Jersey City Market Report for Q1 2020
April 17, 2020 | Dwell JC
Market results for Q1 2020 are in and they indicate that real estate was off to a very strong start this year. Especially sales of 1-family homes in Downtown Jersey City, which was up 14% over last year! As you may suspect, the pandemic has impacted both supply and demand. However, with supply and demand both low and mortgage rates at all-time lows, we expect real estate prices to hold steady as we move through Q2.
Selling your home during the pandemic?
Every day people have a need to buy and sell homes. That doesn’t stop during a pandemic. So, if you are in a position where you need to sell your home, you may be thinking that the timing isn’t on your side. But believe it or not, we are still in a seller’s market. As the potential number of buyers has dropped, we have also seen the supply of available properties drop as folks pull their listings from the market.
Rest assured, with technology on your side and fewer sellers on the market, we can list your house and sell it safely and effectively, especially when following the current COVID-19 guidelines set forth by the National Association of Realtors (NAR) and the Centers for Disease Control and Prevention (CDC) for in person showings. At Sawyer Smith Residential we have also shifted our approach to marketing and selling your home with online videos, and virtual showings. Many appraisers and home inspectors can also do virtual inspections and banks have shifted to virtual closings.
Here’s the other thing – people are spending a lot of time on the Internet right now, given the stay-at-home orders implemented across the country. Buyers are actively looking at homes for sale online. Some of them are reaching out to real estate professionals for virtual tours and getting ready to make offers. Homes are being sold in many markets.
There Is Less Competition Right Now
A recent survey by NAR indicated that 56% of members said sellers are removing their homes from the market right now. Our local market is no exception and supply is down significantly. This can definitely work in your favor. If other sellers are removing their listings, your home has a better chance of rising to the top of a buyer’s search list and being seen especially if it is priced competitively or has a unique feature.
This year, we expect that delayed listings from the usually busy spring season will push into the summer months, so more competition will be coming to the market as the pandemic passes. Getting ahead of that wave now might be your best bet.
Homes are still being bought and sold in the midst of this pandemic. If you need to sell your house and would like to know the current status in your local market, we can help you create a safe and effective plan that works for you.