The Coronavirus lockdown and quarantine has turned what would already have been a hot summer to a downright inferno and it has continued as we enter the fall season. Every single renovated property (tons of non-renovated homes as well) have been placed on the market and received multiple bids within days of their launch day. For starters many people felt/feel that after the coronavirus pandemic they either need to move and be more prepared for what many feel may be . New Yorkers in particular have been exiting the city and opting for more space and amenities vs cramped apartments in the heart of it all. The city is a ghost town these days and with Jersey being a stone’s throw away; it’s a no brainer.
Many homes are selling for a substantial amount more than their list price merely because inventory is low and the buyer pool is vast. For all those that don’t know what this means…it means we are in a “seller’s market” anytime you have more buyers than properties then you are in a seller’s market. These days buyers find themselves placing bids on properties and have to spend much more money just to win the bid. Full asking price isn’t enough anymore. Open house lines are long and many buyers place bids and lose every single time because they lack a large down payment, their financing type isn’t the strongest or those pesky NY’ers and their deep pockets simply outbid them.