It’s been a wild year in the real estate market. The coronavirus changed what buyers are looking for, with many of us shifting to work from home.
The demand for space supercharged North Jersey housing sales as people flocked from cramped city apartments to the (relatively) wide-open ‘burbs. Low interest rates and low inventory – who wants strangers walking through your home in a pandemic? – added to the frenzy.
It’s a seller’s market, with open houses mobbed and bidding wars in full force. Homeowners can count on multiple offers, with cash buyers waiting in the wings.
With vaccinations in place and the world reopening, more homes are expected to come on the market for sale. Yet there is still a pent up demand, with competition fierce for properties in good condition.
To keep you up to date, here’s a compilation of our recent real estate coverage. It’ll be updated throughout the summer, as the market is ever changing.
What to know if you’re buying or selling
Where home prices are soaring: Market data shows some of the biggest increases in western areas like Morris and Sussex counties. With remote offices and hybrid work schedules more of an option, a longer commute is no longer a turnoff for some buyers.
Looking to buy a house? North Jersey may soon see more properties on the market. The lifting of pandemic restrictions means sellers are more comfortable with listing their homes. This subscriber-only story follows one couple who were finally enticed to sell – with a starting price of almost $1 million.
Tales of the spring real estate frenzy: Cash offers, bidding wars, foregone inspections. When it comes to winning a bidding war, cash is king. “There’s no room for negotiations,” one shopper told us. “You have to be willing to pull the trigger right away.”
Buyers are wooing sellers with ‘love letters.’ But are they legal? Realtors are taking a closer look at the practice, worried that the missives will convince owners to sell to people like them – and run afoul of fair housing laws.
What does $600k gets you in North Jersey’s overheated real estate market? Our reporter shopped four counties to find out. I was a buyer too! Here’s what worked for me.
Bidding $130k over asking: Why the housing market is red hot in 2021. A tiny home in Parsippany received 31 offers. Here’s a subscriber-only look at factors driving the demand.
This Alpine mansion at $3.7 million showcases a real estate market for the rich. Big is back in vogue. The pandemic has prompted would-be home buyers to seek luxurious details in their abodes if they have the means. This story is for subscribers.
How the pandemic could change the direction of housing development in North Jersey. A tour for subscribers though the post-pandemic condo and apartment market, where builders are offering bigger units, shared workspace, touchless entries and other perks. This story is for subscribers.
Why these 10 towns are the hottest in NJ. These were the most popular towns for home sales in New Jersey last year. The list may surprise you.
Living and renovating
In the New York suburbs, “home for the holidays” took on a new meaning for a new crop of arrivals. As the coronavirus took hold, families asked themselves: Is it time to flee to the suburbs or somewhere even more remote? This story is for subscribers.
Want a hot tub? You’ll have to wait, say NJ retailers slammed by demand. Hot tub and pool sales soared as owners stuck at home looked for new diversions.
Why retro pink bathrooms are popular in North Jersey. More than 70 years after pink bathrooms appeared on the scene, they are in vogue again. And North Jersey has plenty of them.
Original Article Appeared at : Source