CoronavirusReal EstateMortgage

New Jersey’s housing market struggles under extended health emergency order

Lenders complain of onerous regulations while Realtors deal with buyers moored on the sidelines

New Jersey mask

On May 7, when many states were making preparations to reopen portions of their economies, New Jersey Governor Phil Murphy extended his state’s public health emergency edict for another 30 days. This was not good news for New Jersey’s housing and mortgage markets.

“We’re seeing a drop of roughly 50% to 60% in business,” said Frederico Viegas, founder and Realtor at Sky Realty Associates in Ironbound. “A lot of that has to do with people being able to see homes.”

Viegas acknowledged the proliferation of virtual showings but argued “it’s still not the same as somebody walking in, going room by room and getting a feel of the home size and where the sunlight is coming in.” He noted New Jersey still has “plenty of buyers” but most were “just waiting until this passes so that they could go out and see more homes.”  

But not every seller is welcoming buyer visits.

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3d rendering of a row of luxury townhouses along a street

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