Fall Buying Period ... About one month remaining ... Ocean City, New Jersey
The countdown continues here in Ocean City, New Jersey ... about "26" days to go until the end of the month of November, 2009 ... that's the unofficial end of the fall buying period here in Ocean City, New Jersey. It remains a good time to be looking for resort property ... second homes or investment property. Mortgage rates remain quite low ... in many cases: below five (5%) per cent. The inventory is fairly stable. And right now, the competition with other buyers is in your favor.
As I say so often ... "If you are planning to buy a shore property in the next five years, buy now.
During the past three years, there have been two major "buying periods" here in Ocean City, New Jersey ... the spring buying period which runs from late February through early June (when the summer rental period begins) and the fall buying period which runs from early September (after Labor Day) and the end of November (after Thanksgiving (when the cold weather time frame causes our resort to slow further down).
We expect another solid "spring buying period" in 2010, but we remain concerned that mortgage rates could rise before that time. So if that should be a particular issue for you, buy now.
Due to Ocean City's size, we have a wide variety of property categories and price points for interested buyers. The single family remains the property of choice often sought by many buyers ... but it is a much more limited property category with only about 20-25% of the condominium property listings. Therefore, that explains why the condominium property category is the leader in sales year after year.
You can also find varied property size from efficiency and one-bedroom to 5 plus bedroom condominiums old and new ... single family can also run this same way with from two-bedroom cottages to large new construction 5-6 bedroom three-story ones.
The best bet for interested buyers is to contact a realitor and began the process. If your choices take you into the Northend and Gardens, my area of expertise; give me a call at 888-215-9935 or send me an email to Dustin@BeachNotes.net ... that's the best way to start the process. dap
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