How the NJ real estate market is faring during the COVID 19 crisis (Opinion)
All is well, if not a little strange in the New Jersey real estate market, according to an article in the Burlington County Times.
Despite the stay-at-home restrictions of the coronavirus pandemic, there are plenty of people who still want and need to buy and sell homes. But it does require a little creativity. The article describes certain techniques that are being used now in light of some of the restrictions in place, like having initial meetings on Zoom or FaceTime and title companies setting up drive-thru tents for signing paperwork.
What's allowing the New Jersey real estate market to thrive is that here, unlike in neighboring Pennsylvania, agents are still allowed to show homes. Again, the process is a little different during the pandemic, with only one agent and one potential client allowed at any showing at one time. And obviously, if you wanna sell your home, you’ll be happy to get out of the way to let a potential buyer in.
Real estate magnate and New Jersey 101.5 sponsor Robert Dekanski has jumped into the virtual showing market, too. In his scenario, people can have the experience of seeing a home in detail without ever having to actually enter it. The pandemic really hasn’t caused too big of a drop in real estate trading, as evidenced by an only 8% decrease in sales since last year. That’s because some people just have to move. A Burlington County real estate agent told the Burlington County Times that “some people have leases that are up or children on the way, and they need a new home, or a home with more space, or both.”
Furthermore, according to the BCT article, what’s really helping to keep the market steady is that so far there hasn’t been panic selling. People really believe that this is a short bump in the road. This positive outlook has stopped people from lowering the prices of their homes. In fact, the article cites a recent news release from the National Association of Realtors reporting that nearly three in four realtors say their clients haven’t reduced listing prices to attract buyers. It seems that people who really want to buy and sell homes have been in a holding pattern. This could make things even more exciting once stay at home restrictions are lifted. This may actually turn out to be a boom real estate season after all.
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