LITTLE FALLS, NJ -- Louis Pennacchio of Keller Williams Realty Metropolitan in Morristown, NJ, spoke with Executive Producer Brian Brodeur about the current booming real estate market in northern New Jersey this summer.
Pennacchio joined Brodeur at East Main Media Studios’ facility in Little Falls, NJ, which has been recently reconfigured to accommodate safe and socially distant production in light of the COVID-19 pandemic.
Pennacchio notes that the current real estate market is one of the busiest he’s ever seen. There was already a shortage of inventory for the past 10-12 years, with consistently low interest rates and high prices. When the pandemic hit New Jersey in March, at first there was no movement for several months, and as business began to rebound in the summer, the market exploded with demand.
Doing business during the pandemic has sometimes been challenging for all parties. “It’s hard enough to buy a house,” Pennacchio said. “You have that stress any given time,” he said, “then you add in all of this and it makes it that much more stressful for everyone.”
With the pandemic, it takes twice as long to prepare for open houses and even just showing a property. He carries a full range of PPE with him at all meetings--certainly masks, but also booties, gloves, disinfectant, hand sanitizer and wipes. “Whatever the client wants to feel safe and comfortable,” Pennacchio said.
Some realtors have been resistant to technology, but Pennacchio said, “I see it as an enhancement.” Especially during the pandemic, the Internet has been indispensable. “I did my first virtual tour of a listing,” he said, “it was a huge Internet hit.”
Ultimately, “you can’t replace the knowledge that the realtor has about the business itself and how to get things done,” Pennacchio said. “I haven’t seen technology do that yet.”
To contact Pennacchio and see currently listed on the market, visit: pennhomes.kw.com.