Great Returns Now or Discounted Sale Later? Ocean City NJ Market Update
by: Jeff Quintin, on June 4, 2012 - Uncategorized
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Nothing is more frustrating than to be witness to sellers making the mistake of waiting rather than selling their homes now, while the market is ripe for this scenario. Each winter we work with buyers that talk with us and work up the cold winter months until it is time to come to our resort community and then find the perfect property.
There is only one problem. There are plenty of buyers but not enough inventory. By now, all the great properties are long sold and the new owners are reaping the benefits of taking in all the prime rental income that comes with owning a home in this great locale. But if you are a seller that has sat in the bleachers for some time now, I strongly advise that it is time to take action!
Seasonal and Time-Sensitive Market
Today’s buyers are savvier than ever before and they know when they are getting a great deal versus if they are coming in at an off-season time in September, October, November and so on. If you are on the fence about selling your property, consider this: buyers today know exactly what is entailed in their buying before or during peak season. This is as opposed to latching onto a property that, for all intents and purposes, is “dead weight” until the following rental season kicks in.
For the past several months now, we have sold many quality homes to great buyers that are now sitting comfortably in their new spaces. The sellers of those properties got the best deals in the process because they chose to sell at a time when they knew buyers were anxious to get today’s low interest rates AND cash in on the summer resort season.
Demand High, Inventory Low
Right now, the demand is still very high for quality homes on the market. We have some inventory but it is not the high-end inventory that our lurking buyers are looking for. Just this past weekend we had forty-eight showings in one weekend alone. And of those of 48 just 6 contracts actually came to fruition. Think about that. This means that the plethora of buyers that ARE out there are not finding what they are looking for.
This is where you come in. If selling your home in the future seems to be in the cards, why would you want to wait it out knowing that you will take a big hit on the sale price? Just a few months of time will make a significant difference in the amount of take-home you will yield on your property.
Multiple Offers and Bidding Wars Begin
The inventory that is available has now dwindled down to almost entirely just the least-desirable homes for some of these buyers. What this means is that the minute they see the home of their dreams on the market, they will do whatever it takes to grab that home! The choice is yours. Would you rather take a discount on the sale of your home that you already know you want to sell or would you rather capitalize on the unprecedented demand combined with the phenomenal interest rates that buyers want in on NOW?
Seamless Showings Don’t Interfere With Current Tenants
We realize that many owners are wary about selling their properties during the rental season but we have a way to get around that issue. Each Saturday between the hours of 10am and 2pm when most tenants are out anyway during the check out time, we get in and show the homes to potential new buyers. Not only are the homes in great showing condition, cleaned and ready to be shared but also they are accessible and the entire process is done without stepping on any toes.
If you are thinking of selling your property, I urge you to consider selling it now while the demand is skyrocketing conversely to the number of available good properties out there. Don’t wait until the fall to list the home; you will only end up getting the short end of the stick. Buyers know you will have already collected this year’s income. They will discount the value right away and you could end up with tens of thousands less on your property.
Contact me today at firstname.lastname@example.org and my team will immediately get to work on preparing your free updated market analysis to see exactly what you can expect to get for your property today!