Real Estate Matters
By Elisa Jo Eagan
We enter 2025 with many goals, new year resolutions, and plans and optimism in all aspects of our lives and daily living.
As we keep warm and toasty inside from the cold weather with a roller-coaster football season coming to a close and the exciting grand finale of Super Bowl LIX this weekend, we are hopeful for our Eagles to win.
This also brings us much hope as we are one step closer to spring. Even though the groundhog, Punxsutawney Phil, said six more weeks of winter are coming, happily the Real Estate Godmother predicts an early spring real estate market. The weather may be cold outside, but the real estate market is hot!
When assessing and in preparing for selling your home and placing your home on the market, many believe and statistics show, that springtime is the best time to get 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 2025.
The dynamics of the market are always changing. Currently the local housing inventory in our Shore Local areas of Northfield, Linwood, Somers Point, Egg Harbor Township, Mays Landing, all mainland communities; Ventnor, Margate, Longport, all shore communities of Atlantic County; and in Ocean City, Upper Township and in all of the surrounding Cape areas, we are still experiencing an inventory shortage. It’s slim pickings with high demand and low inventory.
Now is the time to optimize the sale price of your home. There are buyers that are ready, willing, able, qualified and waiting on the sidelines to purchase. They are ready to pay you top dollar for your home. The fact is if you want to cash in, now is definitely the time.
Be mindful, the dynamics of the real estate market are always changing 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 2025 remain strong and will get reviewed each quarter when the Federal Reserve meets. Today’s interest rates for 30-year fixed mortgages are still in the overall historically low category.
Plus, there are still many incentives and first-time homebuyer loan programs and down payment assistance moneys available to qualified buyers, as well as 100% financing for qualified veterans to purchase and 5.04% interest rate loans for police and firefighters.
Area monthly rent prices have escalated and are in many cases higher than your monthly mortgage payment will 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 and prepared to make that offer quickly and confidently.
Once the Super Bowl has ended, the official kick-off to the spring real estate market begins.
Now that it’s February the spring real estate market is heating up and the first quarter of 2025 is strong. 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. Now is the time to build your team to get to the finish line to achieve your real estate goals, win the game and successfully get to your closing.
Say a couple of extra prayers for our Eagles to win! As our national anthem is sung at the game, also keep in your prayers the health and safety of all of our military.
God bless America! Go Eagles! Happy Super Bowl Sunday, everyone!
For real estate information and advice, contact Elisa Jo Eagan, the “Real Estate Godmother,” at 609-703-043. Learn more at www.TheRealEstateGodmother.com.
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!”
