Today, News 12 New Jersey interviewed economic development consultant, Marty Cantor from the Long Island Center for Socioeconomic Policy. In this clip, Marty addresses concerns NJ residents asked about moving from the city to the suburbs, as well as if now was a good time to buy a house during the Corona Virus Crisis.
What will happen to the real estate market? Thoughts on cities vs. suburbs – will people choose to leave cities and move to less densely populated areas?
Remember the demand for real estate is predicated on how much you can earn, how much you make in your salary and how much you can afford for a mortgage. So, that will determine the housing market. However there will be people who will have second thoughts about living in the density of the city again. It should bring down rentals and condo costs in the city because the demand will be less.
Should I try to buy a home right now? My husband and I are both still employed and have found a great home.
If you are still employed and the prospects for your employment are continuing and you found a great home and you can afford the mortgage, buy it! You’ll never find mortgage interest rates as low as they are now. So if you check all the boxes, there’s no reason why you shouldn’t buy it.
