Sunday, February 11, 2007
The Ocean City NJ Real Estate Market (Feb 2007)
Ocean City, New Jersey – If activity the past few weekends is any indication of where the real estate market is in Ocean City 2007 should shape up to be better than 2006. Better for buyers anyway – SELLING prices are back to levels we haven’t seen in several years, and Sellers who have grasped the reality of the market and made adjustments in their pricing are seeing offers and getting contracts.
Potential sellers holding onto their pricing based on ‘wanna gets” instead of “can get” may have a long wait – there’s enough inventory out there today to last almost two years according to the volume of 2006 transactions.
Properties that are properly priced and in GOOD condition, ( particularly under $600,000 ) are seeing the bulk of the activity – which is confirmed by the feedback we’re getting from Title Agencies and Mortgage Companies.
… and there’s a GREAT selection of property under $600,000 !
Beware, however, that potential sellers that think that this translates into an appreciating market may be missing the point – Buyers want validation in their purchases and prices need to plateau a while to rebuild confidence in the real estate market.
The GOOD news is that interest is building, and Ocean City offers a community that prides itself on family amenities and family values – where better to spend a week, a month or a lifetime building memories than at the South Jersey Shore.
For a search of Ocean City real estate available visit http://www.beach4sale.com/