Not just selling shore homes, selling a shore way of life. Your resource for the best homes, hotspots, & happenings in Margate, Ventnor, & Atlantic City.

Saturday, January 17, 2009

Right Time...Right Property...If you Can Find It!

While October –December is not generally thought of as a busy “home shopping” time at the shore, I found myself quite busy and many homes were sold. Now that January is here, my phone is ringing even more with people calling and looking for a home at the shore.

While temperatures may be dropping, so are the mortgage rates. With rates like 4.75-5.25% people are really crunching numbers and realizing renting is no longer the best choice.

Is this the right time to buy for you?

It is IF you can find the right property.
One thing all Buyers must keep in mind is that there is no such thing as a “perfect house.” Looking for the “perfect home” is a little like looking for the “perfect soul mate”. Neither exists but with a home you have a better chance of making changes that match with your lifestyle and requirements.

The vast majority of Buyers do not want a home that will require work.

Definition of work:
Needs a new bathroom or kitchen...maybe it needs new siding or the backyard is a mess.

Most buyers (not all) want a home that is move in ready.

There are two big reasons (and probably many more):
1) For most of the people buying a home at one of the Shore Points it is a second home. Not a primary residence. Even if Buyers are willing to do the work, their concern is how they will find someone to do it and how they can supervise it when it is going on.

2) Most Buyers want as much house as they can buy for the money. They either can’t or don’t want to put more money into the house after they buy it.

Solutions for Buyers and Sellers
Sellers – Before you put your house on the market, clean it up and make it as cosmetically appealing as possible. Most Buyers will “live” with your choices if they are clean and neutral. A few bucks spent now may make the difference in keeping your house from sitting on the market for a long time and getting a better price.

Buyers – Try to see past cosmetic repairs. A diamond in the rough could save you a fortune. There are some terrific tradespeople at the shore that can make that old house look new.

No comments: