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ANNOUNCEMENT: We are dedicated to your legal needs and available during this difficult time. In order to do our part to help stop the spread of COVID-19, we are offering virtual consultations for both new and existing clients upon request. Click HERE to contact us and request a consultation by video, telephone or in person.

Tepid NY, NJ spring real estate market? Not hardly.

On Behalf of | Mar 19, 2021 | Real Estate |

Forceful, with a prominent “overdrive” aspect attached to it.

That is the depiction offered in a recent New York Times article of the regional real estate scene.

And, most notably, that in-depth piece underscores this: The market’s bounce and vibrancy extends to both residential and commercial properties, and applies to both buyers and sellers.

In fact, sale/purchase activity is at warp speed across multiple locales. New York City properties across a wide spectrum of offerings are currently in play, with the same being true for residences and business properties in suburban areas surrounding the metro.

A similarly frenetic and pulsing realty market is clearly on display in New Jersey, as well. The above-cited Times piece spotlights the sheer workloads of real estate employees there, noting “harried agents across the state.”

One of them notes that, “The spring market really began in October.”

What is driving the regional real estate resurgence?

Candidly, it must be noted that the recent and continuing realty surge spells an uptick from listing activity that was sharply curtailed for many months by the unprecedented health pandemic. Given that reality, it simply makes sense that any listing/sales rise would seem both notable and impressive.

Industry commentators concede that, but they point to current and projected activity that is clocking in at truly off-the-chart levels.

For example, closed transactions in Manhattan for all property types reportedly spiked by more than 73% in February this year, as opposed to the same time frame in 2020. Bidding wars are the new norm, and they are routinely coupled by multiple offers and quickly executed transactions. Here are some factors that industry insiders say are fueling heightened activity:

  • Mortgage rates at historically dampened levels (and continuously dropping)
  • New reality surrounding remote work-at-home options
  • Down time during pandemic spurring new thoughts for legions of individuals and families concerning relocating and either moving up or downsizing
  • Signs that COVID-19’s scourge may be waning (e.g., lower infection rates and impressive vaccine rollout)

A proven way to add value to your real estate transaction

One authoritative New York and New Jersey real estate legal source duly notes that, “Having the right real estate attorney represent you can make all the difference when it comes to buying a selling a home.”

There are many upsides in securing proven legal input for a party transacting in the real estate sphere. Fluctuating prices, due diligence, regulatory compliance, lending complexities, local practices – all these things and more can play a key role in any purchase/sale.

It would be hyperbole to state that the regional real estate market is on fire. As noted in the Times article, though, there is ample anecdotal and empirical evidence confirming that it is rapidly heating up.