Berkshire Hathaway HomeServices Fox & Roach, REALTORS® Chairman & CEO Larry Flick Forecasts a Continued Growth for Jersey Shore

NEW JERSEY SHORE – Berkshire Hathaway HomeServices (BHHS) Fox & Roach, REALTORS® Chairman and CEO Larry Flick forecasts a continued recovery in the Jersey Shore real estate market for the second half of 2016. “For the first six months of this year, real estate sales in the shore market increased an average of four percent over the first six months of 2015,” he explains. Additionally, unit sales have increased 43 percent from their lowest point in 2010. 
Flick indicates that there are signs that the shore market is slowing down and will not be as robust for the remainder of 2016. “This decrease in unit sales over the past two months indicates that the pent-up demand for second homes might have been satisfied,” Flick continues. The atmosphere is still conservative for secondary homebuyers. “We are in the midst of a slow but steady recovery,” Flick explains, “where many homebuyers bought their primary or secondary home near the peak of the market and now they don’t have enough equity to sell their current home and purchase a new one.” He notes that many buyers still have less confidence in their financial situations and are waiting for a time when they feel more secure.
Flick adds that for those who desire a second home at the shore, this is a great time to buy, while interest rates are at historic lows. The residential real estate market activity used to be seasonal, with most people buying and/or selling in the spring. “The real estate market is much less seasonal than it was years ago,” Flick adds. “It is not about the time of year, it is about when the time is right for you and your family.” Flick adds that if that time is now, it’s a good idea to act now, because it is impossible to know what conditions will be like next spring.