The Philadelphia Metro and South Jersey Real Estate Market is HOT. After a decline in real estate sales during the early days of COVID, the region experienced the 10th largest increase in buyer demand among the most populous metropolitan areas in the US. Also, the New Jersey market saw an 11.6% increase in selling price, according to New Jersey Realtors, an industry group.1
Since inventory remains tight, with older homeowners delaying their listings until next year, it is becoming a buyers’ market.1
According to several realtors, current buyers are more serious and make decisions much quicker. For example, in April, 18% of houses in the Philadelphia metropolitan area sold within two weeks of listing while in June, 45% of houses sold within two weeks. 2
Technology and Trends
Due to the restrictions and safety concerns of COVID, we’re seeing realtors use social media and other technology as a way of reaching buyers. Facebook Live and virtual tours have become the best way to reach potential buyers in a safe environment. Open houses, which tend to attract non-buyers or nosey neighbors, are a thing of the past. Another trend real estate professionals are seeing is more people are leaving the cities moving to suburban locations where they have more space and backyards.
Is it still a good time to buy?
Another factor to consider is Interest Rates and right now they are so low. According to Bankrate.com, the average percentage rate for a single-family home in NJ is 3.2% and 2.9% in PA. Actual percentage rates differ based on credit rating, how much money you put down, and whether it is a primary residence. With interest rates being low as they are, and the stock market is unpredictable, real estate can still be considered a sound investment. 1
If you are interested in buying or selling a home in New Jersey or Pennsylvania, the Tom Healy team can provide you with a free market evaluation and help you get started in real estate process. Call 856-906-7313 or email healysellshomes@gmail.com
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