Ocean City, Strathmere, Sea Isle City, Avalon, Stone Harbor, Longport, Ventnor, Margate


   
 
Shore Market Update
May 2017
Vol 8  Issue: 6
Circulation:  2768
IN THE TRENCHES...FROM THE SELLER'S PROSPECTIVE
The 2nd quarter has seen a surge in sales at the shore. Most properties that did not sell in the winter improved their asking prices and welcomed acceptable offers. Some homes experienced multiple bids, other homes received unacceptable offers or were rejected by the eager buyer wave. These unsold property owners will have to reevaluate their motivation to sell and listen to what the market is telling them. Shore homes still face the scrutiny of home inspections and bank appraisals . The Spring market delivered an abundance of buyers, so many in fact, that there seemed to be one or two in line to step into a good deal that was rumored to be going south. With that said, "everyone" in the successful transactions rolled up their sleeves to negotiate fair terms to get the sale to the closing table.
 
Sellers should not be thinking prices are increasing overall .  Only certain homes that "shine" and are located in low inventory, desirable locations scored above market value. Buyer demand is way up, however sellers and their listing agents must be extra careful to examine the qualifications and determination of their buyer prospects. Legitimate proof of funds and professional evaluation of real income to debt ratios must be approved early or precious time will be wasted having your listing off the active market by failing to close an unqualified buyer.  As a seller, if you are not under contract after a month in this market, then unfortunately your asking price is overpriced.  The seller's enemy is days on market and its competitive, comparable listing. It should be noted upgraded, single family homes remain in high demand with central air, 2 bath minimums, and parking. Views will always command attention and should be advertised to the fullest.   Condos with climbing association fees and forecasted assessments will suffer from falling prices.  If your property has been neglected and improperly maintained, it will be reflected in the offer.  We think sellers should strongly  interview a listing agent AND a buyer agent partnered team to best promote and sell your property in this market . HAPPY SELLING!!     
Whether you are a buyer or a seller, it is important to understand the different types of properties at the shore.  Based on the type of property, there are differences in financing options and Fannie Mae lending ratios & restrictions.  There are also differences in responsibilities regarding maintenance/repairs, expenses and insurances, as well as potential usage restrictions.  Unless the property is a single family home, there are also differences in the type of relationship and responsibility amongst co-owners. 

Different Types of Properties:
Single Family Home
Multi-Family Home
Townhouse (Fee simple or Condo)
Duplex Condo (conforming or non-conforming)
Condo 3-4 Units
Condo Complex: 5-10 Units
Condo Complex:  More than 10 Units
Mixed Usage Condo
Condo-Tel

Contact Stacy Demcher (610-662-0919) for specific information regarding the different types of properties and what that means to you as a buyer or seller.
WALTON TEAM - - NEW LISTINGS
Cozy Stone Harbor Cottage
39 Stone Court                                 
2 bed/1 bath cottage located on one of Stone Harbor's historic courts. One of the only cottages with PARKING.

Priced at $600k
Click Photo for Details
Coming Soon
825 St. James
Shhh...not on the MLS yet!!!
Beach block!  3 bedroom condo with sun room and off street parking.  Summer rental income $19k!

Priced at $389.5k
 
Shore Market Activity - May, 2017

New
Listings
Under
Contract

Sold
Ventnor
60
22
32
Margate
74
31
34
Longport
17
0
6
Ocean City 115 84 118




Sea Isle City
24
16
29
Avalon/Stone Harbor
36
35
37
The Wildwoods
106
84
86


See Below  for the South  Jersey Shore MARKET ACTION
May, 2017

In This Issue
In the Trenches
Different Types of Properties
Walton Team New Listings
Shore Market Activity
Featured Listing
OCEAN CITY EVENTS:  
     
 
 
Who do you know that is looking to buy , sell or invest in real estate
 that could use our help?   
Please call or text The
Walton Real Estate Team
 
John Walton:
609-338-7667
 
Stacy Demcher
610-662-0919
 
 
 Featured 
Listing
   
 
1453 Haven
Click Photo for Details

Ocean City
Well maintained, large first floor condo

$425k

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