Bergen County homes in high demand
As a result of the pandemic, most of us have more cash on hand than we used to. Money typically spent on trips, restaurants and other activities outside the home went into our bank accounts.Many are now flush with cash. “Americans in the aggregate have roughly $2.7 trillion in “excess savings” accumulated since the pandemic began”, according to the New York Times.
That’s especially obvious when it comes to buying investment properties.
Last week I submitted an offer on behalf of a real estate investor for a two family home in Secaucus. It needed quite a bit of updating.
How was the competition? There were 80 offers for the property. Was it underpriced? No. This was not an anomaly. Rental properties, even in rough shape, are routinely getting more than 10 offers and selling in a matter of a few days.
Buyers looking for their primary home also have fierce competition. Inventory remains near record lows. And there are more buyers age 30-35 than ever before. In February, one Ridgewood home received 40 offers and another home 25. The sale price for both is expected to be significantly over list price.