There’s absolutely no reason not to buy in 2007...

January 2007

Sorry about that “double negative” so early in the new (and very positive) year … but…let’s say it again: “no excuses in 2007…if you are interested in buying real estate in South Jersey, this is certainly the year to do it.

We start the calendar year knowing that we’ve been in a significant “slowdown” since mid-June, 2005 … that’s about eighteen months ago, taking us up to January 1st, 2007. Obviously, the first two winter months of 2007 aren’t great for lots of sale activity. Only the very brave or very smart Buyers make the trek down the Garden State Parkway during this time of year. But once March arrives…look out folks: “the boomers are coming, the boomers are coming.”

These boomers have been taking “a long winter’s nap” for the past eighteen months, but they are all waking up at the same time with the same ideas in mind…they want to check out South Jersey for a second home, investment property, or a future retirement location. And there are a lot of them turning “60” right now…to the tune of 7,400 boomers per day (by 2008 that number reaches 10,000 a day).

According to the National Association of Realtors, 70% of the boomers will buy a vacation home within the decade (and many will turn toward the South Jersey shore).

But it’s not all about boomers either…there are many younger members of the population ready, willing, and able to do the same thing. And with the variety of price ranges available throughout South Jersey, there is something for everyone out there. It doesn’t take too much math ability to understand that the recent slowdown has resulted in a much higher inventory.

A much higher inventory can often mean lower listing and selling prices right now. But like everything else, there are cycles in real estate too. Let’s suggest a possible strategy for those interested in starting right now: There are all kinds of locations throughout South Jersey…resort points, larger communities, smaller ones, island locations, mainland areas, those more in the rural areas, and those a bit more populated. It’s important to try to identify a couple of areas that might interest you the most. It also Taking Care Of Buyers & Sellers Since 1921 may require you to visit several areas to determine possible locations.

The next step is probably the most important one…finding the right real estate agent. There are many ways to do this, from visiting several offices and talking with different agents, to talking with friends and family who have a property nearby who could recommend or refer you to a particular agent or agents. Finally, you may need to spend some time in the particular location…a couple of long off-season weekends, a mid-week day trip. Often you can begin to identify some possible agents. One other useful process would be to visit various agency web-sites reviewing sale listings as well as agents.

The process of purchasing a second home or investment property can be very fast for many Buyers…but it can also take twelve to twenty-four months for many other Buyers. The rest of your effort depends a lot on how you do the planning in the first sections reviewed above. It’s not “rocket science,” but it is an important process that can greatly enhance your personal financial portfolio in the years to come. Do it the right way.

Real Estate “Tip of the Month”

Develop a working buying strategy and plan that gets you moving along the right track right away…whether you have to act fast, or you are able to take your time, your schedule can always be adjusted, and adjusted again. But without the initial planning, you might never get started. The critical factor is finding the “right agent” who will take the time to get you on the right path right out of the gate.

Dustin A. Peters is an Agent with French Real Estate, Inc. – Ocean City, NJ. He invites readers of this column to submit comments and questions to him at Dustin@BeachNotes.net.