Real Estate Matters
By Elisa Jo Eagan
With a rollercoaster football season coming to a close at the grand finale of Super Bowl LVIII, we are one step closer to spring. The weather may be cold outside, but the real estate market is at least warm and in many cases, red hot.
When assessing and preparing to place your home on the market, many believe, and statistics show, that springtime is the best time to put your plan into action to be prepared and ahead of the game.
Real estate is often compared to a sporting event. We are now in the first quarter of the game and the first quarter of the year. We are hitting the ground running in 2024 as the dynamics of the market are always changing.
Slim Pickens – High Demand, Low Inventory
Thd local housing market in the beginning 2024 here has an inventory shortage. Northfield, Linwood, Somers Point, Egg Harbor Township, Mays Landing – all Mainland communities; and Ventnor, Margate, Longport – all shore communities of Atlantic County, and in Ocean City, Upper Township and in the surrounding areas are still experiencing demand that exceeds supply.
Optimize the Sale Price of Your Home Now
There are buyers that are ready, willing qualified and waiting on the sidelines to purchase who will pay top dollar for your home. The fact is if you want to cash in, now is definitely the time.
Be mindful that the dynamics of the real estate market are always changing and specific to your own personal situation. Even though the prices have increased for most properties, the good news is that the interest rates have actually decreased since this time last year and the interest rates are now settling down even more as we enter this new year.
Economic indicators for 2024 remain strong and will get reviewed each quarter when the Federal Reserve meets. With the recent stock market record highs, today’s interest rates for 30-year fixed mortgages are still in the overall historically low category.
There are still many incentives and first-time home buyer loan programs and grants that are available to qualified buyers, as well as 100 percent financing for qualified veterans to purchase.
Area monthly rent prices have escalated and are in many cases higher than your monthly mortgage payment would be, so it is time to get preapproved for your mortgage before the perfect home comes up for sale on the market. You want to be ready. Once the Super Bowl has ended, the official kick off to the spring real estate market begins.
Even though we may still get some snow on the ground, real estate is alive and well. Now is the time to buy or sell.
Welcome Home 177th
Thanks be to God for the safe return and welcome home to my son, Master Sgt. Michael P. Kelly II, of the 177th Fighter Wing of the New Jersey Air National Guard. We are grateful that he, and his team of over 300 local airmen and airwomen, are back safe and sound from their tour of duty in Saudi Arabia to their families and loved ones! Prayers for the health and safety of all of our military and God Bless America!
For More Real Estate Questions, Information and Advice Contact Elisa Jo Eagan “The Real Estate Godmother” (609)703-0432 and Remember…”There’s No Place Like Owning Your Own Home!”
