The New Jersey real estate market has entered uncharted territory. Driven out of Manhattan and other urban areas by COVID-19, homebuyers have swarmed the state’s suburbs in search of more breathing room.
The confluence of shutdowns, remote working and low interest rates has sent buyers streaming out of the cities, creating a shortage of suburban homes for sale. According to Rob Norman, president of Coldwell Banker in New Jersey, buyers and sellers in this unprecedented real estate market need agents who are both knowledgeable and experienced.
“Low supply has driven prices up dramatically,” Norman said. “There just aren’t enough homes on the market to meet the demand. As a result, we’re seeing many homes sell above listing prices. Agents are dealing with bidding wars….