Heating up or cooling down?
Guess which of those two temperature gauges applies to the New Jersey residential real estate sphere?
You’re correct if you picked the former choice. In fact, perhaps an optimal term to describe the present state of the residential market is “scorching.”
And industry insiders assert that the growing-hotter trend recently evidenced is not about to be a short-term development. Their collective view underscores that New Jersey home buyers and sellers are going to experience a frenetic pace of activity well into the upcoming autumn months.
Why is that?
One commentator points prominently at the following three factors, which have coincided in recent months to buoy the market and likely render it strongly positive going forward:
- Repercussions flowing from the current health crisis
- Plummeting interest rates
- Growing desire of people to move away from dense urban areas
What the COVID-19 scourge has done is this: essentially eliminate the traditionally high volume of home transaction that occur during the spring months. That has led to increasingly pent-up demand that is now driving home sales at a time when they are typically dampened.
The interest rate effect is obvious. Borrowing costs for buyers have notably plummeted. For many would-be purchasers, that means that the time to spring on a home is now.
And then there’s this: Homes for sale across wide pockets of New Jersey are within doable commuting distances from nearby larger and pricier urban enclaves. That makes them ultra-attractive to legions of individuals and families.
Parties interested in either buying or selling a home in New Jersey might reasonably want to contact an experienced real estate attorney for guidance and proven representation.