September 14, 2020 —
If you’re like many of us, you have put certain things on hold after the events of last March. Homeowners, in particular, who had planned to sell a home in the spring market were understandably cautious. In addition to waiting to learn more about preventing spread of COVID-19, they waited to see how the real estate and financial markets would unfold.
The good news is that positive local employment statistics and recovering financial markets have enabled many urban home buyers to purchase homes in the suburbs. In addition, safety measures that include wearing masks, avoiding or sterilizing common-touch surfaces, and social distancing have made in-person showings safe for sellers, buyers, and realtors.
Recent Real Estate Facts Suggest Favorable Fall Predictions
Despite dire predictions and a brief 3-week March-into-early-April lull in the real estate market, spring and summer 2020 have ended up being exceptionally busy. In New Jersey towns located along the midtown direct train line, home sales have been extraordinarily active compared with previous spring and summer real estate markets.
According to Kiplinger’s August 28, 2020, Real Estate Forecast:
- Existing home sales surged to 24.7 percent in July 2020
- Existing home sales are up a total 8.7 percent compared with a year ago,
with sharp increases
across all regions - New home sales have surpassed prerecession levels and are now
at their highest (13.9 percent)
since 2006 - Housing starts rose 22.6 percent in July, with total housing starts up 23.4 percent
compared with a year ago- Sales of not-yet-constructed homes account for 29 percent
of total new homes sales
(up from 25 percent in June)
- Sales of not-yet-constructed homes account for 29 percent
of total new homes sales
Thinking about listing your home? Now may be the perfect time!
If you have been waiting to sell your home, this may be the best time to list it. Kiplinger’s data suggest that low housing inventory, ever-increasing demand from home buyers, and low mortgage rates have created a robust seller’s market.
In what is the busiest real estate market I have experienced since 2005, sellers are enjoying quick sales at or above asking price. Data suggest this trend will continue through fall 2020, and into the spring / summer 2021 market.
Buyers from urban areas are as eager as ever
to tuck into a home in the suburbs this fall.
Upsizers and Downsizers Can Capitalize on the Fall Real Estate Market
Current real estate (minimal) supply and (great) demand means homeowners who have considered leveraging equity for a bigger home are in a favorable position. On the other hand, downsizers who wish to simplify their lifestyles also are well-positioned to achieve their goals.
With few homes for sale this fall, sellers are benefiting
from selling their homes
in record time at record prices.
— National Association of Realtors
Chief Economist Lawrence Yun
Recent stay-at-home trends mean buyers want options that allow them to work from home while still being near the benefits to which they are accustomed. For this reason, local home values today are especially dependent on accessibility to New York City, outstanding schools, and a wide range of community activities and offerings.
Chatham and its surrounding New Jersey hipsturbias
offer everything home buyers want!
In addition to more space inside and outside their homes, today’s home buyers want:
- A sound real estate investment
- Great public and private schools whether or not they have children as a good school system helps stabilize and enhance real estate investments
- Easy access to NYC by train, bus, or car
- Beautiful neighborhoods
- Walkable town centers with a wide range of amenities, including:
- Fine and casual dining
- Upscale shopping in and near town
- Public and private health, fitness, swim, tennis, and golf clubs
- Community, cultural, and educational events and resources for people of all ages, including:
- Seasonal farmers’ markets
- Sports teams for swimming, soccer, and field hockey
- Music, ballet, and other performances
- Activities for children and adolescents
- Local Memorial Day and July Fourth celebrations and parades
- Lectures and options for continuing education
- Dog shows
- Volunteer opportunities
- Access to outstanding health care
- Atlantic Health System
- Summit Medical Group
- Access to great outdoor activities for walking, hiking, cycling, canoeing,
and horseback riding:- Reeves Reed Arboretum
- Cora Hartshorn Arboretum and Bird Sanctuary
- Loantaka Brook Reservation
- Morristown National Historic Park at Jockey Hollow
- Lewis Morris County Park
- Hacklebarney State Park
- Delaware Water Gap
If your current home doesn’t meet your needs, let’s talk. I can tell you what your home is worth and guide you to options that will better satisfy your goals. In addition to your fine home, Chatham, Madison, Summit, Morristown, and surrounding towns offer an extraordinary lifestyle for people who love urban amenities mixed with the tranquility and conveniences of suburban living.
If you want to purchase a home in Chatham or in one of our neighboring towns, I will gladly arrange in-person or virtual showings that allow you to explore the choices. I also will keep you abreast of homes as they become available.
As a life-long resident of Chatham, I can answer questions you may have about the area. Click here to read about the areas I serve.
Call or email me today
at 201-532-0788
maryweichert@weichert.com.
