate – Bergen County, NJ, USA (#jobs)
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Bergen County Home Extensions Increase As Home Sales Slide
Bergen County Home Extensions Increase As Home Sales Slide One direct offshoot of the current recession and it’s resulting lag in home sales has been.
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