Real estate professionals in New Jersey have predicted for months that the currently hot real estate market would cool down as the COVID-19 pandemic gets under control.
The thinking behind this prediction is logical enough. The pandemic resulted in fewer homeowners putting their houses on the market, resulting in a lower inventory of houses, which in turn caused a frenzy among nonetheless willing buyers.
Consequently, prices rose while demand remained high, as buyers were not deterred, due in large part to low interest rates.
Will the fading of the pandemic result in lower prices?
As vaccine rates rise, pandemic fears have lessened, and more homeowners may now be inclined to put their homes on the market. Some would argue that such a boost in inventory could reduce sellers’ leverage. Also, interest rates are nudging back up, so that could spawn some hesitation among would-be buyers. However, the market in New Jersey continues to remain vibrant, presenting once-in-a-generation opportunities for sellers and buyers.
In fact, there is data showing that home prices in many parts of New Jersey are still soaring, even as the pandemic begins to fade. The takeaway: the market can still be characterized as a “sellers’ market,” and demand is still remarkably high. That assertion is confirmed by data from every area of the state. Cities and towns are still seeing solid double-digit price hikes compared to a year ago, with some homes rising by a third or more in value.
Getting proven legal help in a sustained white-hot market
Home buyers and sellers need legal guidance they can depend upon in a real estate market as pulsing and dynamic as the current one. Thousands of individuals and families have for more than 36 years turned with confidence to the law firm of Mariano & Coiro, P.C., for candid guidance and diligent advocacy in real estate matters. The firm’s outstanding legal team frequently represents valued and diverse clients at every stage of a transaction, from the contract review process to closing and post-closing matters.
We welcome contacts to the firm and the opportunity to demonstrate the benefits that informed and effective legal representation can yield in a real estate matter. We offer a FREE & CONFIDENTIAL consultation and can be reached by phone at 732-860-7620 or through our firm’s contact page.