It is hard to overestimate the effects that the current health crisis has on American life across virtually every conceivable spectrum.
We have noted some of the various ramifications linked with the pandemic in prior select posts (a March 23 blog entry discussing divorce during the COVID-19 outbreak is one representative post, for example).
Today we spotlight residential real estate activity across New Jersey, specifically the reality that has played out over the past several months and seems likely to emerge going forward during 2020.
The bottom line concerning the residential realty market seems to be marked by a bend-but-don’t-break dimension. Challenges exist for both buyers and sellers, but opportunity is apparent, as well.
Take this bit of relevant data concerning Middlesex County, for instance. Despite somewhat dampened transactional numbers compared with the same measuring period during previous years, 2020 thus far has still managed to yield many hundreds of listings and closed sales.
And that outcome has been matched in other parts of the state as well. A recent online overview notes that, “Although the coronavirus may have complicated the search for a new home this spring, there was still plenty of action in the real-estate market.”
In fact, transactional opportunity is flatly buoyed currently, at least for many sellers. Reports on the residential market now routinely emphasize listed homes commanding multiple offers from buyers and premium prices. On the flip side, many purchasers are attracted by falling interest rates that are already the lowest they have been in years.
Prospective buyers and sellers might reasonably have questions concerning the present real estate market and specific transactional opportunities. They can turn to a proven real estate attorney for information and tailored representation.