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What does all of this mean IF you’re thinking
of buying or selling?
The answer is worthy of discussion, as the broader “Market” has many subsets – markets within the broader Marketplace; each sub-market having its own particular factors that shape activity. The subsets of the Market are generally geographically defined (such as Beach Block, Bay Front, East of Dune Drive/Second Ave, et al), yet they also include segments ranging from New Construction to “Tear Downs/Building Sites, and from Condos to Single-family homes.
With sales activity a bit slower and Inventory up nearly 40%, there’s a noticeably slower pace in the Market. This can be somewhat expected, as Presidential Election Years can cause erratic consumer behavior in the stock, bond and the real estate market. After all, the nature of the election cycle is mass-marketing to tell you how bad things are, and how things will improve if you vote for ‘x’ person!
On top of that, the mixed economic data and differing predictions from the “experts” can make anyone’s head spin! In the wake of the uncertainty and negativity, we find that many prospective buyers and sellers take a “wait & see” approach.
After being immersed in the Avalon/Stone Harbor real estate market for over 35 years, certain things hold true during the wide range of market conditions. We often hear “Don’t wait to buy…buy and then wait”. That advice has proven true!
We know that people LOVE to be “At the Shore”, and that most buyers set a future ‘target date’ for their purchase. Although some trepidation is normal, they typically purchase on/about their target date, irrespective of positive, neutral or negative worldwide vibes or economic conditions.
We also see opportunists, and they purchase as the market slows (just like we see in the stock market). Between the opportunists and buyers purchasing as part of their Life Goal, that consistent element of demand helps bolster market values during times of market duress.
Moving forward, we know the ‘market’ likes stability, and once the Presidential Election is behind us, the clarity as to future expectations should impart stability in the Marketplace. For those looking to “trade-up”, the broader selection of properties For Sale is healthy, as it creates options and then activity…and activity breeds activity!
CONTACT ME TODAY IF YOU WOULD LIKE TO DISCUSS THE SEGMENT OF THE MARKET THAT INTERESTS YOU!
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