The exciting and thrilling big city lifestyle is quickly deteriorating as people continue to flee these areas as the increasing effects of COVID-19 hits the population. Being so close to Philadelphia and New York City, we have seen this first hand. In fact, housing prices in New Jersey alone have increased to over 11%. Purchasing a new home during a pandemic has unveiled itself as being a very difficult task.
At the start of the pandemic, people were leaving their lives in or near cities or staying put to quarantine for what they thought would only be a short while. Boy, were they wrong.
The stay at home orders, turned into weeks which then turned into months. It would be easy to assume that people were fleeing large cities by the thousands due to fear of large crowded areas. Interestingly enough, there has not been a widespread migration to less populated areas due to COVID-19. Among those who decided to make the move, 37% said they did so because they could no longer afford the areas they currently were living in due to pay cuts or job loss, not because of fear of the virus.
People are looking for more affordable living options more so than ever before. Which is a true testament of how the pandemic has affected the real estate market. And, with mortgage rates dropping to or below 3.12% average for a 30 year and at or below 2.5% average for a 15 year, it seems like a great time to buy. But, skyrocketing home costs in the NJ suburbs aren’t exactly enticing buyers.
Here’s where we come in.
Our motto has always been affordability. We market ourselves as an affordable community for the 55 and older community in New Jersey. This is exactly what we have been since 1963 and exactly what we continue to be today. Our homes rarely breach the $169,000 mark ($185,000 being the most expensive home we have ever sold in the community – and it contained all the bells and whistles a home could have), and our land lease is one of the least expensive in the state, at $525/month.
The prices of our homes have not increased, nor do we plan on increasing our prices. While homes outside of our community have skyrocketed and the inventory is low. Our prices have stayed low and we continue to increase our inventory. And, although our inventory currently is low, we do have six new homes coming in between December and March.
Another issue for many people right now is physically going and touring homes. With COVID cases on the rise, scheduling a tour to see a home is risky, especially for the 55 and older population. For that reason, we have virtual tours on our website, which is a great way to walk around and explore our homes in the comfort of your own home!
If you decide you do want to make that visit out to us, we have taken precautions in order to create a safe experience for our visitors. You may call us to make an appointment or you can visit at your leisure during our normal business hours, Monday – Friday, 9am – 5pm! When you arrive, stay in your car and call our office. There is a sign hung on our front porch with our phone number written on it for your convenience!
Please make sure to bring a mask, and follow us in your own car to the homes. Business is a little different, but it hasn’t stopped us and we hope you will come out and visit!