Money is getting harder and harder to get, even if not for you. That will make less buyers. Less demand makes bigger supply. Prices drop. The will be down for many years, maybe 2011 before they flatten.
If you have the cash and love OC, no matter if you lose money or not, then buy. Just don't think it is an investment, it is not.
If I can hel you please give me a call!
Joanne Bernardini, SFR,CSSA
Coldwell Banker Casa Bella Realtors
Unwavering Commitment to Service, Unsurpassed Results
Have We Reached the "Sweet Spot" to Buy a Home at the Jersey Shore?
Mortgage rates are just turning upwards, and sellers are holding firmer to their prices!
Certified Short Sale Agent
Keller Williams Realty
One Atlantic Ave.
Ocean City, NJ 08226
The question you should be asking yourself is not "is this the time to buy" but "is this condo a good buy?" Make sure you have learned enough about the market to learn how this particular property stacks up against others in the price range. Also make sure it is right for you. Location is the one thing you cannot change about a property, so consider how you are going to use it, and whether or not you want to rent it out, before making a final decision.
Best of luck to you in making your purchasing decision.
Monihan Realty Inc.
609-399-1311 office, 609-517-7644 cell
FHA Home Inspections, Inc.
The price you said you wished to spen can get you a 4 bedroom condo within 2 blocks of the Beach.
Let me Know if I can be of assistance in your search.
Prudential Fox & Roach Realtors
Matt gives very good advise, I agree with him. There are a few good buys, but there will be many more in the coming year. Inventory is growing weekly That actually is a clear indication of what will happen in the future. Simple Supply and Demand. Here are the recent trends in OC:
Status Condos Single Family
3/14-3/20 3/7-3/13 3/14-3/20 3/7-3/13
Active 878 866 248 244
New 37 38 15 17
Under Contract 16 12 6 4
Sold 8 14 7 4
Price Change 40 51 8 16
Removed 14 13 3 7
14 sold condos and 38 new ones. Think inventory is growing?
Get a good honest Agent like Matt that can find you one of the buys, or wait until Fall. Your situation will dictate which is a better decision for you. Good Luck.
Right now we have a tale of two markets. 80% of the homes for sale are overpriced and 20% are priced well. The homes that are in the 80% are sitting and the homes in that are priced well are getting multiple offers. It's a good time to buy if you purchase a good buy. Also right now there are some great opportunities. Inventory is up, prices are down and rates are low. Just make sure you buy one of the properties that are in the 20%.
Let your personal needs be your guide. Nobody knows what direction prices will take. And I do mean nobody. If you are buying your unit because you love the location and amenities, and the price makes sense right now given the comparable sales available, and you plan to live there for 5 years or more, then go for it.
"Good time to buy" is really a meaningless concept in the larger sense. If you really want a house or condo, and you can comfortably afford the payments, and the whole thing "makes sense", then it's a good time to buy.
They say "all real estate is local", but really, all real estate is personal.
Look at the link, I wonder who told them it was a great time to buy?
Again, don't think it is an investment, it isn't. Real estate DOES go down, and is doing it right now.
Tara Penn-Tara@WeichertOC.com or 609-517-0029 (cell)