I hope all of you had a nice Labor Day and were able to enjoy the weather before the wicked rainstorms came. Ocean City was somewhat quiet in my opinion. Not that I spent much time on the boardwalk or beaches this week. My usual gauge of crowds is observing how many open parking spots by avenue. If there are many spots open on Asbury (not crowded), open spots on Central(slow), open on Wesley (dead zone). With that said, I hear stores, boardwalk and beaches were nice and crowded. So I may need to get a better crowd meter than parking spaces.
Now that the cool nights are upon us, guess what came back to Ocean City?!?!? Drum roll, please…. SALE NEGOTIATING! It has been quite some time since I’ve seen it. Over the last 12-18 months, inventory has been so scarce and lending was cheap, we were playing the “name your price” game. Prices kept going higher and higher and higher. Well, we’ve been wondering when that rise was no longer going to sustain itself. We are starting to see that we’ve reached the plateau. We are seeing price reductions every week and very few listings are fetching list prices if any. The good news is property values do remain strong. But they just aren’t getting stronger.
For example, if your neighbor sold for $900,000 last month or two, you may not get $925,000 because you have vinyl flooring. Your home would realistically be worth $900,000. It may also take an extra week to get that number, but still needs the proper marketing tactic and exposure, to get it done.
As for the city’s happenings, some of us are in mourning. A few of our favorites OC staple restaurants are closing after this season. My absolute favorite breakfast and lunch spot, OC Surf Café is one of those restaurants. The owner, Chef Mike bought the restaurant 10 years ago is the nicest chef I have ever met. I met him before OC Surf when he was Exec Chef at Greate Bay Country Club. Great guy which is one of the reasons it is my go to place. Voltacos is also closing after 59 years in operation and 4 generations, Voltacos near 10th and West Ave has decided to shut the doors for good come October 9th, 2022. So, if you haven’t tried their lasagna, sandwiches, pizza…it’s all very good. And Wards Pastry is closing its doors too! I have never heard of so many businesses closing in a small town. Each will be surely missed.
With September moving along, the season is coming to an end (let me grab some tissues) and more businesses will be closing for the season, all weather depending. But don’t forget the biggest last hurrah of the season…Fall Block Party! On Saturday, October 8th from 9am-5pm come on down to Asbury Ave between 5th & 14th St for food, crafts, gifts and more. If nothing else, at least the people watching is usually worth it!
“So Matt! What should I be thinking when it comes to real estate?” Wow, I am so glad you asked! Because we are in that plateau I mentioned, it is only a matter of time until we start to see a decline in property values (if we haven’t already). Hopefully we never see a decline! But I am taking my best stab at predicting the future.
So, if you’ve thought selling your home, primary or secondary, now is the time to make that happen. Price it correctly! Don’t list high just because negotiating is a thing. “Ugh Matt if I list it 5% higher, people will think they’re getting a deal by negotiating and I’ll get a higher number.” Wrong! You list it 5% too high and no one comes to see it! Simple as that. If you waste time on the market, all while buyer demand dwindles. Don’t risk your current value for an extra couple dollars. Instead, be fair because you will be rewarded with strong offers for being priced correctly and you’ll be able to sell on your terms. Afterall, you have to price it to get them through the door first.
What if you’re a buyer? Well it’s time to start watching the market. Over the next 3-12 months, I think there are going to be a few good deals to be had. But at the same time, I always warn you not to waste too much time wondering if the timing is perfect. The perfect time never comes! If you find the right home, don’t hesitate. Take a leap and go for it. “Well Matt, what if the property value drops after I buy?” That would be less than ideal, no doubt. However, if you are in it for the long haul and won’t ever have to sell in a pinch or immediately, real estate is the proven safest investment. If you are looking for your secondary home to last at least 7-10 years, chances are you will own long enough to recoup any equity loss after a downturn. Moral of the story, don’t waste time waiting for the perfect time. Stop waiting to make memories at the perfect time. That time is now.
Thank you for reading today and to close out, my sales pitch! If you have been interested in buying or thinking about selling your current home. I would LOVE to have the opportunity to earn your business. Buyers, please email me a wish list of wants and needs so you can be the first to know when that exact home hit the market. Sellers, call or text me right after this sentence. Time is of the essence, let me guide through the process and how I am going to sell your home for the highest current value on your terms. Talk soon!