The Real Estate Boom of 2020/21
At the turn of 2020, the magical year that everyone hailed for "clarity" would most likely be "the year" that something extraordinary would happen. The entire world was turned upside down, the hospitality industry was under siege, businesses learned how to do everything remotely, and yet real estate BOOMED!
In January 2020, "B.C." many local real estate offices set their yearly goals, and if someone was looking to buy or sell, there was certainly enough inventory (available housing) to choose from.
As of March 17th everything changed. The beginning of the 2020 BOOM was about to hit the Jersey Shore, and local offices started receiving endless phone calls. As Real Estate was considered an "essential" business" - virtual showings, virtual closings, remote mortgage approvals, and remote title company proceedings - became the norm. Although the offices were technically closed for visits, many worked from home, and once the weather broke in May, the Governor stated that June would set the dates for "re-entry."
Many factors played a part in our local Real Estate boom. Everything from Covid-19, interest rates, and the mass exodus from large cities were huge factors. And as quickly as properties were listed, they were sold just as fast. The turn-over is unreal! Including the amount of 2nd homes bought during this crisis, it has absolutely changed the way we are all doing business today.
The prediction from many industry experts say that Covid-19 was the catalyst to start the climb of a 6-year boom. It's now November 2020, and Agents are indeed running into each other at properties to get the deal - like literally running into each other.
My advice: be patient and be kind!!
As a long time Hospitality professional and someone who was indeed impacted by this climate, I decided to switch gears and go into real estate. As my Grandfather, who started in real estate in 1927 said, "God only made so much land, so go into real estate!"
On my very first "deal", I personally saw a property go up for sale at 4pm one day, the next day I made an offer for a buyer at 12 pm, and the following day it was overbid above the asking price and then SOLD! Can we say BOOM!
Things to think about : Low interest rates, health and safety, and remote work. These are just a few of the reasons to explore new or 2nd homeowner options.
No harm in looking! Come say hello and we'll take a tour of the Island!
I'll be at the "heart" of Realty Row, at Marketplace Realty.