The constant engine of growth in the communities across Essex County New Jersey is the real estate industry. Many may not be aware of how the major influences of residential housing and commercial real estate drive the economic strategy of our communities. They may not realize what a vital part real estate sales of housing and leasing of commercial property plays in the strength of the financial foundations of our towns and cities, rural and urban.
From mid-March, since the lockdown concerning the coronavirus pandemic began, until now as we move into the summer season, most experts agreed the housing market would tumble along with the stock market. In fact, it is the housing market that is providing the stable ground from which we can see a way to rebuild. Your local marketing specialist is watching the data, and noticed we've seen gains of 8.7% here in the northeast corner of the country! This is unexpectedly strong housing data that should please us all, as it indicates hope for a strong rebound across our Essex County communities.
Measuring housing-market affordability is one of the many comparisons we make to peer into where the market is likely heading. To put it more succinctly, where the housing market is leading our economy can usually be predicted by affordability, which inspires purchases. While home prices may be down from where they were in a previous month, but up compared to the same time period the previous year, those trends affect current buying and selling habits.
Like any market, real estate is balanced by supply and demand which determines whether a seller or buyer market exists. This is an unusual market, in that inventory remains far below the standard 6 month supply preferred, prices remain stable or ticking up slightly month over month, buyer demand is very high and historically low mortgage interest rates are positively affecting affordability. What does all this mean?
These conditions are a reflection of how many buyers and sellers there are, rather than the strength or weakness of the overall economy. Sellers in this market are realizing favorable equity gains at time of sale. Buyers who win out over the competition are enjoying lower monthly payments thanks to the interest rates.
Put in the simplest terms - THIS IS AN UNPRECEDENTED MARKET OFFERING EXCELLENT OPPORTUNITY FOR BUYER AND SELLER!
Discover how much your home sale could net you, or search the homes available for sale: https://njrealestatehomesearch.com