As the New Jersey economy begins its phased reopening, home buying activity has been increasing since May. At the heart of this rebound are record low interest rates, rising optimism and a surge in the migration rate from New York City to the suburbs. And while this surge began in entry-level homes, its now expanded all the way up to the super-luxury sector.
This is the event you cannot afford to miss! Jeffrey Otteau has developed this briefing to prepare you as we turn the corner toward more prosperous times in the 2nd half of the year. Get your laptop and come into Jeff’s living room where he will personally guide you through the housing forecast for New Jersey so you can counsel your clients and maximize your business model. Here is a sampling of what you will learn:
- Rising Home Sales: Home sales began surging in early May as households feeling more confident about their personal welfare and economic future began to take advantage of record low interest rates. This roundup will examine where this is happening and what it tells us about home buying activity in the weeks and months ahead.
- Economic Recovery: The May jobs report was a real shocker with lower unemployment as businesses reversed course and began to rehire furloughed employees. And while we are not completely out of the woods yet, prospects for a strong rebound are increasingly likely. Find out what this means for the local economy, interest rates and housing demand in the coming months.
- Urban Flight: There have already been reports of an exodus of households relocating to the suburbs along the lines of what happened following the terrorist attacks in 2001. Is this another a short-term blip or only the 1st wave of much more to come? Find out what this means for future housing demand and how it will impact your submarket.
- Getting Back in the Game: Declining purchase demand coupled with fears about the pandemic caused many home sellers to move the sidelines in March by taking their homes ‘off the market’. But the recent surge in purchase demand suggests that it may be the right time to jump back in with both feet. Find out the best strategy for counseling your clients and getting back to making money.
- Recovery Timeline: How long will it take to find our way back? Where will the market be in 30 days, 90 days and one-year from now. Find out what is likely to happen next in the New Jersey housing market so you can counsel your clients and adjust your business model for maximum success.
This product is free for current MarketTRAC Members. To view our membership plans and pricing, please visit https://www.otteau.com/contact-us/markettrac/.