We are currently living through a global pandemic that will forever change many aspects of our lives & our economy – the residential housing marketing is no different. What we do know, is that there will be effects that are felt immediately, there will be consequences that will be felt in the years to come, and there will be a whole lot of unknown possibilities.
The first immediate impact the housing market experience was a steep decline in sales. New Jersey was under a strict stay-at-home order and due to this, house showings and closings simply could not occur. As restrictions began to be lightened, we did begin to see an immediate increase in sales, and luckily this surge has continued to grow. Although the Spring market was delayed, there is now increased pressure to get deals finalized so buyers can be moved in and situated prior to the beginning of the school year.
While much of the workforce transitioned to a telecommuting lifestyle, both employees and employers have realized that this lifestyle may be more productive than previously thought. This thought process has allowed individuals who lived in the city strictly for their work-life to consider relocating to the suburbs or exurbs. This transition has become more attainable due to the mindset of employees only having to commute a few days during the workweek and then working remotely for the remaining days. This has left many people contemplating not only the benefits of having a much larger home and property but also, they can leave behind the hustle of the city and the anxieties many experienced during the initial lockdown.
What will happen to the high-density development that was popular throughout our state? Will the demand and pricing of apartments and townhomes decrease? Will this translate to an increase in new single-family residential subdivisions; which were scarce on many engineer’s and developer’s project lists? Will the Live Work Play trend end or will it evolve?
At WJH, we aren’t afraid of the unknown – in fact, we’re excited by the challenge and to witness first-hand what the residential housing market will evolve to be. We would love to know your thoughts on our observations or your opinions on what’s to come. Contact us today to further discuss and as always, if you need assistance in planning your next project.