Ocean City, New Jersey is a resort town with over eight miles of beaches and two and a half miles of boardwalk, and a housing market as hot as summer sand under your feet.
"The spring market at the Jersey Shore is starting out very hot with many homes selling for full asking price or higher," says Realtor Ken Fowser ( Luxury Exterior Swimming Pools Homes, Condos, Mansions and Estates Photo Gallery ). "Interest rates are lower than they have been in 50 years."
Fowser explains, "Many people have lost confidence in the stock market and are putting their money into real estate. Baby boomers with two incomes and children graduating from college are investing the extra money they have after the kids leave the nest. Folks are also using money that they inherit to buy second homes or investment properties at the shore. Many people are selling their primary homes and retiring at the shore. Many folks are buying as many homes as they can and selling them after a short period of time and realizing handsome profits. Excellent tax advantages can be realized from real estate investing. Rental income from a shore property helps pay the expenses and the lenders use 75 percent of that income to qualify you for a larger loan so, in most cases, people can buy a much more valuable home than they ever thought they could afford. Do not pass up this window of opportunity you have right now to buy a home at the beach, as interest rates may never be this low again in our lifetime."
Says Realtor James I Marshall , "Mortgage rates are at an all-time low and that is what is keeping this real estate market so hot. We are projecting an increase over the next five years and this is no bubble that is going to burst any time soon. Ocean City is "America's Favorite family resort" because of its dry town and boardwalk; it makes for a hot rental spot as well as sales. The rental seasons are longer because of its acclaimed school on the beach and excellent ratings as opposed other shore towns that appear to be a "ghost town" in the off season. North Shore Points as well as Stone Harbor and Avalon have reached extraordinary values making Ocean City more down to earth in price and affordability to the average "Joe" and first-time investors."
"The popularity of resort real estate has fueled real estate values on this island resort," says Realtor Brian Reese . "In Ocean City you'll find that new construction blends with Victorian architecture to provide the warmth and comfort you'd expect from a seashore resort. Ocean City offers single family neighborhoods as well as traditional duplexes, high-rise condos and condominium complexes."
Advises Reese, "Prepare now for that winter/spring purchase! Having a prequalification letter from a lender never hurts. And don't be surprised if homes are selling for more than asking. If you're serious about buying, don't leave the checkbook at home, and be prepared to move quickly. A well-priced property won't last more that a week or three."