Real Estate Matters
By Elisa Jo Eagan
The arrival of March brings us one step closer to spring, and prime season for the real estate market.
When assessing and in preparing for selling your home and in placing your home on the market for sale, many believe, and statistics show, that springtime is the ideal time to get your plan into action. When looking to purchase, spring buyers will have more homes to choose from as well.
Game On
Real estate is often compared to a sporting event. We are now well into the “first quarter of the game,” finishing up strong in the first quarter of the year.
The dynamics of the market are always changing and understanding trends and statistics will only help your gameplan. The local housing inventory in the beginning of 2024 is experiencing a shortage. This includes here in the Shore Local areas of Northfield, Linwood, Somers Point, all Mainland communities and shore communities of Atlantic County, Ocean City and of our Atlantic City metro area and surrounding areas.
Most homes are selling relatively quickly, some with multiple bids and in some cases, over asking price, depending on location, condition and price point. Now is the time to optimize the sale price of your home.
There are buyers who are ready, willing, qualified and waiting on the sidelines to purchase, and will pay you top dollar for your home. The fact is if you want to cash in, now is the time.
Don’t Sit on the Sidelines
Keep in mind that the dynamics of real estate are always changing. The demand for housing may be strong, but more new construction is being built to accommodate that demand.
Economic indicators predict that the Federal Reserve will spend most of 2024 fighting inflation to keep interest rates down, so now is the time to buy before the prices of homes and interest rates increase even more.
Current interest rates are about 7.37 percent or less on average for a 30-year fixed rate mortgage, which is still in the historically low category.
Take Advantage
of Incentives
There are many incentives and first-time home buyer loan programs and grants available up to $17,000 to qualified first-generation home purchasers, and 100 percent financing for qualified veterans to purchase as well.
Area monthly rent prices have escalated to staggering amounts and are in many cases higher than your monthly mortgage payment would be. Home ownership is even more valuable and beneficial than ever before. Now the time to get preapproved for your mortgage before the perfect home comes up for sale on the market. You want to be ready.
Now that the football season has ended and winter is wrapping up, the official kickoff to the spring real estate market has begun. Spring real estate is heating up and the first quarter is strong. Real estate is alive and well, now is the time to buy or sell. Ask a real estate professional to help you win the game and to successfully get you to your closing.
With hugs and warm regards.
For more real estate advice and questions, call/text Elisa at 609-703-0432 or see TheRealEstateGodmother.com.
