Midtown Direct Real Estate News

Public transportation options can affect your home’s value in a big way.For much of the 1980’s though about 2005 people in many suburban areas of New Jersey, have elected to drive further out away from New York City and their jobs in order to find more affordable homes.  This trend is now starting to reverse for many reasons some of which we will touch on here.As families moved further and further into the suburbs and what are now called exurbs (areas more than a 40 or more minute drive from city centers) they found themselves becoming more and more dependent on their cars and a rural road system to get around.  In the early and mid stages of this migration this was not a large problem, because after all gas was cheap and there was the promise from local governments that as the area’s population increased the road systems would be expanded and improved.  Later in the migration to the far outlying suburbs families began to realize that the road systems in their areas were likely never going to be expanded to the point  of being able to keep up with the traffic demands placed on them.  There was the costs involved in expanding those roads as well as the not in my back yard syndrome from families who would then own homes along 4 lane high ways.Starting in late 2005 with gas prices close to $3 a gallon and many of the New Jersey families highly dependent on their gas gulping SUV’s started to feel the pain of living so far out from the many things they need to do in their every day lives.  Not only did these people have to sit in traffic for long periods of time, now in many cases it was costing near $75 every time they filled their gas tanks.  What to do, many of these people thought.The trend now seems to have shifted back to New Jerseys train line towns, & we now find many people starting there search thinking about moving to towns such as Summit New Jersey with it’s prime possiton on the Midtown Direct train line.  Many New Jersey families now seem to be taking into consideration, public transportation options such as train lines and bus lines when they consider what New Jersey towns to buy a home in.   In 2007 it became apparent that something was really up, in many towns along the Midtown Direct train line home prices bucked the state wide averages and did much better.  For example while the average home in New Jersey lost 14% of its value in 2007, in some of the towns along the Midtown Direct train line, the average home price actually went up slightly.  That is a huge difference in performance!!  Many experts agree that the trend of families moving to towns which have great transportation options such at the Midtown Direct train, will continue into the foreseeable future.  This trend will likely help home price appreciation along the Midtown Direct train line well.  In many cases homes likely will appreciate faster in these types of towns then in towns just a few miles away which do not have the same transportation options.  To be sure, there are other factors such as school quality, environmental quality’s, the crime rates, and real estate taxes, in different areas and so forth, that you should consider as well.

When searching for a home, keep the transportation options in mind and likely when it comes time to sell you will have more home equity available to you.

Thinking of buying or selling a home in Northern New Jersey, take a look at Chatham NJ Real Estate to get a idea of what the area around Chatham is like.  You could also take a look at Summit NJ Real Estate or for a little more affordable option take a look at Morristown NJ Real Estate. 

Article written by James Boyer REALTOR, 973-647-0253 Direct. 

Some future looking information in this article is opinion and may not be accurate.