New Jersey home owners now have the real estate market they have always wanted.

In the spring, before the Covid lockdowns, the New Jersey real estate market saw a significant increase in demand earlier than usual. NJ Realtors covering counties within commuting distances from NYC experienced a rise in momentum as early as January 2020. With low supply and demand way up, the NJ housing market 2020 is naturally a very hot seller’s market.

Once the shelter in place was ordered, fear swept the nation and many businesses and services came to a screeching halt. Not real estate. Suddenly, dozens of buyers in NY went from flirting with the idea of moving to NJ to cementing it into a very real and active plan.

Mortgage rates dropped again and this ignited a huge fire in the NJ spring market! Companies and workers began to see the benefit of remote work during the outbreak and many have made it clear the staff will remain working remote indefinitely. The prospect of working from home permanently made people need the one thing NYC can not offer. SPACE!

Understandably, many buyers are expressing concern about the health risks of living in densely packed urban neighborhoods. They fear for their safety as crime in NY has spiked exponentially due to riots and protests. Facing pandemic restrictions, they want land and space and a yard for their children and pets to play.

Travel plans and vacations are being canceled for the near future and buyers are looking for a STAY-cation style home or second home. Current wish lists are likely to include an in ground pool for swimming in a controlled environment instead of community style pools and a dedicated office space to work remotely. Everyone wants a home gym because their gyms are closed. They want a nicer kitchen because they’re cooking now. Many want land, fresh clean air, even if it means being farther away from Manhattan. The desire to bring up children in towns with strong public schools has inspired residents to leave New York City for the suburbs for decades. Now, however, it seems as if city dwellers are escaping and practically fleeing from NY!

“New Yorkers no longer tethered to their Manhattan workplaces are free to move — and those with the means to splurge are seeking big houses, with space for home offices and backyards for socially distant entertaining. Prices at the highest end of the market can be comparable to a three-bedroom apartment in Manhattan.” from

The residential market’s heating up is due to the pandemic shutdown, low interest rates, and people leaving densely populated cities. These three things have coincided in just the past few months, leading to a substantial increase in buyer interest. Both newer and older listings are being snapped up. The homes listed here in Monmouth, Ocean and Middlesex Counties have cars lining the street with NY plates and offers reaching thousands of dollars over the asking price – with many being cash offers!

Across New Jersey, more than 29,700 homes were sold in June and July, an increase of 33 percent over the same period in 2019.

When there are so many buyers for every home that hits the market, comps do not matter! It comes down to what the buyer is willing to pay. Buyers are now often waiving the appraisal legally committing to make up the difference in cash just to win the bid!

In the past, people would say that a property might be too far away from commuting, but not this year – as long as the home has the potential to satisfy their needs. Properties with coveted features include a finished basement, resort style yard and center hall colonials. Currently there is a huge demand for mother-daughter style homes and ranches for those who can not do stairs and have no interest in adult communities because of shared recreational facilities. What we are seeing is that NJ home buyers of all ages want space! Even the less desirable older models such as bilevel and split level styles are selling if they are in decent condition and have the right backyard.

Buyers who are looking to transplant from urban areas are expressing concern that their children lack indoor playing space, study work space for remote learning, and not enough outdoor space to play.

All of this is great for New Jersey home owners! Property values are surging and if you have already been considering selling your home in order to down size, upsize or to accomplish many of the same goals as previously mentioned the New Yorkers, now is the perfect time!

With the interest rates this low, it would be a shame to hesitate and truly be missing a great opportunity to achieve a higher than real value sale right now.

Right now in real estate we are seeing beyond the normal demand. It is buying frenzy! What will buyers be willing to pay for your home? Call me to find out.

What does this mean for buyers?

Should they all throw their hands up and give up? Work with an agent who understands the value of homes and areas you are interested in seeing. There are so many factors which affect the property value. Buyers can achieve a smart purchase with someone who knows the market and can prepare you for what appraisals will actually be. It’s also important to identify when other realtors have wrongly underpriced a home so that you can be confident if the situation calls for you to go ahead and overbid!

Contact me today to discuss how you can position your home sale in the best way to achieve a maximum sale price. I have ideas and can offer what may be the most valuable advise of the year. 2020 may be an unpredictable and scary storm with a crazy political climate but the NJ real estate market is the silver lining. Let’s work together to if relocating is something you want right now.

Buying property in New Jersey could be a good idea for those who are in a good financial situation, despite COVID-19. I can help buyers and sellers achieve the best, stress free outcome and I look forward to working with you.