If you've been considering selling, now is an excellent time to get the most for your investment at the Shore. Not everyone should sell, of course, it all depends on your individual situation. But, there has never been a better time to put your Shore home on the market and here's why:
1. Days On Market Are Low
"Days on market" are the average number of days between a new listing and when it goes under conract. In Cape May County, single family homes are going under contract 40% more quickly, from Jan-Aug 2020 vs. Jan-Aug 2021. Condo/townhomes are going even faster, with a 53% reduction of the time on market. Even when you account for the impact Covid had on home sales during 2020, homes now are well below historical averages for days on market, between 30-40%.
2. More Listings, And Competition, Are Coming
Fall typically sees an influx of Shore listings, with owners having enjoyed their summers and rentals beginning to slow. Owners often get "one more summer" out of their Shore homes before selling, and Fall is a very popular time to list.
3. Buyers Are Less Motivated In Fall/Winter
Home buyers at the Shore have learned that Fall/Winter is a great time to buy, with less competition from other buyers. But, as a seller, you'll have much less activity on your listing than you would now. Buyers often live an hour or more away, and getting down to the Shore to view homes in January isn't always easy! Take advantage of all the visitors still in the area.
4. Uncertainty On The Horizon
This seller's market isn't going anywhere, there simply is too much demand and not enough supply. However, that doesn't mean factors won't slow it down. Interest rates are expected to increase toward the end of 2021 and into 2022. This reduce the number of buyers who can afford your home. Low rates have been off-setting an increase in prices, but if rates increase as well, we should see things move more toward the buyers favor.
Call or text 609-780-1434 today to discuss if selling is right for you! I've been selling Shore homes since 1995, with hundreds of happy clients along the way. Put my 25 years experience to work for you!
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