Real Estate Market Lagging In South Jersey Due To Winter Weather
By Cleve Bryan
UPPER TOWNSHIP, NJ (CBS) -- Jan Christensen says snow looks pretty on his 4-acre yard, but this week's storm is yet another obstacle in trying to sell his house in Upper Township, Cape May County.
Christensen says, "This is probably the most snow I've ever seen. We get done one and the next one comes so that makes it tough to sell anything."
Snow covered for-sale signs aren't magnets for home buyers. Kevin Redmond in Ocean City says he's had many house hunters cancel trips because of snow.
"We're definitely seeing a little bit of a lag in the market is what I would call it right now."
The historic snow totals aren't the only issue effecting real estate, New Jersey's job growth is behind the national average and mortgage rates have gone up.
Redmond says on the brightside, the rental market is up more than 20 percent over last year, driven by internet activity.
"We think the people being snowed in their houses kind of gave them a jump in looking for their rental property."
"Home sellers and realtors are hoping this is the last of the snow for the year and as things warm up there will be an abundance of buyers to compensate for the sluggish market."
Christensen adds, "I think come May or June it will pick up quite a bit."
He says he's fortunate he doesn't need to sell his home right away so he'll keep making upgrades and hope for the best.
