October 1st, 2013 by Gary Mawson Jr.
Have you noticed the the price of rents have gone up steadily in NJ? How much longer can the market sustain the constant increase in rent? What will happen to my rental when the rental bubble does finally burst? All of these questions come to mind when thinking about the rental market. So when is the bubble going to burst?
My opinion is it will be in the next couple of years! The market has continually increased and the rents have gone up, but everything else around has stayed the same. The job market has not gotten any better. Median income has dropped, and the people who are hanging on to jobs are getting very minimal raises. So with all of this in mind what is the next step?
I think that these people should begin to buy again. Prices are still relatively low, and interest rates are very low as well. The buying power is tremendous right now and you can begin to build equity in a home rather than paying someones mortgage for them. There are a lot of homes on the market and as we enter the winter months the buyer pool shrinks and homes tend to sit a little longer. This may allow some buyers to get a better deal on a home than if they would have bought in the summer months when the market was on fire and everything was selling.
This rental market is always going to be strong in Monmouth County because of the proximity to the city, but let be realistic here, the market is going to come down a bit and we will see some of the undesirable areas become desirable rental markets in the future. There is only so much people can afford before they hit the breaking point.
March 15th, 2013 by Gary Mawson Jr.
Belmar NJ is getting back to full swing trying to get waterfront back up and running! There have been a lot of positive events that have shown that the beach communities will just not be affected as much as everyone thinks. Real Estate has become a hot item in the area and people have been buying homes as fast as they come to the market here in Monmouth county and Belmar is coming around too.
With St. Patrick’s day behind us it was a positive thing to see everyone flock to Blemar to see everything that has happened. This was the first day that they opened Ocean Ave and the bridge between Avon by the Sea and Belmar. There were hundreds of people throughout the day that flocked to the beach to see the aftermath for the first time. The positive is that the town has rushed to rebuild the boardwalk, so instead of seeing just a blank canvas of sand and water there are pilings and boards already in the ground.
Up and down Ocean Ave you can see that people are beginning to rebuild homes to get them back to a livable standards so that they can get back to Belmar NJ beaches in the summer and enjoy all that we have to offer.
There will be a lot of homes that are going to come to the market for both sale and rent in town now and in the near future. Some will be storm damaged homes and others will be homes that people just dont want to deal with anymore, but the reality is that we will always flock to the Ocean for the summer and there will always be a strong real estate market here in Belmar NJ.