When the coronavirus pandemic hit, our lives changed drastically. Over the past several months, uncertainty has surrounded everything from travel to school to the economy. For those looking to sell their homes, they may be left wondering if the time is right. As it turns out, the present moment may be an ideal time to sell your home and downsize.
According to the National Association of Realtors, the housing market is continuing on a strong upward trajectory. As of September 13, contract signings during the past four weeks were up 23% from the same time period last year. There were nine new pending contracts for every ten new listings. Properties are spending a median of 22 days on the market, which is far below the 38 median days on the market at this time last year. On average, homes have sold at 97% of the list price.
In the state of New Jersey, real estate activity was up in June 2020 from decreased levels in recent months and was also higher than it was in June 2019. In July, that trend continued, and single-family closed sales were up 2.2%. The median sales price of single-family homes increased 8.6% to $380,000.
For seniors considering a move to Seabrook, an Erickson Living-managed community in Tinton Falls, N.J., this may be the perfect time to sell and start the next phase of their lives. On average, homes in Tinton Falls sell for 1.3% above asking price. Home values there have gone up 2.2% over the past year, and Zillow predicts they will rise 4.2% within the next year.
While the pandemic has led to economic and financial uncertainty, for those who have weathered the storm with their finances intact, buying now means taking advantage of historically low mortgage interest rates. As of August 20, the average rate on a 30-year fixed-rate mortgage was at 3.0456%, and the average rate on a 15- year fixed-rate mortgage was at 2.702%.
Amid the recent chaos in New York City, many young families are looking to leave their urban lifestyle behind for more space in the suburbs, making Tinton Falls, N.J.—where Seabrook is located—an attractive place to purchase a home. At just over an hour's drive from Manhattan, the area offers a compromise for those who may no longer want to live in the center of it all but still desire relatively quick and easy access to the city's amenities.
The ability for more people to work from home is another factor that's driving people to the suburbs of New Jersey, now that they don't have to worry about commuting to the office.
Ann and Robert Herberg put their home in Oceanport, N.J. on the market in April, and it sold within just two weeks. They moved to Seabrook soon after. When Martha Savoia decided to list her condo in Hackensack, N.J. and move to Seabrook in March, the Erickson Realty and Moving Services staff helped her select a real estate professional, who was able to sell it in just two weeks as well. With open houses in New Jersey starting back up again last June, the home selling process got that much easier.
With all-time lows in interest rates and inventory in Monmouth County, it's a perfect opportunity to sell and move to Seabrook.
In light of the coronavirus pandemic, Seabrook has taken every precaution to make visiting the campus safe for everyone. Masks are required for all staff, residents, and guests on-campus, and changes have been made to common areas to allow for proper physical distancing. Hand sanitizer stations are widely available throughout the community. Virtual visits are an option as well.
Seabrook sales staff can also provide statistics and up-to-date information about the local real estate market and connect prospective residents with preferred real estate agents that are knowledgeable about local trends.
To learn more about the active, maintenance-free life at Seabrook, visit SeabrookCommunity.com.
About Seabrook: Seabrook, one of 20 continuing care retirement communities developed and managed by Erickson Living®, is situated on a scenic 98-acre campus in Tinton Falls, New Jersey. The not-for-profit community of more than 1,400 residents and 750 employees is governed by its own board of directors, affiliated with National Senior Campuses, Inc., who provide independent financial and operational oversight of the community. Additional information about Seabrook can be found at SeabrookCommunity.com.