The pandemic of 2020 has continued into 2021. The surge of buyers has continued to spillover into the normally quiet months of December and January and is leapfrogging into February, or so it seems.
Even though the COVID-19 vaccine is beginning to make its way into the population, what was considered an anomaly has now become a stationary component of our economic culture: the Work from Home Economy.
Remote work is becoming a staple of everyday life. Individuals are becoming acclimated to adjusting their home environment into a dual-functioning entity today: home and office.
Businesses are not having people travel as they once had, and even in New York City, where there once was an enormous attraction coming from its tourist sites, theater and arts, is having to deal with an oversupply of hotel rooms. The recent Nor’easter which hit the tri-state region had some individuals staying in the city because of train shutdowns. The average price for a room in New York City ranged between $89 and $109 per night. Those prices are unheard of in the last 50 years.
In spite of the fact that there is an inventory shortage of single-family homes available for sale in the suburbs, low interest rates continue to drive buyers into the arms of ready-to-sell homeowners.
Due to the COVID-19 pandemic, during 2020, homeownership rate jumped to approximately 67%, which is up nearly 3% from 2019.
According to the career planning site Zippia.com, nationwide the median home price is now $346,800.
In New Jersey, due to the surge of buyers into the state, the median home sales price climbed to $372,500 as compared to $312,050 in 2019. In New Jersey, the average sales price rose by 24.5% from,$383,300 in 2019 to $465,041 in 2020.
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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