Coronavirus in NJ Housing Market
Firstly, the Coronavirus disease (COVID-19) has created volatility and uncertainty. Secondly, this is the expected to be the best real estate market in history. How is this unprecedented health crisis impacting people looking to buy or sell a home this Spring?
- How has it lead to an all-time low in interest rates?
- Why are the costs of housing commodities dropping?
- Can real estate activity (i.e. Open Houses and showings) raise virus exposure?
Contact Us Today, to discuss this current market and the opportunity it raises.
With money cheap to borrow, and a Lack of Inventory, it is the Best Time to Sell, with Proper Precautions. Only 16% of Realtors have decreased nationwide decrease in Buyer Demand. With our 87 Step Marketing and Innovation System, we are adding and adapting with Video Tours to make viewing homes easier.
We have been fully trained on the methods to keep your home safe during the times of NJ Coronavirus Real Estate Market pandemic.
John McLain – Team Leader of the McLain Realty Team of RE/MAX 365
Office: 908-923-4538 Cell Phone: 908-878-9356 Call or text 24/7
New Homes Coming to the Housing Market This Year
Firstly, the number of building permits issued for single-family homes is the best indicator of how many newly built homes will begin to come to market over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Construction Report, the number of building permits issued in January was 1,551,000. This is a 9.2% increase from December.
How will this impact buyers?
New inventory means more options. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR),explained how this is good news for the housing market – especially for those looking to buy:
“More construction will mean more housing inventory for consumers in the later months of this year…Spring months could still be quite tough for buyers since it takes time to convert housing starts into actual housing completions.”
How will this impact sellers with New Construction Homes in NJ.
More inventory means more competition. Yun continues to say:
“As trade-up buyers move into these newly completed homes in the near future, their existing homes will be released onto the market.”
Today, because of the tremendous lack of inventory, a seller can potentially anticipate:
- A great sale price on their house as buyers engage in potential bidding wars.
- A quick sale as buyers have little inventory to choose from.
- Fewer hassles as buyers want to smoothly secure a contract.
If you’re considering selling your house, you’ll want to list sooner rather than later. This way, you’ll get ahead of this new competition coming to market and ensure the most attention toward your listing and the best price for your house.