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October 11, 2024
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Linking Northern and Central NJ, Bronx, Manhattan, Westchester and CT

New Words, New Real Estate, New World

It seems we’ve finally turned the corner from the COVID-19 pandemic that greatly impacted our lives for the year to remember (or forget). It is a relief that we can finally book tickets to Israel after three cancellations last Pesach, Sukkot and Pesach again while my grandchildren are anxiously waiting for us to come.

Right after this past Pesach ended, my daughter-in-law called from Israel with excitement. “Mom, you can finally come to Israel again?” We immediately booked the tickets for Shavuot. The ironic part is that the booking of the tickets, which were very reasonably priced in contrast to previous costs, is turning out to be the easiest part of our entry back to the “Holy Land.” We had to confront a list of documents, forms and paperwork, starting with providing my son’s birth certificate with an apostille (a legal certification that makes a document from one country valid in another), now no longer required, to prove that we are actually his parents. I am sure many readers can relate to the tangled red tape required.

This year has changed us in so many ways. While adapting to the new experience and its aftermath, I realized that new verbiage has been added to our vernacular. New words and phrases in our everyday lives include social distancing, flattening the curve, air hugs and Zoom, along with political terms such as woke and cancel culture, social justice, culturally responsive teaching, critical race theory and the revised Indigenous People’s Day, replacing our all too familiar Columbus Day celebration of discovery. Also becoming part of our new vocabulary are such terms as “apostille for entry” needed to travel foreign countries; comorbidity for categorizing health conditions relating to vaccine reception; HEPA filters, PCR and serological testing; and the list goes on.

So, as a realtor, I realized that the terminology in the real estate market is morphing as well. Terms such as “in-person” open houses, which were always taken for granted, “highest and best,” which is stronger than ever; Ques on lines around the corner for viewings; and video tours as the deciding factor of interest. When a house is put on the market, with multi-interest, four days later, the overwhelmed owner is already choosing his buyer with the ultimatum of the “highest and best” threat putting the buyer in a panic mode. It even gets worse as there is now a common suggestion to waive the appraisal, a new strategy to outbid the other competitive offers while house prices keep rising.

So, let’s keep growing and learning. Just wondering what other new words, phrases and changes are around our corner.

Here goes the market snapshot for the month:

Increases in sales activity reflect relaxing COVID-19 policies resulting in a very busy spring real estate market as buyer demand continues in the face of rising home prices. Single-family closed sales were up to 40.4% to 1,108; townhouse-condo closed sales up 40.5% to 458; while adult communities closed sales were up 38.5% to 18. Home prices also indicate a hefty increase since single-family median sales price increased 12% to $515,000; townhouse-condo median sales prices increased 4.1% to $354,000; and adult communities median sales price increased 7.8% to $361.250.

As reported by the New Jersey Multiple Listing System, one-year change in closed sales on all properties increased by 40.4%; one year change in homes for sale on all properties decreased by 40.4%; and one-year change in median sales price went up by 10% on all properties. Across the board there is a healthy increase in both prices and homes that were sold, with a decrease in homes for sale. The numbers speak for themselves and translate into a strong sellers’ market at this time.

Hope you find this helpful, and always remember: Your home is where your heart is.


Ruby Kaplan is a realtor licensed in both New Jersey and New York. Visit www.rubybobbyhomes.com  for more information. The Ruby and Bobby Kaplan team/United RE/ will promote your home with the best of social media and create alerts for your criteria of housing needs. Your housing needs are our priority! Ruby can be reached at 201-314-4152 or on her cell at 917-576-4177 or at [email protected].

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