The stars are aligned to make this one of the best times for buying and selling property. One realtor even calls the real estate market in New Jersey the perfect storm. What has been happening around the nation health-wise has actually been good for the market – with low mortgage rates, quick turnarounds in home sales, and multiple bids on properties. The same realtor says his sales have doubled over the past year.
The scenario that is playing out frequently is a home will be listed on a Monday and before the next weekend, it will have received multiple offers — some thousands of dollars over the asking price — and finally sold by the weekend. Many people just don’t get why the market has heated up as it has.
What’s really going on?
There are many factors making the market so strong right now. With more people spending more time at home, and many people pulling their homes off the market for safety’s sake, a backlog of homes created a buying frenzy from March to now. Couple that with some of the lowest interest rates in years, more potential buyers were actually making the decision to purchase and having no issues with getting involved in bidding wars.
Real estate is very cyclical, but no matter what is happening in the market, there will always be transactions on the go. For these to culminate successfully, the acumen of a New Jersey lawyer is necessary. Making sure an offer adheres to all the laws of the state is an absolute necessity.