New Jersey homeowners now have the lottery ticket they have always wanted. 

The real estate market is no longer a situation where recent comparable sold homes determine its value. This is not at all what I am seeing. 

Prior to the COVID 19 uncertainty and shelter in place, I was seeing a significant increase in demand much earlier than Spring. 

As an active NJ Realtor covering 3 counties all commuting distances for NYC, I had quite a bit of momentum as early as January 2020. This was double the business I was seeing in the previous year. 

Once the shelter in place was ordered, fear swept the nation and everything came to a screeching halt. 

Not for me. I have constant direct contact to the thinking of dozens of buyers in NY who went from flirting with the idea of moving to NJ to cementing it into a very real and active plan. 

Once the mortgage rates dropped again, this ignited the biggest fire NJ has ever seen in the history spring markets! 

With many companies and workers comfortable with remote work during the outbreak, it seems many will remain working remote, this made people need the one thing NYC can not offer. SPACE!!  

For now, many buyers are routinely expressing concern about the health risks of living in densely packed urban neighborhoods. Many have also expressed fear for their safety as crime in NY has spiked exponentially due to riots and protests. Facing pandemic restrictions, they want land and space, a yard for their children to play. 

Buyers have told me they plan to cancel vacationing for the near future and are now seeking a STAY-cation style home. Adding their own in-ground pool to their wish list for swimming in a controlled environment as opposed to community-style pools, and a dedicated office space to work remotely. Many want land, effervescent fresh clean air, even if it means being farther away from Manhattan. Now for the first time it is okay! 

Of course, residents have left New York City for the suburbs for decades, especially to bring up children in towns with strong public schools, but what I am seeing right now is as if clients are escaping and almost running for their lives from NY!

75% of the buyers I am seeing here in NJ are New Yorkers. This is dramatic!

The homes I have listed here in Monmouth and Middlesex Counties have cars lining the street with NY plates and offers reaching $50,000. Over the asking price many of which are all-cash offers! 

Across New Jersey, more than 29,700 homes were sold in June and July, an increase of 33 percent over the same period in 2019.

When there are literally over 50 buyers for every home that hits the market, comps do not matter when this happens! It is what the buyer is willing to pay. Buyers are now often waiving the appraisal legally committing to make up the difference in cash just to win the bid! 

Last year, people would say that a property may be too far away from commuting, not this year. So long as the home has the potential to satisfy their needs particularly those with a finished basement, resort-style yard, center hall colonials, huge demand for mother-daughter style homes, and ranches for those who can not do stairs and have no interest in adult communities because of shared recreational facilities. 

Bottom line my clients of all ages want space! Even the less desirable older models such as bilevel and split level styles are selling if they have the right backyard and are in decent condition! 

Repeatedly, my clients have expressed concern that their children lack indoor playing space, study workspace for remote learning, and not enough outdoor space to play. 

This is all very good news for New Jersey homeowners! Property values are surging and if you have already been contemplating selling your homes to either downsize or even upsize to accomplish many of the above goals of new yorkers, now is the perfect time to do so! 

With the interest rates this low, one would truly be missing a great opportunity to achieve a higher than real value sale right now. 

Let me be very clear, right now in real estate, what I am seeing is beyond the normal demand. It is borderline mania and a hysterical buying frenzy! What will buyers be willing to pay for your home? Call me to find out. 

What does this mean for buyers? Should they all throw their hands up and give up? On the flip side of this crazy market, my advice to buyers is to ONLY work with a seasoned agent who truly understands and inherently KNOWS the true value of homes and areas you are seeing. There are so many factors that affect property value. I know of some niche areas and towns which you can still negotiate homes and win great value. 

Buyers can achieve a smart purchase ONLY with someone who truly knows the real market so that you can be prepared for what appraisals will actually be. Also, I have helped identify when other realtors have wrongly underpriced a home to give you the go-ahead advice to overbid! My recent buyers are that lucky as we are under contract now with one! 

With the market the way it is now, I have had to devise a very specific marketing plan for sellers which will take advantage of this boom specifically target marketing to the one place most buyers are all coming from. New York

Call me today to discuss how you can position your home sale in the best way to achieve a maximum sale price. I have genius ideas and my clients will all attest. As a former financial advisor and a professionally trained home stager and realtor, my advice may be the most valuable advice of the year. 

2020 may so far be the most unpredictable scariest storm with a crazy political climate but I am showing you the silver lining and how we can work together to realize it for you in real estate if relocating is something you want right now. 

I have helped countless buyers and sellers achieve the best and stress free-outcome and I identify and hyper-focus on your personal particular circumstances and needs. 

Sincerely,

Joanna Renner Keller Williams Realty West Monmouth. 

646-296-6864