‘Trusted realty and moving partners’

Real estate market remains strong despite coronavirus

Created date

August 24th, 2020
Cedar Crest's preferred real estate agents and senior moving professionals have been using technology and a variety of approved safety measures to continue heping their clients sell their homes and move to Cedar Crest.

Cedar Crest's preferred real estate agents and senior moving professionals have been using technology and a variety of approved safety measures to continue heping their clients sell their homes and move to Cedar Crest.

Despite the changes resulting from COVID-19, people throughout the country continue to search for, and purchase, their next home. According to Angela Sicoli, president of New Jersey Realtors, “tight inventory” coupled with low interest rates prime 2020 to be “another great year,” perhaps even better than 2019.

This is great news for people moving to Cedar Crest, an Erickson Living-managed community in Passaic County, N.J, where, in May, inventory was down 45.5% from the same time last year. Meanwhile, the median sales price rose 7.2% and the percent of list price received remained nearly unchanged at 98.2% for single-family homes.

In Morris County, inventory for single-family homes dropped 39.5% while median sales price rose 4.5% over May 2019. Percent of list price received rose .8% from 97.8% to 98.6%. 

Bergen County saw a 41.2% drop in inventory, a 4.9% increase in median sales price, and a .3% increase in list price received.

Sicoli adds that low interest rates aid in buyers’ ability to afford a mortgage. It’s a prime situation for sellers.

Additional senior move assistance

Prospective Cedar Crest community members are even further aided by a team of experts in the senior moving process—professionals hand-selected by Personal Moving Consultant Anne Connor.

Connor recommends preferred real estate agents and senior move managers and coordinates the general logistics of moving to Cedar Crest. These professionals use both technology and approved safety measures to help their clients.

“Our trusted realty and moving partners have been incredibly resilient, creative, and flexible when it comes to helping our community members move to Cedar Crest during this strange time. We are so very grateful,” says Connor.

For her part, she says, “My job is to begin the preparations for getting someone closer to their goal of moving to Cedar Crest and reassure them that, with my help, it will be much smoother and less stressful for them.” 

Embracing technology

Considered essential employees, real estate agents throughout New Jersey were allowed to continue working and serving their clients throughout the pandemic with certain restrictions and precautions.

New Jersey Realtors encourages the use of virtual tools, such as FaceTime or Zoom, for showings, while one-on-one showings were permissible. As of June 15, open houses are permissible, though all parties must wear masks, practice social distancing, and follow the indoor capacity limit of 25% of the building’s occupancy. 

While in the past, real estate agents relied on a combination of photographs and online tours when listing a new home for sale, in recent months, they’ve found new ways to use online connections.

Technology like Zoom, FaceTime, and WebEx enables them to meet with clients virtually, while video makes it possible to publish “virtual showings” so that buyers don’t have to enter the home until very sure they want to buy. 3D interactive photo tours also enable buyers to view the home.

Even the closing can be conducted remotely. On April 14, Gov. Phil Murphy signed a bill allowing remote notary given two different proofs of ID, and audio and visual recording of the performance of the notarial act.

Now is the time to move

All of these efforts are further supported by the current strength of the Northern New Jersey market. 

“Because people assumed this would be a bad time to sell while interests are low, we are actually experiencing an all-time low of inventory,” says Connor. “What’s actually taking place is that buyers have fewer choices, and homes are selling faster now and for higher prices. It’s a great time to list your house.”

Cedar Crest offers a variety of unique services for seniors who work with you every step of the way from downsizing assistance to connecting you with senior move professionals. Whether you’re ready to move right now or in the near future, request your free brochure today to find out how the team at Cedar Crest can make your retirement living dreams become a reality.