Are you thinking about buying a vacation home or even a primary home down the Jersey Shore? Homes in Margate, Longport, Cape May, and other towns on Jersey coastline are always in hot demand, often making Jersey Shore real estate a seller’s market. By seller’s market, we mean that market conditions include high demand, rising home prices, and low inventory.
There are a number of factors that can create a seller’s market. A major corporation could move into the region, creating a number of new jobs – especially for college graduates and younger families. Or an area could experience a cultural renaissance of sorts, bringing in new businesses, shops, restaurants, and other amenities that attract a crowd.
The Jersey Shore has traditionally always been in high demand because of its location. Who wouldn’t want to live by the beach and have a refreshing ocean breeze greet you every morning? In addition to that, the Jersey Shore features a number of beautiful homes, attracting individuals and families from all over the country who want to experience coastal living.
If you’re thinking about buying a home in a seller’s market, don’t be too intimidated. Although you might have to work a little harder and maybe get a little creative, it is possible to find a fantastic home in a seller’s market. Here are a few tips to keep in mind:
Find a Good Agent: Let’s say you’re looking at Longport, NJ real estate? Wouldn’t you want an agent with experience scheduling viewings in that area and who has an idea of how that market looks? The right real estate agent can help you find homes that meet your needs and budget, allowing you to gain the upper edge on other prospective buyers who may not be as prepared.
Get Preapproved for a Mortgage before You Start Looking: This will allow you to know how much you can afford and will show the seller that you are serious about buying the home. It will also help you determine a number when you are making an offer. You may even need to make an offer that is above the asking price if you know there are several parties involved so you’ll want to know how much financing you actually qualify for before you make an offer.
Get Your Documentation Ready as Soon as Possible: In a seller’s market, things tend to move fast. Deals can go wrong in a moment’s notice. The easiest way to avoid this to stay prepared. When you go through the underwriting process, you’ll be asked to provide a number of documents related to your finances. Be sure to have those ready as soon as possible to continue the process, so there aren’t any hiccups. If you need to move the closing date because of issues with underwriting, this could potentially destroy a deal, and in a seller’s market, there will be others ready to take your place.