PISCATAWAY, NJ — Despite the downturn of many businesses over the last few months as a result of COVID-19, the real estate market in Piscataway and surrounding towns has been heating up. Except for a few slow weeks when stay-at-home orders went into effect in mid-March, local realtors are reporting sizable increases in sales.
“When COVID broke in earnest, sales were flat for six weeks, and due to health concerns, sellers took homes off the market, and buyers stopped looking,” said Ed Nugent, broker and owner of Red Door Real Estate with offices in Piscataway and Monroe Township.
“However, when May arrived, buyers returned in droves, ‘face masks and all’ to capitalize on historically low interest rates,” Nugent added.
Nugent went on to explain how home sellers were a bit more reluctant, which created a huge disparity in supply and demand. He noted that by mid-May sellers began returning, but buyer demand skyrocketed even more.
“In addition to low interest rates the desire for homeownership and the exodus from New York City further fueled the already inflated buyer pool,” said Nugent.
“The buyers I have assisted came to Piscataway for its diverse community, prime centralized location, houses of worship/cultural centers and Rutgers University. Most of the sellers are retiring to Delaware, the Carolinas and Florida.
“The market has continued to surge. Properly marketed homes are getting 10 offers or more and buyers are more than happy with the low monthly payments.
“Today, more buyers are entering the market every day, and there are fewer homes available every day.
“I am busier than ever as buyers need to stand out in an overwhelming crowd and sellers realize the importance of a customized strategy to maximize the abundance of opportunities.”
Nugent expects the real estate market to continue its upward pattern and lead the economic recovery.
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