Q: What Effects Did COVID Have on Our Market?
Here’s how COVID has changed how real estate operates in today’s market.
There have been several changes in the real estate world since COVID hit, and today I’ll go over a few of them with you:
1. Buyers’ needs have changed. Many buyers today are looking for multi-acre lots and country-like settings. Swimming pools have gone up in popularity over the years, but since COVID, they’re more popular than ever. With so many people working remotely, buyers want more square footage for a home office.
2. We have a strong seller’s market in the suburbs. Many homeowners are leaving big cities like NYC and LA to come to places like Monmouth County, which has made many suburban areas throughout the country strong seller’s markets. There are several homes out there that wouldn’t have gotten the type of attention and activity that they have this year without the pandemic.
“If a buyer is out looking for homes right now, they’re serious.“
3. Buyers are willing to make more concessions. Due to our extremely low inventory, dated kitchens and bathrooms are no longer deal-breakers. Buyers are willing to do renovations on a home in exchange for more square footage and outdoor amenities.
4. Deals are being driven by emotion. In the past, they were more businesslike. The reason for this is that there simply aren’t many options for buyers, they’re rushing to get offers in, and it’s a very competitive marketplace.
5. Buyers and sellers are more serious. In the past, more buyers were browsers and looky-loos. With the health concerns COVID has brought on, both buyers and sellers are more serious. If a seller is going to put their home on the market, they’re serious. If a buyer is going to go out and buy right now, they’re serious, too.
I also have a quick market update for you for Monmouth County. Residential real estate is booming, and these are the statistics you should know right now:
- The average days on market is 48
- The average sale price in Manalapan and Freehold is on the rise
- The average price in Colts Neck increased by over $100,000 in one year
If you have any questions for me about the Monmouth County real estate market or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.