Do You Want a Condo?January 22, 2016
When is the Best Time to Buy Real Estate?
Real estate sales here at the Jersey shore in Cape May County are much like the market in most northern USA vacation destinations – it’s seasonal. Let me explain.
Many folks make the assumption that summer is the busiest time in the real estate market. Not so. The barrier island communities see their units at near capacity from Memorial Weekend through Labor Day. That makes most homes and condos filled with homeowners or renters who do not want prospective buyers disturbing their peace. Many showings are limited to Saturdays between 11am and 3pm, when the unit is being serviced by a cleaning company. Many potential buyers just give up when faced with these obstacles, delaying their pursuit to September.
That leads us to the best two “buyer’s seasons”. One runs from after Labor Day through about November 10-15. The other commences January 2 and lasts roughly five months until Memorial Weekend. You’ve probably guessed that mid-November through New Years is the worst time as most folk’s thoughts turn to the holidays and family. Real estate is on the back burner.
You can see that we are now in the heart of the real estate market season. The units are empty and showings are easy to accomplish. And … there is plenty of inventory. Buying now allows the new owner to complete the needed upgrades and be ready to move in by Memorial Weekend. The only thing left to do is kick up your feet on the deck and enjoy the Jersey shore at its best.