See ya 2020!
Our shore area real estate market started off with a bang in January of 2020, instead of the usual post holiday lag we see in Monmouth and Ocean County...lots of new listings, tons of buyers out looking to take advantage of the low mortgage rates. Then, we all know what happened in March and April---super quiet and kind of scary. Just for an example, I had listed two really great first time home buyer houses in late February in Toms River- a cute 3 bedroom ranch and a nice 4 bedroom cape. The Open Houses I had in early March were standing room only and we had multiple offers. Both of those deals stayed together, which was such a relief since both families were buying bigger homes, but there were so many delayed and cancelled closings due to people getting laid off or ill. It was a stressful and heartbreaking time for many of our friends and neighbors.
The warmer months brought the buyers back out and we started to see some interesting trends thanks to the way our home and work lives had changed during the pandemic. Buyer demand remained high and sellers were getting multiple offers within days of listing (hours?!) and were often selling for well over list price. A lot of people needed more space to work from home and do virtual learning for their kids. Open concept homes werent as popular as those with dedicated work/office spaces. Backyards with pools became even more desirable. And in our waterfront areas a lot of people decided to make their second or vacation home their primary residence. I guess they thought why work close to a urban area they no longer needed to get to so often when they could work from home with a lagoon in the backyard?!
By the end of the year (tomorrow!) I will have had 46 closings which based on how the year was going in the first quarter just amazes me. It continues to be a privilege to help people make their real estate goals a reality. I always struggle with goal setting since so much of my success seems like a bit of luck and being in the right place at the right time so I just I hope I can keep that up in 2021. All the best to you and yours in the year to come!