There are so many great reasons to buy a Shore home this fall. Let's look at the top four!
1. Interest Rates Are Low
Interest rates are currently near historic lows, at the time of this blog they are around 2.807% for a conventional 30 year loan! This is one of the main drivers of the hot market at the Shore. Buyers understand that low rates can even out price increases. Although prices have increased recently, the affordability index is near all-time highs thanks to low rates and buyers' purchasing power. However, rates are predicted increase into 2022, with many predictions showing peaks of close to 4%! This could cost you tens of thousands of dollars over the life of the loan.
2. Less Competition
Many if not most of the homes at the Shore are owned by second-home owners from the Philadelphia and New York areas (particularly on the islands). Kids being back in school, the holiday season, and colder weather make it more difficult for potential buyers to get down to the Shore to view homes. Whereas in the summer months, the Shore is packed with potential buyers. We've shown listings in blizzards and sometimes that's how you get the best deal! Not always, of course, but the decrease in buyers in fall and winter does create opportunity.
3. More Homes For Sale
While there may not be more listings in fall and winter, there are a whole new batch of homes on the market. The reason is that many sellers prefer to wait until after summer to sell, when they have already brought in the rental income or enjoyed one last summer at their property.
4. Time To Personalize And Renovate
Closing on your home home in the fall gives you plenty of time to either renovate the property, if it needs it, and time to personalize the home to your liking. When spring rolls around, your Shore home will be ready and waiting for all the fun in the sun! Of course, buying in the fall gives you the chance to spend the holidays at the Shore. If you haven't done Thanksgiving or Christmas at the Shore, you're missing out!
5. Sellers May Be More Flexible
For all the reasons outlined above, sellers are often a little more flexible in the fall and winter, although in this market don't expect any huge price decreases. But, sellers realize that carrying the property through fall and winter means taxes and sometimes HOA fees but with no rental income.
-Click Here To Search All Shore Homes
-Click Here For Your Free Fall Buyer's Guide
-Call/text 609-780-1434 today to view properties in person or via video call!
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