It is obvious that the Great Recovery has impacted regions in the U.S. unevenly. One local market has had more to deal with than others: the state of New Jersey. The Great Recovery has been anything but Great or Recovery for the Garden State. With slow job growth, high taxes, and the collapse of the real estate market, New Jersey had enough to deal with without having two catastrophic storms hit consecutively: Irene (2011) and Sandy (2012).
Back in 2011, Irene came with the price tag of $1 billion in damage to 200,000 homes and buildings, making it the costliest disaster in the state’s history.
Then came Sandy the following year, which brought estimated losses to businesses of up to $30 billion in New Jersey alone.
But this spring, 2015, could present itself as a big pivot for New Jersey’s real estate market
1. Pent-up demand turns into a buying surge?
Over the past few months, there have been a number of very credible articles citing negative metrics, including mortgage apps dropping 3.5% and extensive number of days listings remain on the market.
What the warm weather appears to be carrying with it: some unexpected, pent-up demand and some badly needed inventory, according to a few New Jersey brokers.
“From the beginning of March, our office has seen a significant jump in business and activity for our office in Toms River,” said Robert Cecchini, operating principal at Keller Williams RCI Group in Toms River, New Jersey.
2. Technology to make New Jersey brokers better prepared
Expertise and engagement
Facebook advertisements: Facebook advertisements are clearly the new ‘must-have tool’ on the block, but social media isn’t replacing the foundational personal referral, it is simply enhancing it.
Wait, hold it, right there. I let it slip when you blamed the housing market problems on Irene and Sandy. But Facebook?
Are you kidding me?
Facebook is the fix NJ’s housing market problems? What kind of crap is this?
3. Emerging demographics: The single millennial as the new buyers
There is a new market segment of homebuyer: the pre-married millennial.
Oh for f*ck’s sake, this just gets better. The pent up demand from unwed millennials on Facebook will save the housing market (Pretty sure that unwed Millennials aren’t using Facebook anymore.)
Certainly the business calls for more intentionality in establishing one’s expertise and professionalism.
Holy Christ – WHAT DOES THIS EVEN MEAN!?!?!
4. Real-time broker/buyer instant access
A broker is no longer held to physical face-to-face meetings, but can now give access to view the home virtually via technology to the home, paving the way for the actual inspection. These virtual open house platforms include:
Myspace and AOL Instant Messenger? Who the hell wrote this? Myspace and unwed millennials on Facebook are going to save the NJ housing market… “I would have bought that house, but the broker didn’t hit me on myspace with a link to a video chat” – Said no one ever.