Lots of things going on in the world right now. Ups and downs, strikes and gutters. News headlines flashing all over the place. It’s quite a chaotic time in history to live if you want to move somewhere. So, what is one to do? Make a move? Wait till later?
First you have to figure out if it’s the safest thing to do from a financial perspective. Then there’s still the health perspective to consider.
From the health perspective:
- We (as Real Estate Agents) have been working through the COVID-19 pandemic long enough to have adapted safety measures that help to keep everyone as safe as possible. That means we make sure that the buyers that want to view your home are taking safety precautions, as well as helping you with safety precautions as you go look at homes yourself.
From the financial perspective:
- Interest rates are still at historic lows… Meaning the monthly payment on your next home will be less expensive than it probably would be if you waited until the future. Taking advantage now ensures that you’ll be left with more money every month to do other stuff! (or maybe save it for the future!! hahah)
- Prices are still increasing, meaning you still can be in a fantastic equity position on your current home (Once you sell, that is money that you can use to get another home that has even more of what you want).
- Other home sellers are still sitting on the sidelines, which is decreasing inventory (probably because they’re reading the wrong headlines. That’s OK because it gives YOU less competition).
- Buyers are STILL buying homes! Check out the chart for proof!
How the heck can prices be up even with all the damage that is being inflicted upon the economy? It’s because of inventory. We had historically low levels of inventory in the Real Estate market coming into the Coronavirus pandemic. With even more sellers now deciding to wait it out, that means even less homes for buyers to pick from.
How does all this translate to your equity? It’s simple supply and demand: when buyers have less homes to choose from, the prices of the existing homes have to go up.
The chart above shows how much buying activity has increased in the last four weeks. This isn’t just statistics. I’m also noticing it myself with the clients I’m working with. And in the conversations I’m having with other agents, they’re saying the same thing!
It’s important to note that the numbers above are for the nation, but the phenomenon is also happening in New Jersey… INCLUDING Hunterdon County and Somerset County.
So, the short story is this: If you have somewhere else you want to be, then you might want to strike NOW, because the iron is still hot!!! It’s an unexpected situation that none of us would have predicted if asked 6 or 7 weeks ago.
If you or someone you know is thinking about making a move, please let me know. I’d love to help in any way I can. Call me today!!!
