Friday, April 18, 2014 / by Teresa Dipeso
Many Jersey Shore sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? These are all valid questions. However, there are several reasons to sell your Jersey Shore home sooner rather than later. Here are three of those reasons.
1. Demand is about to skyrocket
Most people realize the Jersey Shore housing market is hottest March through September. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. We also have a pent-up demand as many buyers pushed off their home search this winter because of extreme weather. These buyers are ready, willing and able to buy…and are in the market right now!
2. There Is Less Competition - For Now
Housing supply always grows from the spring through the early summer. Also, there has been a growing desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners have seen a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future.
The choices Jersey Shore buyers have will continue to increase over the next few months. Don’t wait until all the other potential sellers in our market put their homes up for sale.
3. There Will Never Be a Better Time to Move-Up
If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by approximately 4% this year and 8% by the end of 2015. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate at about 4.5% right now. Freddie Mac projects rates to be 5.1% by this time next year and 5.7% by the fourth quarter of 2015.
Moving up to a new Jersey Shore home will be less expensive this spring than later this year or next year.
Now is a GREAT time to purchase a new home at the Jersey Shore! Call our sales team and schedule your appointment today!