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The Housing Market

July 28, 2020

The Housing Market

As everyone has recently learned clearly, no can predict the future. In this Blog, I can report that the present moment is very strong for real estate in New Jersey. I have experienced a tremendous volume of new transactions over the last 6 weeks. This may be due to the low interest rates, It may be due to people deciding to make moves now because they have time to contemplate their futures. Whatever the reasons. I can report that real estate transactions are strong right now. Specifically, I am seeing a tremendous volume of transactions wherein the sales price is under 1,000,000.00 All of the Realtors, mortgage companies and title companies that I work with are confirming this information.

I provide below some statements from experts in the industry:

1.Mortgage Purchase Originations: Joel Kan, Associate Vice President of Economic and Industry Forecasting, Mortgage Bankers Association

"The recovery in housing is happening faster than expected. We anticipated a drop off in Q3. But, we do not think that's the case anymore. We revised our Q3 numbers higher. Before, we predicted a 2 percent decline in purchase originations in 2020, now we think there will be a 2 percent growth this year.

2.Home Sales: Lawrence Yun, Chief Economist, National Association of Realtors

"Sales completed in May reflect contract signings in March and April-during the strictest times of the pandemic lock down and hence the cyclical low point... Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year." While I am experiencing a tremendous volume of real estate transactions in New Jersey, it appears that things are different in New York City buy/sell transactions and landlord tenant cases are on hold. I do not know how this will affect the future market in New York City or New Jersey.