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Local Real Estate Sales and 2021 Predictions Remain Favorable

October 5, 2020 —

Recent Surveys Highlight Urbanites’ Unhappiness

According to a recent report, almost half of New York City’s top earners — those bringing in 6 or more figures — have considered or are leaving the city as a result of the coronavirus. The Siena College Research Institute and Manhattan Institute reports cite residents’ concerns about living costs, complex issues with local government, safety, and reduced quality of life as reasons for moving from the Big Apple.

COVID-19 has stolen New York City’s formerly upbeat vibe.

Urban Dwellers Continue Heading to the Suburbs

Based on a survey of 782 New York City residents who earn $100,000 or more a year, the report suggests that 53 percent of respondents have been and are consistently working from home. Furthermore, sixty five percent of people polled believe that working from home will be the norm for the long term. Another 21 percent of people surveyed report not working at all because they have either retired, been furloughed, or are independently wealthy.

Approximately 7 in 10 New York City survey respondents
the decreased quality of life in the city
will continue for at least another year.

Suburban Living Equals Peace of Mind

When asked, New Yorkers suggest that being less crowded in the suburbs allows freedom of movement for activities of daily living such as grocery shopping and other essential errands.

In the suburbs, you can put a mask on and get on with life!

Working From Home Enhances Lifestyles

Work from home allows many urban residents the flexibility to enhance quality of life. As a result, home sales in vibrant New York City suburban cities and towns such as Chatham, Madison, Morristown, and Summit have skyrocketed. According to the New York Times, for example, home sales in suburbs surrounding the New York City rose 44 percent in July — an extraordinary figure compared with previous years.

Although working from home has been an adjustment for many people,
its benefits include personal flexibility and savings on commuting expenses.

Home buyers flocking to our areas 
seek many amenities that make life in our towns and cities a pleasure, including:

  • The feeling of belonging and contributing to a community
  • Walkable, charming, clean, and safe town centers
  • Outstanding public and private schools
  • Beautiful neighborhoods with well-built homes
  • Upscale and casual restaurants, cafés, pizzerias, and ice cream parlors
  • Shopping in town and at area malls
  • Access to outstanding health care in private practices, large multispecialty practices,
    and award-winning local hospitals
  • Easy access to New York City midtown direct train service
  • Proximity to international airports
  • The opportunity to make a sound investment in a home
  • Access to a wide variety of healthy outdoor activities, including walking, hiking, cycling,
    and horseback riding in beautiful county and national parks

    Some new buyers suggest that moving from urban areas
    has been “a breath of fresh air.”

    In addition to loving their spacious homes and yards,
    buyers new to suburban life are enjoying
    the beauty and friendliness of their communities

    and peace of mind that comes with having more 
open space around them.

    New Jersey suburbs have everything buyers want,
    including outdoor activities for people of all ages.

National Association of Realtors Chief Economist Lawrence Yun
predicts 2021 home sales will be even more vigorous
(an estimated increase of 8 percent to 12 percent) than last year.

Sellers and Buyers Can Score in the Current Real Estate Market

Extraordinarily low interest rates, an abundance of new buyers in our areas, stable local employment rates, and limited housing inventory mean sellers are in a great position to successfully market and sell their homes this fall or early in the spring 2021 market.

On the other hand, home buyers shouldn’t feel discouraged despite low inventory. With professional guidance, there always are options for buyers to make a sound real estate investment in the suburbs.

Call me today at 201-532-0788 
for answers to your questions
about selling or buying a home in our areas.

As a life-long resident of Chatham, NJ, I will answer your questions
and guide you to intelligent decisions about real estate
that can help ensure your success in the short and long term.