A year ago who would have considered that an unemployment rate of 13.3% would be considered a positive development? But then one year ago, who would have considered that we would have been dealing with a pandemic for the last 3 months? Many of the real estate experts are now thinking that the housing market is going to continue to trend higher, possibly turning into another season of buyers bidding up for properties.
Flight from the Cities
What will also be interesting to track is the migration of people from the densely populated urban markets. Realtor.com reported that, “The coronavirus pandemic has many Americans rethinking the kind of lifestyle they want. Apartment living in central, densely populated urban areas is losing its appeal as residents are subject to building restrictions and risk coming into contact with people infected by the virus.”
In addition, many of the demonstrations following the death of Floyd in police custody last month, have produced riots and looting in many major urban cities. Though many were peaceful, those that broke out into mobs of looters produced another reason for individuals to flee the cities. .
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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