The current market:
The year 2020 has been full of surprises – including how active and, in many cases, frenetic the New Jersey real estate market has been. It is no longer anecdotal to hear of 10 or more offers on a property. Some towns are now regularly reporting home sales over asking price by $50K or more. Low mortgage rates and COVID driving people out of more populated areas like New York City are affecting the market.
But the main issue: lack of inventory. There are just not enough properties for sale where people want to live.
In shifting real estate times like these – we often see a lot of interest in real estate investments. With money being inexpensive to borrow and some extra seller motivation, I have received more investment inquires than ever. Many people are looking to purchase property for relatively quick profits either by enhancing and selling or renting for passive income.
It can make a lot of sense done correctly – with the right advocates, team and support.
Take the time to find the right fit:
Not all investment teams are created equal. Nearly a year ago, I met a couple interested in focusing on investment properties in the Midtown-Direct area of New Jersey – my area of expertise. But I needed some help with getting regular searches completed. I reached out to a friend and colleague Peter Loeser who is gifted in real estate research and nearly encyclopedic about local properties in Essex, Union and Morris Counties.
It was one of the best things I ever did – turns out, Peter is as passionate as I am about property and real estate investment.
It seemed like a natural step that he and I work together more often so, we started an investment team to find properties specifically for investors AND find investors looking for opportunities.
Combining our last names – our endeavor is called TLo Property Solutions and we work out of our Brokerage, Coldwell Banker Realty Summit, NJ.
This week we are launching our new effort with a website and social media to showcase what property investment looks like for us, our clients and our market. And as we move forward, you will see updates to both our site and social media on Facebook, Instagram, LinkedIn and Twitter.
Whether you have a property that you think might work for an investor, you know somebody who is interested in investing or you have any interest in putting money into real estate, we would love to talk to you about what’s going on in the market.
Peter and I are still as available to help residential clients looking to buy and sell local homes. And we look forward to continuing that.