As the number of confirmed cases of the coronavirus continues to increase in the country, numerous industries have been negatively affected, including the real estate industry in many U.S. states, including New Jersey. In this post, we will be discussing how the pandemic is affecting the New Jersey real estate business and the housing market in 2020.
New Jersey Home Sales
Each year, the housing market predictions in the US show that spring season is the best time to engage in real estate activity. However, this spring, we are living with the coronavirus that has changed the real estate business. With many people losing their jobs and staying in quarantine to lower the spread of the coronavirus, the idea of buying or selling a property may no longer be attractive. Hence, home sales are rapidly decreasing in the New Jersey real estate market.
With both buyers and sellers feeling unsettled, there has been a drastic decrease in real estate activity, and the New Jersey housing market has definitely felt the impact of the coronavirus. Many homebuyers are feeling apprehensive and scared of the economic climate and it is understandable that many are suspending their property search until this pandemic is over. In addition, sellers are worried about inviting outsiders to view their homes with the social distancing measures in place. Can we expect the New Jersey home sales to rise back up? Only time can tell, but sellers are advised to keep calm and not panic.
Mortgage Payment Reliefs in New Jersey
After President Trump signed the CARES Act, several major banks and financial institutions has joined forces to offer homeowners financial protections and mortgage forbearance. The Mortgage Bankers Association of New Jersey, the New Jersey Bankers Association, and Cross-State Credit Union Association have validated the initiative and prompted their members to embrace these policies as well. Under the proposal by Gov. Murphy, New Jersey real estate owners who are experiencing financial hardship due to COVID-19 may qualify for some relief schemes to help them tide through this difficult time. There will also be funds invested to help homeowners and tenants maintain their housing stability and avoid a New Jersey housing market crash in 2020.
The Bottom Line
With so many uncertainties surrounding this pandemic, it is difficult to make accurate predictions of the New Jersey housing market. However, market trends are suggesting that there is still activity going on in the market as agents are still working while enforcing necessary precautions. For those who are still interested in investing in homes in New Jersey any time soon, it is advised to continue keeping a lookout on the COVID-19 developments and the impact it has on the housing market.
If you would like to join the New Jersey housing market to leverage on the low mortgage rates, NJLux can help you to search for the best real estate investments during this period. Simply get in touch with us and we will assist you with all the support you need.
