With the rise in Jersey shore property values over the last few years, along with the increased equity homeowners have gained as a result, it appears that many potential sellers are coming to realize conditions are ripe for a move. Inventory levels remain lower than usual for this time of year but are up vs. 2023. 

​

Buyer activity, especially in the typical first-time homebuyer’s price range, is on the rise. With no home to sell, the impact of higher mortgage rates has less of an impact on these buyers because they aren’t currently carrying a mortgage at 3% or lower which they would forfeit if they sold and purchased a new home. These sellers have been educated to the advantages of buying now, even though interest rates are expected to come down by the end of the year because they know they can refinance if and when they do. The old adage ‘marry the house, date the rate’ is definitely a simplification, but buyers who wait for rates to drop will be entering a MUCH more competitive buyer marketplace, without a doubt. Thousands of prospective home buyers are waiting for rates to drop before they engage in the real estate market and when they do it could result in a feeding frenzy, similar to what we saw in 2021 and 2022.

​

Even though listings have been somewhat scarce on the Jersey shore, at least as compared to a typical early spring season, it is very likely that number will increase, if not to typical inventory levels for the height of the home buying and selling season, then certainly more than we’ve seen year to date. In the past few years, the majority of sellers were in a position where they had to, or at least felt they had to sell (death, divorce, job relocation, etc.), typically due to a major life event. That left a lot of potential sellers, and therefore listings, off the market. Eventually those same homeowners will list, it’s just a matter of when, and as I’ve explained, much of that will have to do with mortgage rates.

​

If you think you might want to get in on the action, listing your home or starting your new home search, it’s always a good idea to be as prepared as possible. Contact me and we can talk about the first steps to take.