Home buying surges at the shore amid COVID-19, brokers say
JoAnn Yagoda promised herself she wouldn't work over Memorial Day weekend ... or the weekend of July 4 ... or Labor Day weekend.
But each time the holidays arrived, Yagoda, as broker of record at Jersey Shore Real Estate Group Associates, couldn't take a day off.
Brokers and real estate agents say home-buying at and near the beach has surged significantly since the start of the coronavirus pandemic — mostly when the weather started warming up in May — and professionals in the field are attempting to keep up with demand as shortage of inventory makes each available property a must-have item for countless wannabe buyers.
"I just put a house on the market two weeks ago, and within a week we had more than 85 people through the house," Yagoda said."It's all been very, very busy — and then somewhat inland as well."
The health crisis, experts say, appears to be pulling city-dwellers away from packed streets and towards the shore, or coercing folks who have the means to finally pull the trigger and purchase a second home along the coast or nearby — not a bad place to be when your forced to work from home.
Markets along the shore have been "busier than ever lately," according to 2020 New Jersey Realtors First Vice President Robert White. With flexible schedules, more people have the opportunity to make the move, he said.
And historically low interest rates — going back and forth between 2.75% and 3% over the past few weeks — are helping to move the trend along.
"The cost of borrowing money has never been cheaper," said Don Moliver, director of the Kislak Real Estate Institute at Monmouth University.
Moliver said he hears from the industry every day about bidding wars for properties along the shore, particularly for some of the higher-priced homes.
It's a welcomed turnaround, he said, for a region that was hit by both the recession in 2008 and Sandy in 2012.