After months of virtual lock down, Downbeach Real Estate is bouncing back big time.
Earlier this year, Real Estate agents were prohibited from showing homes or doing open houses. Not many interested in viewing properties or plunking down cash on a second home.
Those who previously secured summer rentals considered canceling their leases. Then, the Federal Reserve Bank stepped in to help.
In just a few months, we flipped from a Buyer’s… to a Seller’s market. For the last several weeks, interest rates have continued a downward trajectory. On July 16, 2020, interest rates hit their lowest levels since 1971.
The Federal Reserve lowered mortgage rates in response to COVID-19.
Jersey Shore home buyers enjoying historically low interest rates.
From MONEY.com > Economic uncertainty surrounding the coronavirus pandemic has driven mortgage rates to numerous record-lows since March. During the week ending July 16 average rates hit 2.98%, dropping below 3% for the first time. As a result, purchase applications are up 16% from a year ago and refinance applications are up 107%, according to the Mortgage Bankers Association.
Putting this in context: Home buyers paid almost 2% more for a property in November 2018, when interest rates were 4.94%.
Ventnor, Margate & Longport seeing robust, real estate activity.
According to Realtor.com, median sale price for a Margate home is $430,000. If you qualified for 2.98% 30-year fixed-rate loan, it costs about $166 less per month, compared to 12 months ago. That’s about $2,000 less per year. Almost $60,000 over life of the loan.
With interest rates historically low, buyers now getting more for their money. As a seller, your property is more likely to move faster…. at an attractive price.
Home buying up 19% year over year, according to latest Mortgage Bankers Association data.
Home inventory levels are relatively low. Plenty of buyers out there looking.Reasl Estate Broker, Sherri Lilienfeld