Walter GormanSenior Loan Officer NMLS#: 138370
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As rental prices are steadily climbing, inventory and mortgage rates have remained low during the COVID-19 pandemic. The unprecedented circumstances have sparked a change in how people want to live. More than ever before, people are longing for additional space and more natural surroundings for the sake of their mental health and well-being as many are envisioning how they can work from home more in the long-term. Resilience Found in the Market for Second Homes The coronavirus pandemic has not only pushed apartment dwelling New Yorkers to seek more space and nature outside of the city, it has also untethered them from their downtown workplaces as companies have embraced remote working. The result is a phenomenon that boasts the benefits of “co-primary” homes: “Secondary homes are more popular than ever. People may own or rent smaller homes close to their office. Buyers are realizing that they may not have to go to their office each day. Virtual jobs are in place and employers are seeing the positive results...Expansive, private yards and especially those with a pool are surely a winner! Bidding wars are more common than ever with some homes going in one day with five different competing offers. Everyone is enjoying being close to beaches, beautiful neighborhoods and homes.” (Pat Mayer, Diane Turton Realtors ) For those that are confident financially, instead of trading up in the city or simply purchasing a second seasonal home, these residences function more as equal homes to their current address. As the mindset shifts in how people think about a primary residence, we ...
The real estate process has changed a lot over the last few months. Let's connect to set you up for success this summer with our new Sellers guide. Download your FREE guide now.
The real estate process has changed a lot over the last few months. Let's connect to set you up for success this summer with our new Buyer guide. Download your FREE guide now.
With more U.S. states reopening for business this summer, and as people start to return to work, we can expect the economy to begin improving. Most expert forecasts indicate this economic recovery will start to happen in the second half of this year . As we get back to work and the financial landscape of the country begins to turn around, many experts also agree that real estate has the potential to lead the way in the recovery process. According to Ivy Zelman of Zelman & Associates: “Housing will fare better than expected during this severe downturn.” In addition, CNBC notes : “Mortgage demand from home buyers shows unexpectedly strong and quick recovery…The quick recovery has surprised most forecasters.” Robert Dietz, Chief Economist and Senior Vice President for Economics and Housing Policy of the National Association of Home Builders (NAHB) says : “Overall, the data lend evidence to the NAHB forecast that housing will be a leading sector in an eventual economic recovery.” One of the big reasons why housing has the potential to be such a driving force is the significant impact it has on the local economy. This impact is particularly strong when a newly constructed home is built and sold. According to a recent study by the National Association of Realtors (NAR), the average new home sale has a total economic impact of $88,416. As outlined in the graphic below, this is a combination of income generated from real estate industries, expenditures, and new home ...
Located in Northern New Jersey, Hudson County has made a name for itself as the “Gateway to America”. Situated across the Hudson River from New York City, the area is one of the world’s largest media market and a recent hot spot for growth. The county’s popularity is no surprise due to its extensive transportation system, close proximity to New York City, and growing hospitality industry. Home to premier medical and higher education centers, Hudson County real estate boasts attractive views of the Hudson River and an urban lifestyle that promises frequent corporate and sporting events. In light of the COVID-19 pandemic, the press has pointed to residents fleeing the city in exchange for suburban and rural living options. However, we’re here to speak on the positive aspects of an urban lifestyle and how Hudson County has benefited as people are moving away from New York City. We sat down with Nicole Kopec of Nest Seekers International as well as Michael Hern of Prominent Properties Sotheby’s International Realty and CEO of Luxury Living by Michael Hern to discuss the Hudson County Urban Market. Fleeing to the Suburbs? In response to recent press about those fleeing the cities and taking to the suburbs, Kopec commented that, "This is a natural progression. Families outgrow their homes in urban cities all the time. They sell and move to the suburbs but guess what, while they're on their way out another is always on their way in.” New Jersey “Gold Coast” cities such as Jersey City, Hoboken, and Weehakwen offer a blend of both lifestyles. With many clients ...