Real Estate Can Be A Very Confusing Matter...

December 2007/January 2008

Don’t read this unless you’re just a bit confused about everything you hear and read about real estate. Let’s try to end the calendar year on a bit of a high note. There are all kinds of real estate out there across the country. Most of us are familiar with residential real estate, but you can also have investment real estate, commercial real estate, resort real estate, and more. You can also identify property categories: single family, multi-family, condominium, etc.

And not only does real estate vary from state-to-state, it can also vary from region-to-region, even town-to-town.

One section of the county, one segment of the real estate market, one particular town can be on the up-swing, while another is moving in a different direction. Moreover, real estate can be impacted for the good, or the bad, by other economic factors: the stock market, the foreign country markets, the mortgage rates, national events, etc. Recently, the mass media has played a significant role in shaping the minds of its readers, watchers, and its listeners.

Indeed, it can be a confusing matter.

It becomes important to ask questions as you hear both good and bad news regarding real estate: What does this have to do with South Jersey?

What are my particular goals in terms of this real estate purchase consideration? Have I done my homework so that as I read or hear this information I know what it means for me and for my particular potential real estate transaction?

Let’s go to our particular real estate area: The South Jersey Real Estate Market. We find a combination of residential property (both single family and condominium) throughout the mainland communities all over South Jersey, a great deal of resort real estate property (second homes and investment property) along the shore communities from Atlantic City through Cape May County, and in both areas (retirement options and locations). Many buyers and sellers represent local residents moving in, moving up, moving out, moving back into, or out of, permanent residential locations. But in the resort areas, these same buyers and sellers mostly are represented by out-of-the area types who want a second home, an investment property, a rental property, or even a retirement home. These two types of buyers and sellers represent segments of the real estate market involved in different types of real estate purchases.

It has been a slower real estate market throughout South Jersey, but it is important to note that some locations are doing better, some are not doing quite as well. You can’t put a specific label on any particular location. It becomes important to know a lot more about what’s listed, what has sold, what listing and selling price figures are out there, etc. It’s important to do your homework.

Real Estate “Tip of the Month”

“IAAA”... It’s all about “the” Agent... find the Real Estate Agent of your choice in the location that you are interested in... start your homework. Why? Because 2007 was a great time to be buying real estate in South Jersey...and 2008 may just be the best time to be buying real estate in South Jersey.

This Agent wants to wish you and yours the very best in your Holiday & New Year 2008.

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.