Summertime...and the living is easy

July 2007

As Nat King Cole used to sing: “those lazy, crazy, hazy days of summer, those days of soda and pretzels and beer”... well those who get the opportunity to spend some time in the South Jersey resort communities in the Summer, that’s exactly what it is.That’s what has caused people to return year after year as rental tenants.

It has also caused others to make the weekend trek along the Parkway for a night or two. Moreover, it has caused some families to begin a tradition of spending more extended time in South Jersey by purchasing a second home or investment property here. Finally, for another smaller number of people; they have decided to make South Jersey their retirement destination.

Each of the individual resort communities, and to a lesser extent the mainland areas, have become “favorite locations” for many rental tenants, owners, and visitors throughout the summer months. And sometimes these “location loyalties” change over the years. Therefore, a good bit of the summer represents a time for walking, biking, driving, and just checking out property wherever you tend to be. Throughout South Jersey it tends to be the regional pastime for visitors... checking what is for sale, the listing price, and trying to gather information about South Jersey shore property.

As my own Broker has always told me, “everyone started out as a rental tenant.” So it becomes important to view every rental tenant as a “potential shore property buyer.” Moreover, it is important for the potential Buyer, the rental tenant, to also try to see it from this perspective as well. It’s never very easy to show properties during the summer months because of all of the rental tenants occupying them.

But it is certainly a great time to be out there talking about real estate, discussing listing prices and market value, and trying to be in a position as a potential Buyer.

For the individual agent that you meet and talk with about these varied topics, their knowledge and skills will slowly come through to you. Each agent brings a type of background that has enabled him or her to get to this particular career and experience level.

As the potential Buyer, you must take advantage of this knowledge, and you must also identify an agent or two who might be someone that you want to work with in this ongoing process.

This is what each and every agent should be saying at this particular time: “It’s a great time to be buying shore real estate." Why? The market has been in a slowdown for about 25- 26 months, and it won’t last forever. If you are considering a purchase in the next few years, don’t let this “Buyer’s Market” pass you by. You’ll be regretting it for another five plus years.

Just like the ebb and flow of the tide, and the stock market, and obviously real estate, and many other markets, the critical factor is getting into the market at the right time. I have always called it: “Getting on the Wave.” Well, the Wave has been “a great buying opportunity” throughout South Jersey...and we, and many others, will soon see real estate as “the next best thing again.” When that happens, it will still be a good time to buy...but you will have missed some of that “market appreciation opportunity” that only comes around so often as we move from a slower period into a more normal or even more aggressive time.

So let Nat King Cole sing about “the sodas, pretzels, and beer” all summer long, but the real buyers will not only be out there looking...they will be checking for opportunities now because it is probably one of the best times to buy in quite a long time...and it may be looked back on later as the time that everyone should have been out buying. Everybody has a story about what they did (when), for how much, and why. Some of these stories are sad ones...generally realtors hear these much more often than others. But the positive stories are always told with great gusto and enthusiasm. Everyone hears these stories. What I am talking about is the opportunity for one of you to “make your own story.”

Real Estate “Tip of the Month”

Let’s review some “talking points” as you talk with realtors...(1) identify your property category of choice, your location, your price range; (2) get a complete MLS listing of what is out there so that you know what Sellers are asking for each property that might be of interest to you...in fact, review all the sale listings for your particular property category; (3) ask for a copy of what has sold since January 1st, maybe even go back another six months; (4) try to schedule a visit to several properties...although this may be difficult during the summer months; and (5) narrow your list, tap your agent’s knowledge base, talk with a mortgage vendor, and catch the next Wave.

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 DustinPeters@Realtor.com.