March Madness has multiple meanings in Ocean City (NJ)
You are still in your "winter nap" mode if you don't know what happens in the basketball world ... i.e. "March Madness." Even my wife, Leslie, who does not enjoy sports on television knows this meaning because I am the recorder of games won and lost r our group. Talk about a way to liven things up as winter ends and spring begins. No one in the television world could have invented a better opportunity than March basketball where every participant has that magic chance to go all the way. And on any given day ... any team could win against the odds.
So what does this have to do with real estate? Quite a bit really because here in Ocean City, New Jersey; we have our own type of real estate "March Madness." It happens sometime between the end of February and the middle of March. In good years it occurs earlier and at a faster pace. In slower years it still happens and more than one might think. It's the Spring Buying Period here on our barrier island ... and really all over the Jersey Shore where the resort communities are located. For our purposes, we are only going to focus on our barrier island which happens to be the largest resort area (with the exception of Atlantic City which is much more than simply a resort destination).
The winter is over ... even though March can be somewhat unforgiving in terms of colder weather. But there is also an answer for that: April, May, and June. The Spring Buying Period extends into almost all of June as late arrival buyers wanting warmer weather to look around still make the trek to Ocean City. Obviously, the weekends are much more action-oriented than weekdays ... but people are down here for one, two, or three specific reasons: as potential buyers, as perspective rental tenants going beyond the internet, and all the second home and investment owners who see the spring as spring cleaning and catch-up projects before the arrival of summer.
The spring is the major buying period in Ocean City, New Jersey. There are as many reasons for this as there are potential buyers. However, two quick ones come to mind. One, many buyer (investors) want to buy and collect the summer rental monies. Two, other buyers (second home types) want to be able to use the property this summer.
So our "March Madness" is in full swing getting busier each week. It's a great time to have interest sale listings because everyone is looking for something. Often the property of choice may be a single family property ... but condition and higher listing prices often cause some buyers to look to another property category. However, the most active property category is the condominium because the inventory is much greater and the varied listing prices mean there is something for everyone.
It is always worth repeating: this may be the best time to buy real estate in some time. In fact, if you are thinking about buying in the next three-to-five years ... don't wait ... buy now. The mortgage rates are very attractive ... the competition is out there, but Sellers are ready to make a deal. Don't expect a fire sale ... it simply won't happen here. But if you are out looking in the next three-to-five years, I think you can expect higher listing and selling prices than right now.
If you want a place to start, check out my personal sale listings and those of French Real Estate at our web-site at www.FrenchSales.com ... if you have questions or simply want to "talk-the-talk" before "walking-the-walk," you can reach me by phone at 888-215-9935 and by email at Dustin@BeachNotes.net ... as always, thanks for reading this posting. Dap
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