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 9, 2010

2010 - The Real Estate Year To "Trade Up"

  • Have you owned or rented for the past few years at the shore?
  • Are you tired of renting someone else’s home?
  • Do you hate walking several blocks to the beach?
  • Does your current home just not have enough bathrooms?
  • Are you tired of moving the kids around every time you have weekend houseguests?
  • Have you always wanted a fabulous water view?
  • Are you still in that first little place that “got you to the shore”?

    If you answered “yes” to even one of these questions, then NOW, more than ever, is the time for you to make your move in the real estate market at the Jersey Shore. Why? Because in 2010, TRADING UP will be the biggest opportunity for current home owners and long time renters.

    2009 was a significant culture shock for Real Estate in the country and the shore as current owners adjusted to the fact that homes purchased in 2005 at the height of the market would no longer yield the same dollar value. Fortunately, our market experienced a lower percentage of loss than most of the country, but nonetheless, economic changes and lower sales prices had their effect on our area.

    In September 2008 I sold a home in Margate to couple for $375K. Over the next 14 months, they renovated their new home, adding central air conditioning, a gourmet kitchen with granite counters and Stainless Steel appliances, a full bath and a small deck in the back yard. They decorated it like a model home, and in November of 2009 they contacted me to sell the house. We listed the home for $475K and it sold at full price, fully furnished, in 14 days! No, these are not typical results in these times, but yes, it does happen. This Buyer/Seller is now in a position to TRADE UP.

    Overall, homes sold well in 2009. I personally closed deals for 70 Buyers and Sellers. However, not all price categories sold as well. The homes that sold had at least one of these key factors going for it:

If by some chance a home had all of these components, the home lasted only days on the market and often received multiple offers.

Yet it was certainly a scary year in Real Estate. National media and newspapers wrote about a declining National Real Estate market. We learned terms like “SHORT SALE,” “BANK HELD PROPERTY,” “FORECLOSURE”. Listening to National news, some people forgot the basics: ALL REAL ESTATE IS LOCAL! So some Buyers held on to their money…and some Sellers held to their prices. By the end of 2009 we saw luxury home Sellers and Buyers relaxing a bit on price positions and so SALES HAPPENED!

And so from these lessons, 2010 has become the year for TRADING UP – a year of new opportunities for Buyers and Sellers. Sellers of luxury properties have adjusted their thinking and their motivations as reflected in the current prices. Prices have never been better, and the smart Buyers are out there seriously looking. Beach Block and Bay Front properties are now an attainable goal, and for many it is the right time to TRADE UP from their current home. With an ever strengthening economic environment and a mortgage market that is providing some of the lowest rates ever seen, smart home owners are recognizing that this is a window of opportunity which will enable them to make that jump from that first beach getaway to the dream home they have always wanted.

People often talk about “the good old days” when you could buy a beach block home for a great price. Well, I am here to tell you that in Real Estate,

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