May 13, 2021
Post-Pandemic Trends in NJ Real Estate
Practice Area: Property | Tag:
It’s safe to say that the Covid-19 pandemic has impacted every area of our lives including our how we work and our buying decisions. The landscape of how we live, socialize, work, and plan for the future has changed. One industry that was hard hit during the pandemic is the real estate industry. That’s why so many eyes are on the housing market and interest rates this spring now that the pandemic has eased in the United States. What is to come for real estate and how will it impact you? Learn the top post-pandemic real estate trends in NJ.
Despite the easing of the impact of the pandemic, the market will remain favorable to sellers. There are simply more people who want to move and buy a home than there are homes on the market. This is especially true in more densely populated areas of NJ where there is less land for new construction. Even new construction has struggled as land prices have skyrocketed and materials supply was greatly impacted by the pandemic. Most experts believe that there will continue to be a shortage of supply in both new construction and existing homes well into 2022.
The government has promised to keep interest rates very low to combat the financial strain that the pandemic has placed on the economy. This is great news for first time home buyers and those who want to refinance.
- Cash Money
With so many buyers and so few homes, cash buyers are surging and finding themselves the darling of the real estate industry. With so much competition you must set yourself apart. Simply put, sellers prefer cash buyers as the challenges that one can find in the mortgage process are virtually eliminated.
- Challenges to Closings
With so much demand and the challenges of virtual meetings, real estate closings can present a few hurdles to sale. The last thing you want as a potential buyer is to have a closing fall-through. Get the support you need from a lawyer who is experienced and able to anticipate your needs and any struggles that may come, getting out in front of them before they occur.
Buying or selling a residence or commercial property? Contact us! We can support you and ensure your closing is successful and as smooth as possible.