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 29th, 2013 by Gary Mawson Jr.
Belmar has been quick to get everything back up and running. They have the boardwalk nearly half complete. The bridge between Avon by the Sea and Belmar is now open and cars are allowed on Ocean Ave up to Silver Lake between 5th and 6th Avenues. Although you are not allowed on the boardwalk or the beach yet. The boardwalk will be open for the summer rush of Memorial Day weekend. It is really great to see things begin to get back to normal and the real estate is no different.
With the exception of some of the waterfront homes that people are just waiting to see what is going to happen with FEMA and their new flood maps (date TBD) homes that are currently on the market are selling like crazy. Its not official yet, but we are moving into a sellers market! It is really a great time for sellers, because with interests rates still very low home buyers are out there in full swing looking for homes to buy. The buyers are not singled out to the first time home buyers though. There are investors snatching up any good deal that they can get their hands on and also people that are looking to move up into bigger homes and also the people downsizing.
Dont miss out on the hot real estate market. If you have thought about selling or buying another home call us first for a FREE market analysis of what your homes value is today! It will only cost you about 30 minutes of your time.
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