THE REAL IMPACT OF CORONAVIRUS ON THE
HOUSING MARKET IN NEW JERSEY
Jerel Washington
A
TTOM Data Solutions released its report, which shows that the housing markets in the Northeast and Florida are much more vulnerable to the economic impact brought about by the Coronavirus epidemic. The markets in the West and the Midwest are less affected by the pandemic. As of writing this article, there were 1.96M confirmed cases in the United States with 458K recoveries. Unfortunately, the country had lost 111K people to the virus. As the number of
HOME SALES
Home sales are usually heightened during the spring season. The spring months are critical for the housing market; this is a prime time for the sellers to list their homes for sale and the buyer and real estate investors to hit the market and buy their properties. According to NAR, 40% of the annual home sales happen in March through June. This year, however, has been different. Living with the pandemic has proved challenging. Seeing that many people have already lost their jobs, that combined with the fact that most people are in quarantine, homes sales have been dwindling. Though there some markets
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COVID-19 cases continues to skyrocket globally, markets and industries are feeling the weight of the burden caused by the virus. Real estate is no exception. Many housing markets are reporting declined sales activities, with more looking to get a wave of foreclosures soon. Statistics show that the hardest-hit states in the country include; California, New York, Washington State, and New Jersey. But how bad is it, especially for New Jersey?
where sales have been unaffected, the same cannot be said for some states like New Jersey. The New Jersey housing market started to experience the impact of the COVID-19 signaled by a drop in the real estate activities among the sellers and buyers as both have been feeling quite an unease. The homebuyers are fearful of buying in an uncertain economic climate, and it is typical of them to suspend all their property searches until this crisis is fully over. Moreover, with the shelter-in-place orders and social distancing has brought worries to the sellers who are unsure about welcoming outsiders into their homes. What we are experiencing now is
THE POWER IS NOW MAGAZINE | JULY 2020
