Case in point. Just closed on a 5/3.5 in AV.$ 150K under asking! I have another worth looking into.

You might want to look to the offshore areas such as Cape May Court House. Great value in a nice community. Fraction of the prices on the islands. Only 5 minutes from the beaches and boating of Stone Harbor, Avalon and the Del. Bay.

There are very good values available. You need to ask a local CRS Real Estate professional for guidance.

Hold out is something people who do when they are not really interested in buying.

Do I feel we are out of this situation, no! But prices of homes are significantly low. Why not hold out for 1995 prices, or 1985 prices. We have pulled back realistically and drastically to absorb most if not all of the bubble. Most of the drag now is just inventory. If an area has little inventory the demand will outweigh the supply, thereby holding or even increasing prices. To say prices will increase is probably a no too... Not until more easing of loans are given. I do not see this for a while if anytime soon. Most of what we saw in lending in the past were subprime or Alt-a loans. No docs interest only... Risky loans given a status of non risk when sold in bulk in MBS. Today we have mortgage lending 101... can;t verify the income and show steady income stream, then you don;t get it. Especially in the shore areas. The other big factor affecting some areas in the shore are the condos... occupancy affects the lending ability for a specific complex. If not 75% occupied then you're not getting the loan unless you have the cash. "Cash is King " today!
You will see more savings in the more recent future then maybe an ease of lending, how much ease will be determined. notice spending is way down? Money now used to pay for commodities and into savings. Not much happening in the spending arena anymore. As inflation takes place so will home prices... It will take some time, but why not get into a home if you can afford it and enjoy the pleasures. There is lots of power today with buyers!

Larry Sarlo
Weichert Realtors
609-868-1171 http://www.lsarlo@comcast.net

Not really. Prices have seen a great decline in Avalon. Just not a great desperation. You will find most of our decline in real estate prices are a direct result on inventory for sale. If the inventory levels are steady then prices can be sustained. The other factor is inventory on hand that is in economic mis fortune. Such as short sales, foreclosure. etc. Much of Avalon has not experienced problems like Ocean City and Wildwood. I am not saying there is no short sales or foreclosures... on the contrary there are.. however inventory levels are not the same. Go to OC lots places for sale... Go to Wildwood Lots of places for sale. Wildwood and OC are more working man's dreams of an ocean side home. Usually more affordable lots inventory competition. This drives prices either up or down.
Avalon Stone Harbor are a diffeent breed. Economically they have been hit, but the owners are a little more "healed" than of OC and Wildwood"ians". I also do not want ot be percieved as saying one place is better than another, because that is not the case. Each have their attributes and characteristics that are more appealing to different people. You like Avalon, I like North Wildwood but mostly because that is what I can afford and my rentals are worth more.
Avalon is pricey but definitely off their 07 levels. A lot of inventory was recognized as a buy and so they were bought up. Avalon is a very desirable area. If you see a property you like and it looks like a buy, grab it! It will not last!

Need more info on Avalon or any other Shore town in Cape May County email me...
Good luck on your hunt

Larry Sarlo
Weichert Realtors
609-868-1171 http://www.lsarlo@comcast.net