North Jersey Market Update
Happy New Year! We all have the same hope for 2021: a healthy year and the ability to find our way back to our “normal” operating procedures…
As many of you know, the real estate market in 2020 was extremely busy. Prices went through the roof in many locations and continue to do so. In past years, we would be waiting for the “Spring Market” to begin in short order. In this year, there is no seasonality at all. The vibrant activity that we saw in 2020 is just continuing uninterrupted. As you can see from the local statistics below, the inventory is really at an all-time-low. This fact combined with the number of active buyers who continue to be currently looking for a home is a recipe for a continuation of multiple offers which often go a great deal over the asking price.
Overall, we are seeing 2-3 times the number of buyers out in the marketplace than is the norm. Covid has clearly accelerated the level of interest in moving to the suburbs for more space. Interest rates are at very low levels thus has added fuel to this trend which is expected to continue thru 2021.
If you are considering a sale, please contact us to get a plan in place. We can help you to prepare your home and give you an idea of a realistic listing price.
If you are a buyer, we often hear about properties before they hit the market so please be in touch and let us know what you are looking for.