It is perplexing to understand what is happening within this real estate market. But one thing for sure, we cannot rely upon the current reportage since they are using old benchmarks for a brand new market. The media’s assessment of the market is based upon an old obsolete framework. For the last 15 months, the media has not understood how to characterize such metrics as pending sales and inventory.
Clearly inventories have been falling for over 2 years; in many and most cases, those numbers have been declining by 50% year-over-year. In addition the median price for homes has been increasing, often by double digits and in 2020 by as much as 25% year-over-year.
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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