A Little History
Beginning around 2001, different New Jersey banks have expanded, and now continue to expand into the New York City region. TD Bank, as it is today, is the result of a bank merger in which co-headquarters were placed in Cherry Hill, NJ and Portland, ME.
Companies tend to travel where advantageous opportunities are more numerous. 2007 brought a real estate bust followed by recession, which motivated more banks to follow suit with such moves.
How This Affects New Jersey Real Estate
Banks greatly impact the real estate market by offering loans for commercial and residential real estate opportunities. There is slow recovery in New Jersey due to this focus in Manhattan: another example of how New York City benefits from its proximity to the Garden State, often at New Jersey’s expense. Not quite a symbiotic relationship between the regions.
Funding drives any economic market. Without these loans, regions of New Jersey may have trouble with renovating and building projects. Architecture without aesthetic appeal will repel perspective buyers. More individuals will be tempted to move to an area that appears to be in good shape: homes are sold more often in neighborhoods lacking the run-down quality that can occur without economic help.
What Can Be Done to Speed the Real Estate Market Recovery in New Jersey?
Real estate brokers have ties to bankers due to the nature of the real estate market. New Jersey brokers need to use such connections and bring some focus back to the Garden State. Without funds provided by banks, fewer projects can promote interest to the region.
It may be difficult to sway companies to return attention if prospects do not seem advantageous. How can communities draw banks back in? Society has to show efforts towards improvement, so bankers will see how invested individuals are in specific projects. Such projects may be able to get the necessary loans for funding the task to completion.
How Else Do Banks Impact a Neighborhood?
As unfortunate as it might be, today’s society depends upon money to function. Banking provides an easy and efficient method of keeping the economy running smoothly. People have a safe place to keep money, and can borrow money when it is necessary. For example, if somebody is attempting to buy a house, he/she may need to take out a mortgage. It is a system based partially on trust, and communities benefit from these interactions. A bank should be in a convenient area within communities to provide the greatest comfort to inhabitants. It keeps frustration levels down and provides a boost to overall quality of life in a region.
