We’re starting to see some strong data coming out of the last two months of the real estate market.
The first piece standing out to me is that 87% of home sellers are concerned their homes won’t sell during the current state of the pandemic.
And yet, 370,000 homes sold in New Jersey during the month of June, and I’ve unfortunately had buyers come up on the short end of multiple-offer situations.
I get it. The fears and concerns around selling are still understandable, but if you can get over that hump, you stand to benefit in what is certainly a seller’s market on steroids.
You’ve heard this one before: supply is low, and demand is high. This has more or less been the name of the game for the past two years, but the recent pandemic has put an added emphasis on this. According to Realtor Magazine, 30% of people living in urban or city areas anticipate making a home purchase in rural areas before the end of the year.
Now take that and top it off with some of the lowest mortgage rates we’ve ever seen, and I can absolutely guarantee you that buyers are there. In not so many words, all you really need is to trust the numbers, and I will do the rest.
As more and more people work from home, space and size is becoming a factor in home-buying decisions. After all, more people are moving away from crowded cities, and the expectation is that home is not only where the heart is, but also where the office is. What was once considered “cozy” and “enough” now has buyers thinking twice about the living conditions and how they can maximize their space to benefit this new-found requirement.
And you know the one thing that is most surprising to me? According to the latest polls and data, many new home builders believe moving the office space to the home is going to be the death of the open floor plan. More and more prospective homebuyers are valuing the idea of walls separating the living area, and closed doors to lock in on that latest Zoom meeting.