Feet together. Kick, side step. The Great Jersey Shore Real Estate Shuffle has begun. Truth be told, pretty much every real estate market across the country has seen a change in the last few months. We live in unprecedented times right now, especially when it comes to buying or selling a home. With more people working from home, homeowners find that they really need larger living spaces. Dedicated offices became definite must-haves. And, after weeks of time pent up inside, people turned to the beach for some socially distant Vitamin D. Out-of-towners quickly snatched up summer rentals when Governor Murphy gave the “all-clear” for beaches back in May. This switched our local real estate market to the seller’s favor. But, again, we live in unprecedented times. Love interest rates partnered with low travel cost and international travel not an option for most this summer, the Jersey Shore housing market is experiencing quite the frenzy right now.
Jersey Shore Real Estate Trifecta
Low Interest Rates
Yes, our local market favors sellers. High buyer demand and low inventory drive prices up. However, low interest rates make purchasing Downbeach homes a little bit cheaper. And this drop in interest rates shows no sign of slowing down in the next few months either. In mid-July, Freddie Mac announced that interest rates hit their lowest point ever in their almost 50 years of keeping track at 2.98%. As of the writing of this post, Freddie Mac reports an even lower average of 2.96% in their Primary Mortgage Market Survey. It might be time to invest in a Jersey Shore vacation home.
Summer Camps and Travel Abroad a “No Go”
Speaking of vacations, how’d your summer this year? Usually, US citizens take this time to travel internationally. But, with several countries banning American tourists due to our high COVID cases, many people decided to travel domestically instead. And, with summer camps going virtual, even kids find themselves spending more time at home. At the Jersey Shore, many people rent homes for the entire season (three months) just so they can spend as much time as possible soaking up the sun at one of our beaches. So investing in a vacation home here actually makes good sense and cents. (Hint: have someone else help you with your mortgage by renting your vacation home out when you’re not using it.)
Low Travel Cost
The third part of this Jersey Shore real estate trifecta is how much cheaper it is to travel to the Jersey Shore than it is to fly internationally. Our location allows you to load up the car and drive here in a matter of a couple hours or less from Philadelphia, Baltimore or New York City. Plus, there’s no hassle of checking luggage or filing through security screenings at the airport. That saves both money and time which adds up to a lot when traveling with the family. The money you save in airline tickets and hotel bills might be better spent in investing in a permanent vacation home that you fill with treasured family memories for generations to come.
If this sounds like your idea of heaven, contact Apex Prime Realty to get you started on finding your next vacation home today.
Sherri Lilienfeld, Apex Prime Realty, Your Source for Jersey Shore Real Estate