By Elisa Jo Eagan
As we officially enter spring 2021, the real estate market is perfect for sellers wishing to obtain the highest price for their home. We have not seen the home values increase so rapidly since the height of the 2005-2006 real estate boom! This is the perfect opportunity for sellers that felt the downturn of the value of their home dip, after the meltdown of 2008 thru early 2020. Now in many cases they have been able to gain back equity in their home, due to the slim supply and strong demand for housing, since the onset of Covid-19 in the spring of 2020. This has afforded an exceptional opportunity for many homeowners.
We have also been able to successfully prevent many homeowners from foreclosure and assist them to either keep or sell their homes for a much higher sales price. This is due to the stalling of the Sheriff Sales and banks that were not able to proceed with foreclosures during the pandemic. This has increased the overall value of real estate property, both nationally and locally.
Multiple offers are often occurring on the homes that are placed on the market and in many cases the offers are close to or at asking price. Sometimes as much as $5,000-$45,000 over asking price, if the home is in a sought after location or is in superior condition. In some cases, a home may have a frenzy of numerous showings, with as many as a few dozen in a matter of days. The seller receives numerous bids and accepts the highest and best.
The sweet spot for Atlantic County right now is Egg Harbor Township, the heart of Atlantic County. There are numerous new construction homes currently being built with more to come within the next 12-18 months, planned through 2022 and beyond. D.R Horton has taken the lead with Crystal Lakes built out and completed, Autumn Lane, and Huntings Run are selling out quickly as well. Harbor Pines is taking deposits and has now resumed construction at full speed ahead.
Ryan Homes’ Artists Walk in Mays Landing is sold out and in Hamilton Township, future new homes are planned to be built by D.R. Horton with groundbreaking within the year.
Extraordinary opportunities for buyers continue to be available. The interest rates over the last few weeks have taken a little uptick from the mid to high 2.75 % to still historically low 3.25% or less for 30 year fixed rates. Special financing is available for police and firemen for a limited time at 2.14% and there is also a First Time Home Buyer State Grant Money of $10,000 available to qualified home purchasers. Those who have not owned a home in over three years may qualify again as a first time buyer.
The real estate market is strong, with great opportunities for buyers and sellers alike. And as the saying goes, “There really is no place like home!”
Elisa Jo Eagan ABR, CRS, GRI Military Specialist
Realtor-Broker Associate
BALSLEY LOSCO REALTY
1630 New Road
Northfield, New Jersey 08225
EJCE@aol.com
Full Time Awarded Professional Realtor Since 1985.
Lifetime Membership in the NJAR Distinguished Sales Club.
