Should you jump into the real estate market right now?
If you haven’t heard by now, the real estate market is currently experiencing record-breaking home sales and pushing home values to new heights. As a result of the pent-up demand created when stay-at-home orders and social distancing were implemented in response to COVID-19, the ordinarily busy spring market shifted into the summer months. This boom in market activity is now anticipated to stretch well into the fall season as individuals resume searching for homes and homeowners feel more comfortable showing their homes.
With buyers taking advantage of unprecedented low interest rates, the demand for homes has been on a level we have not seen since before the financial crisis. Low inventory in desirable neighborhoods has magnified this demand, creating bidding wars between homebuyers who are making aggressive offers to buy their picture-perfect home. Some home sellers are even receiving multiple strong offers over their asking price, with incentives like cash-only or no home inspection contingency. This competitive market has created opportunity to attain the highest and best value for what potentially is one of your greatest assets. On the other side, with homebuyers taking advantage of record low interest rates, investing in real estate now can save thousands of dollars over the course of a 30-year loan.
In many areas of Monmouth County, we know city dwellers are venturing away from densely populated areas and house hunting for spacious properties in quiet and more private neighborhoods. As we continue to social distance, these sought-out properties are even more limited by the shore. This has created incredible demand where beach homes are selling or renting rapidly. The investment opportunities are endless, especially for builders who are consistently buying properties to be developed into new construction and custom homes. As these desirable new houses continued to multiply in these beach towns, the demand to live there will drive home values even higher than we’ve ever seen.
If you’ve been waiting for the right time to sell your home or have been saving for that special place to call home, now may be a time like never before to jump into the market. Both sides of the sale are reaping the benefits of this record-breaking market. I’m here to help you navigate your home search or home selling process during this opportune time.