EDISON — Record-low mortgage interest rates and high affordability have combined to make the dream of owning a home near the New Jersey shore a reality for an ever growing number of families according to the New Jersey Association of REALTORS® (NJAR®).
“Home prices are affordable all over the state right now, and mortgage rates that continue to be among the lowest in 50 years have sparked an increase in buyer traffic at offices throughout the state, and especially at the shore,” said NJAR® 2010 President Judy Appleby, of Appleby Realty in Seaside Park.
“Principal residences and vacation homes at the New Jersey shore have become exceptionally attractive as shown by the increased activity at the offices of shore area realtors” Appleby said. Appleby’s career as a shore-based realtor has spanned more than three decades.
“The shore has always been attractive from a quality-of-life perspective and as an investment. These attributes have been enhanced because of the ‘affordability index’ and the fact that many New Jersey families are now looking for vacation homes that are closer to their primary residences,” she said.
The “affordability index” is a measure that factors the average price of home sales, mortgage interest rates, average family income and other economic indicators to determine how affordable owning a home is in a particular area.
“The current affordability index for New Jersey is 133.2, which is higher than it has been in recent years, offering buyers more choices in shore properties,” the NJAR® president said.
The members of NJAR® have advice to share with those considering buying a property at the shore this coming spring buying season.
• Visit shore towns early in the off-season to help to narrow down a search to a desirable area.
• Consider proximity to the beach and a home’s potential appeal to summer renters.
• Pay close attention to the home’s structural condition and determine what items need improvement or replacement.
• If improvements are needed, discuss them with a qualified professional to determine the most affordable ways to repair or retrofit the dwelling.
• Carefully calculate expenses against a budget that includes mortgage payments and other expenses including taxes, utilities, and homeowners insurance, that may be more expensive for a home near the shore.
NJAR® has also created a comedic, 30-second video that promotes second homes at the Jersey shore following the perspective of a husband and wife whose vacation getaway has been taken over by their teenage children. This video, along with the rest of the series, is posted on www.youtube.com/REALstoryNJ.
“Buyers need to know that buying a shore home can often involve additional complexities for which a realtor can provide guidance, but the process is still very similar to other transactions,” said NJAR® 2010 President-elect Allan H. “Dutch” Dechert, of Ferguson Dechert, Inc. in Avalon, and former chair of the National Association of REALTORS® (NAR) Resort and Second-home Real Estate Committee.
“There is absolutely no doubt that there are some once-in-a-lifetime opportunities available before this summer that buyers should consider,” he added.
“The Jersey shore market is ripe with opportunity. Contact a realtor to jumpstart the process, answer questions about the desired community, and show available homes in the area,” Dechert said.
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