Sunday, May 26, 2013 / by Teresa DiPeso
Historically low interest rates, affordable pricing and an improving economy are affecting local real estate markets in a big way. Buyers are taking advantage of these favorable conditions, purchasing vacation properties, either as a second home or as an investment to rent out. High demand, decreasing supply of homes and increased bank lending are motivating buyers to purchase new homes at the Jersey Shore. Based on data provided by real estate listing service Trulia, 24/7 Wall St. reviewed the 10 most searched places for vacation homes on Trulia’s website between April 2012 and March 2013. The top two most popular towns to buy a vacation home are:
#1 Ocean City, NJ
Median asking price: $525,000
Percentage change from 2012: -0.5%
No other area was more searched for in the past 12 months than of Ocean City, N.J. Homes generally are more expensive in Ocean City than in nearby North Wildwood, with a current median asking price of $525,000, the highest of all popular vacation neighborhoods. Prices are rebounding as new buyers enter the market, eager to take advantage of low interest rates and affordable pricing.
#2 North Wildwood, NJ
Median asking price: $289,000
Percentage change from 2012: 16.0%
North Wildwood offers affordable pricing with relatively close proximity to the beach and bay.Homes prices are stable and rising in some areas. New construction can be seen around the Island, offering buyers a selection of style, location, amenities and price.
NOW is a GREAT time to purchase a new home at the Jersey Shore! Call our sales team 609-780-1434 and speak to a Jersey Shore real estate expert today!
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