“Spring has historically been the busiest buying season, but as competition for homes heats up across the country, January is the new April”
?Well that was the sentiment back in January?but by the looks of things in Bergen County NJ real estate market, spring will be a ?little late? this year.
We know that infections will most likely peak in April, so if the economy will re-open by late May then we can expect June, July, August to be the new Spring season of 2020.
With interest rates being very low we can expect the pent-up activity of buyers wanting to take advantage of these low rates. That being said, many sellers though have either taken their properties off the market – not wanting people go through their homes right now ? or are just waiting for the market to re-open and then list their home for sale. That results in lower than usual inventory however, prices, for the most part, remain stable.
Some activity nevertheless is going on, especially in two categories;
- New construction – this is still very much in demand and buyers from Manhattan start the search using virtual tours and then come out in person and place offers.
- Homes selling for under 1 Million
Everything else is pretty much on hold right now.
We have temporarily reinvented the sales process to allow the first 60 days of the sales process to happen, without ANY party ever entering the home during this COVID-19 when waiting may not be an option.
It is important to note that this process will not be fit for every buyer and seller. This process is meant for sellers who are already listed or do not have the ability to wait until restrictions are lifted in order to sell their property along with buyers who would like the confidence of securing a property in anticipation of a quick closing once physical real estate processes may resume.