Lorraine, Real Estate Pro in Cape May County, NJ

We are considering selling our Cape May Beach home and buying a larger home in the same area hoping that our dollar will buy more today? Dumb idea ?

Asked by Lorraine, Cape May County, NJ Sat Sep 25, 2010

Cape May Beach home purchased 7/2009
Renovated and freshly painted, landscaped
Considering addition versus buying larger

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Answers

9
Not necessarily! You need a good market analysis of your home. Cape May Beach is very desirable area and market trends there depend on the buyer and their wants. Market in that area is what a buyer wants and that particular time. As david said tiime can be a factor when trying to sell at a top price in the market area, but if you have something unique and desirable that is attractive to a buyer then it will make getting your price much quicker.

you are now in the buying time market for that area now. If you want to sell now is the time!
Find out now what you want to do.

If you are looking a for a good agent in that area that really understands the market I can recommend a top producer there who has settled consistently $10,000,000 a year in real estate for last 5 years.

i would recommend interviewing an agent also.

David below is an excellent sales person also and is definitely worth interviewing


Search Short Sales and foreclosure Deals at http://www.BuyNjShortSales.com

Larry Sarlo
RE/MAX Preferred
609-868-1171
lsarlo@comcast.net
http://www.larrysarlo.com
0 votes Thank Flag Link Wed Jan 16, 2013
Lorraine, as a resident of Cape May Beach, I feel I know the market out there in detail. In fact in the last 6 months (513 Beachplum Rd, 402 Champlain Dr, and most recently 426 Fern Road), I have settled 3 properties at in Cape May Beach. I also rent 3 properties weekly throughout the season in the neighborhood. I feel strongly that the marketing campaign dictates the exposure you will receive when attempting to sell your property. Cape May Beach is of the beaten path, and that is why we reside out there, however, it can often be overlooked by Agent and Buyers so it is important to work with the right Brokerage.

All that being said, I feel that now is a fine time to upgrade. With interest rates as aggressive as they are, even if you do not have sizeable equity in your current residence, the interest rate you can obtain compared to what you may currently be paying can make up a substantial amount every month. And that is the big picture.

Please feel free to give me a shout with any questions.


Ryan Griffin
DESATNICK REAL ESTATE, LLC
1001 Lafayette Street
Cape May, NJ 08204
609.602.5578 (M)
609.884.1300 (O)
rgriffin@desatnickrealestate.com
0 votes Thank Flag Link Wed Jan 16, 2013
Hi Lorraine,

Have you sold your Cape May Beach home yet? we follow up with sellers as these days it may take some time to get a home sold if the right marketing team is not involved. If you haven't sold and are looking for a new approach please let us know , we would be glad to talk.
0 votes Thank Flag Link Sat May 21, 2011
Your dollar will buy more today - from there the question can really only be answered by you and your family - the fact that you are weighing an addition versus a new larger purpose, suggests that you need/want more room. To consider the options, do you homework to gather facts on how the l local market is seling, prices of homes comparable to your current home and the larger one you may buy. It is highly likely that you will more than make up on your purchase what you give up on the sale side. Once you get an understanding of the sale/purchase, you can weigh that against the possibility and cost of acheiving what you want by modifying your current home.

But in a general sense, if you need more space, your idea is not a dumb one.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sun Sep 26, 2010
Lorraine

As you read below it depends on your buy in on the first home in 2009 did you buy way below market value at the time. Since values have dropped a bit and there are more deals around you maybe not improving your position as to dollars.

Now if that is not the issue and you are looking for a a good upgrade that was maybe purchased by someone in 05 and 06 you may find a home that is in trouble and make a good deal.

But unless you purchased your current home at a really good price and you have equity you most likely will not increase your position with just paint and carpet. You will have to figure out will the expense be worth it or will this just be a a swap. Remember there are cost on both ends buying and selling and if it makes sense on both ends you may wind up with a loss on at least one side.

Tim Robbins

Better Homes Realty

800-610-3599
0 votes Thank Flag Link Sun Sep 26, 2010
If you bought your current property right and have increased the value through renovations then this may be the best opportunity in your life to purchase a stepup property. In my area the higher the price of the property the more the value has fallen. Starter homes in the 120 range in on area that I work in are in the same neighborhood that they were in over the last couple of years and they are selling. Homes that were 500k 2 years ago may be offered for 400k and have few showings. Don't even go there when you are trying to determine the value of a property that needs to be sold at a price over 1m as comps are few.
0 votes Thank Flag Link Sun Sep 26, 2010
Dumb No You will definitely get more for your money now than 3-5 years ago when buying. You need to outweigh the importance of buying a larger home. Its a decision to made with lots of consideration and is very personal. A second home is very important to those that can afford them. And there is nothing more relaxing or rewarding than coming down the shore and relaxing in comfort. Maybe it not so much a larger home than it is closer to the beach...? Maybe its both?
Do you want newer construction? Cape May has lots of old charm and the older homes are filled with history and beauty. Many have upgraded amenities also.

Do you like your current location? Its a big decision. Location is what it is all about at the shore. Getting as close to water as possible is seems to be the number one priority. Some people dont care too much about so close to the beach. But almost always regret not getting a little closer later down the line.

Its a big decision if I can help further please contact me.

Lsrry Sarlo
Weichert Realtors
609-868-1171
0 votes Thank Flag Link Sat Sep 25, 2010
It depends on how good of a deal you got when purchased to see if it would be feasible. Give me a call at 609-972-1796 and we can discuss.
0 votes Thank Flag Link Sat Sep 25, 2010
Actually that can be a very good idea. It will depend on what equity you have in your current home. I have some charts and spreadsheets explaining how you can get more home for your dollar now that the prices are lower and iterest rates are at there lowest on about 40 years. If you would like to discuss this with me, please call me at 609-870-0066

David Read
Weichert, Realtors
0 votes Thank Flag Link Sat Sep 25, 2010
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