With the summer in mid stream and the tenants of the four prime weeks are enjoying the best The Jersey Shore has to offer. As we all know from our own experiences, that the ether from the fun in the sun, beaches and water makes longtime tenants the best prospects for shore homes or condos..
The market is prime for what I call “The Upward Cycle” because many homeowners have experienced increased equity in their 401K’s and upward price movements of the past six years in their primary homes. Today’s prices are approximately 10-20% from the top of the hyper aggressive days of 2005 and 2006. This time around we have worked through the cycle much more orderly and are still looking at a five to ten year growth spurt because of supply and demand issues brought on by the wave of Babyboomers that are still experiencing more discretionary income, significant inheritances and incredibly low interest rates. The facts are we are seen rental inventory drop 15% in the past few years and rates are increasing consistently. Many homeowners now and over the next few years will continue to reduce available rental weeks or not rent at all because of having more time to spend at the shore, or considering retirement This is the time to look at this opportunity (3.5% interest 30 year fixed rate mortgage, $449. month per $100,000.) while the prices are stable.
Thank you and I hope you share it with people who might be interested. Some of you might consider purchasing a nicer shore home with relatives or friends. I have structured many investments or second homes to help families get a better location or more space. Call me so I can show you what to do and where to look. Please send me their email addresses and I can send them more information each month as well.
Enjoy your Summer and let me know if I can ever help.