There are many reasons to buy and sell a home right now in Atlantic County, NJ. Let’s take a look at this from the perspective of home buyers and sellers.
Home Buyers In Atlantic County, NJ.
- Interest rates are still low. You still have great buying power.
- Atlantic County, NJ home prices are on the rise in many of our communities as inventory is shrinking. Purchase now before prices go up.
- Right now there are less buyers looking for homes in the winter. Less buyers means less competition and you are less likely to get in bidding wars with other buyers. You can often negotiate a great price and terms this time of year.
Home Sellers In Atlantic County, NJ
- Right now inventory is lower in Atlantic County. If your neighborhood has no other homes for sale or just a few for sale this could be a great time to sell before more homes come on the market in the Spring.
- If you are moving up to a larger home this is the perfect market to move up to something bigger. Demand for lower price homes in the $200,000 range and below is high. Demand for higher priced home is not as great. That means you can get top dollar for your home and get a great deal when you purchase your next home.
- Rates remain low. Higher interest rates mean less buying power for home buyer. If rates go up home prices will go down. Sell now before any likely interest rate hikes occur.
Figuring out when to buy and sell a home ultimately depends on your circumstances and situation. Contact me for a free consultation. I can ask a few simple questions to help you determine if this is the right time to buy or sell for you.
Margate is on of my favorite South Jersey Shore beach towns. I prefer the Ventnor/Margate beaches in the summer because they are not as crowded as Ocean City. Margate has more year round residents than some of the other shore tows. Margate is also home to my favorite summer eatery the Margate Dairy & Burger Bar. So lets take a look at the real estate market for Margate.
Margate City, NJ Real Estate Market Update
For single family homes new listings were down 40% and down 2% year to date. Closed units were down 20% for the month and 5.5% year to date. Days on market was just 50 days. Median sales price was also up 8%. Inventory of homes for sale is down 9.5%.
For condos and townhomes. New listing were down slightly. Closed sales were up 200% for the month and up 2% year to date. Days on market was up in this category. Median sales price was up 50% which indicates a few higher priced sales took place. Median sales price is up 11.8% year to date. Inventory of condos is down by 11% and months supply of inventory is down to 13 months.
If you or someone you know is looking to buy sell or invest in Margate real estate contact us now. Inventory is shrinking and prices are on the rise. This makes it a great time to sell and also a great time to buy before prices increase further.
Best wishes, Matt
One of the largest and most popular areas of our region is Egg Harbor Township. I’d like to highlight some of the interesting market statistics derived from the multiple listing service to help home sellers and buyers in the area be aware of what is going on in the market.
This first chart shows the median for sale price and median sold price. We look at the February 2017 numbers and then go back to compare those number with a year ago. The median for sale price did not change. The median sold price went down by 14%.
Egg Harbor Township, Median for sale and sold price. Feb. 2017.
The second chart shows supply and demand by month for Egg Harbor Township. The red bar shows the supply of homes for sale and the green bar shows the number of homes sold. Supply is down by 2% and sold properties are up by 3%. This is good news for sellers. You have less competition and more homes selling than this time a year ago.
The last chart shows the average days on the market up by 17% to 88 days on the market. In this market as a seller you do not want to be average. Our goal is to sell your home during the peak “window of opportunity” the first 4-5 weeks a home comes on the market.
Who do you know looking to sell or buy a home? Please call me for a complementary consultation.
Supply and demand for Egg Harbor Township, NJ, Feb 2017
Average days on market for Egg Harbor Township, NJ Feb. 2017