There are big things happening in the real estate market: Interest rates are going up; Inflation has made everything more expensive; Supply chain/labor shortages are making construction an increasingly capricious endeavor. Wherever I go these days, whether amongst my buyers, sellers or other industry professionals, I am asked to talk about these issues. There are theories on all of them, what their impact will be on the market and how long they will continue to be a factor. Let’s take interest rates for example. Historically, we have seen interest rates significantly higher than at present, yet still had strong housing markets. For the most part, all of the above are issues we have seen before and feel comfortable navigating.
But all of these discussions ultimately pivot towards a different issue facing the housing market today and this is one less easily understood or explained. After showing my customers one, two maybe three homes the tour ends and I have to tell my customers there is nothing left to see. “I am going for a new listing tomorrow morning, but as of right now, I have nothing left to show you.”
To understand this new phenomena of “short supply” in the housing market, I want to use these pages to explore, at least anecdotally, why there are fewer people than ever looking to sell their homes and move elsewhere. And while I have my theories and suspicions as to what’s going on, I want to engage “you” the readership of The Jewish Link, to create a more informed picture of what is happening in the minds of the “I’m not ready to move” crowd. Some thoughts to ponder:
Baby boomers are working longer than their parents.
Kids and grandkids are moving back home to Bergen County.
Grandparents are more involved, historically speaking, than ever before in their grandchildren’s lives.
World order since the covid pandemic seems more fragile and in a search for stability staying put, for some, makes the most sense.
The new rabbi in the shul is great!
It’s to Bergen County’s credit that large numbers of children who were raised here have opted to come back and call their former neighborhoods home and start their own families here as well. Though many of our residents own places in Florida, the Jersey shore and Israel, the magnetic pull of family always brings them back
As I find myself front and center of this communal conversation I want to understand more than just my own feelings on this. Please send me an email at [email protected] and let me know how this decision is playing out in your life. In a few weeks I’ll be putting together all of your thoughts (anonymously of course) and we’ll get some original takes on what’s happening out there.
Nechama Polak is broker of record and owner of V and N Group LLC located at 1401 Palisade Avenue in Teaneck. [email protected] 201 826 8809
