I hope you had a wonderful summer. While I will sincerely miss spending time on the beach, I'm looking forward to my favorite fall things (mums, fall foliage and sweaters!). As you know, being completely open and honest with you is my top priority so I need to share...the real estate market is very weird right now and we are in uncharted territory.
"Typical" home prices in Monmouth County have continued to reach all-time highs (hey, I thought it was fall?!), leaving many people asking, "Can this last? Will there be a crash? Should I wait until the market slows down to buy a house? Should I sell my home now?"
Naturally, I couldn't resist doing a little digging. What I found was consensus that demand is expected to continue to outstrip supply, meaning we should remain in a seller's market for the foreseeable future.
Zillow CEO, Rich Barton, is calling the phenomenon we are experiencing a "great reshuffling." He states, "I'm sure I don't need to spell it out for you because we are all living it, spending an average of nine hours more per day at home. Zoom meetings are changing the way families think about space and privacy. Home offices are in high demand. Backyards are more desirable than parks and gyms. Work-from-home policies are eliminating the commute for many."
The "great reshuffling" has triggered people to trade their expensive NYC lifestyles for homes in the nearby suburbs. When you compare how much house you can get in Monmouth County compared to your apartment in the city, it's a no-brainer as Americans' desire for larger, more affordable homes during the pandemic has skyrocketed. Those of us who feel we have a "handle" on what homes are worth here have continued to remain surprised. It's certainly a possibility that we might never see these prices again so if you are someone waiting to purchase, you may want to do so sooner rather than later! However, if you are a seller, you are in the driver's seat and will be in great shape!
Keep in mind that no one can predict what's going to happen with 100% certainty, but barring any major changes, it's pretty unlikely that the housing market will crash in the next 2 years. Home prices have already seen a 23% increase in 2021, almost triple original predictions. Remember, the housing market is known for its unpredictability. That's why having a trusted, experienced professional in your corner is the golden ticket.