NJ Real Estate During Corona Virus Pandemic

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?

We’ve had that throughout the history of this country. Diseases run rampant in cities during these times because of the density and the closeness. It happened during the 1770s during the yellow fever in Philadelphia. People were leaving the city just before the summer. There’s been exodus from cities for a whole variety of reasons.

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.


  • Michelle Garofalo

    Michelle Garofalo is the guiding force behind MSC Enterprises, LLC, a prominent custom home builder and real estate developer in Monmouth County and Ocean County, New Jersey. With over 25 years in real estate development, her expertise extends from a successful career in the solar industry, where she managed over 75MW of projects. Co-founding Infiniti Energy, Michelle now oversees day-to-day operations and leads business development, ensuring a seamless journey for clients. Her meticulous approach and commitment to excellence are reflected in MSC's residential and commercial properties, known for their quality, durability, and energy efficiency.