Real Estate Market Update June 2nd 2020

This Summer Is The 2020 Real Estate Season

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“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks…Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.”

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Buyer Showing Appointments in NJ Have Returned To 2019 Levels

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Buyer Home Showing Appointments

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New Listings and Under Contract Listings In Our Local MLS Have Returned To Pre-Covid-19 Levels

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Inventory Levels Are Still At Historic Lows.  Inventory Levels Control Pricing And This Is The Reason We Have Not Seen A Housing Crash.

Redfin.com reported, 

"41% of Offers Faced Bidding Wars In Late April, Early May Amid Pandemic"


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