Hurricane Sandy has done her damage to some homes for sale in Ocean City NJ, and others fared very well through this storm.
Overall, homes for sale in Ocean City NJ got very lucky compared to other parts of New Jersey and New York. Many sellers have been expressing a concern as to what Sandy’s wrath will do to our previously recovering real estate market. Though it is hard to see right now, I am sure there will be some good with the bad.
In talking to some of my buyers within the past few days, they still express a love for our town and will always have a drive to want to be here. Surprisingly, many sellers whose homes stayed dry feel even more confident about their homes for sale in Ocean City NJ.
The main issue that we are currently facing is mortgage companies wanting inspections on the homes for sale in Ocean City NJ that are under contract and pending a settlement. They want to be sure that there are no severe damages. The problem lies with certain buyers having to wait for repairs to be completed in order to get a re-inspection and approval for financing. Getting a quick resolution in order to hold a deal together seems impossible when insurance companies need time to get adjusters out to so many homes. Trying to get an available contracter out to make the repairs also may be problematic.
Some better news that I have heard from people is that they are now remodeling their homes for sale in Ocean City NJ and they normally would not have put the money into it.
Things like flooring, painting and furniture that are normally very important to buyers, so many people typically would have kept or even sold “as is.” Therefore, the property that they and their family has owned for numerous years will now be worth even more and they are excited about it. This is one positive outcome for many homes for sale in Ocean City NJ that got the brunt of the damage.
It is inevitable that the market will see a lull for the next few months while people are filing insurance claims and making necessary fixes. However, Thanksgiving to New Year’s months are typically our slowest anyway. Coincidentally, we have seen some buyers come into town wanting to see where the highest and dryest homes for sale in Ocean City NJ are. Good for some but very revealing for others.
I will surely expect the “Sandy” question to now be on the list of buyer’s concerns for many years to come. Overall, I don’t think the storm will have a lasting effect on our homes for sale in Ocean City NJ. Honestly, we were one of the shore towns that best survived this catastrophe, so buyers may end up here instead.
For help with homes for sale in Ocean City NJ contact me: Caroline Watts, Prudential Fox & Roach Realtors, Ocean City NJ, cell:609-254-4756, caroline@prufoxroach.com