The Mortgage Bankers Association reported that applications to purchase homes rose by 5% last week and came in at 33% higher than the same time in 2019. 
Considering that 2019 was such a banner year, this surge in applications is clearly establishing a new benchmark for higher highs to be achieved in 2020.
Brokers throughout the state are legitimately concerned over the inventory crisis, making this buyer surge even more difficult to manage.
Compounded by the low inventory, the historic low mortgage rates are only creating a market that caters to those buyers willing to pay a bit more.
In this market patience is not a virtue. Ready, aim and buy is the mantra in this market, even if the price is higher than desired.
Some of the additional liquidity and movement in the market is due to the rotation coming from individuals leaving densely populated cities to less densely populated suburbs.
The outlook, with respect to the impact of the pandemic, is expected to impact local economies into the second quarter of 2021.
Home Improvement Uptick
Additionally, the home-improvement market has also picked up in areas that are adjacent to urban centers.
Commercial Transactions
A Morris County warehouse was recently sold after receiving a 73,000-square-foot renovation in Flanders, Mount Olive. The access to Route 80 was a key selling point in the transaction.
Other industrial sites are being considered as businesses look for alternative locations for their commuting employees.
Recently Utz Quality Foods renewed a 10,000-square-foot lease at its Fairfield Corporate Park location. Businesses are holding on to these suburban sites until the issues surrounding the pandemic are resolved.
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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