Market indicators are pointing towards a busy summer in the local real estate market. Over the past few weeks I have been in touch with investors on Wall Street, participated in a webinar with Business Insider and had conversations with mortgage lenders. There has been a common theme across all platforms and it is buyers looking to make moves into the suburbs.
Consider the following:
- There are homeowners in 2 or 3 BR homes who now are both working from home, have students doing remote learning or children home from closed daycares and have realized a need for a larger home.
- There has been a significant increase in buyers (see google trends graph) searching on homes for sale in NJ
- Homes going under contract (in the local market) have gone up for three straight weeks.
- After a low the week of March 30, the number of homes listed has increased for five straight weeks and last week, more homes were listed for sale than the week of March 2 before self-quarantine and in the vibrant (at the time) spring market.
- With many employers extending work from home practices, there is a shifting dynamic in home size needs and location.
- Mortgage companies are seeing a significant increase in new buyer pre-approvals
I am also seeing an increase in buyer inquiries. This is a very fluid real estate market and it is rebounding from COVID-19 at a very fast pace. Whether you are a buyer or seller, now is the time to reach out to me so I can learn about your real estate goals and how I can help you achieve them in this evolving market. You can contact me at 908-868-4800 or firstname.lastname@example.org.
Stay safe my friends. Joe Eberle