Low mortgage rates are continuing to offer buyers the chance at cashing in on Ocean City NJ real estate opportunities.
If you are considering the idea of a purchase of Ocean City NJ real estate now, then you have waited for the right time. Last year we thought the Ocean City NJ real estate mortgage rates were crazy low at 4.5%. We are now seeing rates at 3.5%. Mortgage companies are also offering very low down payments with no mortgage insurance. These programs are allowing buyers greater Ocean City NJ real estate opportunities then they ever could have gotten in the past.
Ocean City NJ real estate rentals have continued to be strong through the past bad economy and rental prices are mildly increasing every year. Also, rental properties are getting booked-up fast for this summer because other New Jersey shore markets took a much larger hit from hurricane Sandy and are unable to rent to their repeat tenants. It has been said that Ocean City NJ real estate only had about 10-15% damage city-wide.
With values still remaining low, low interest rates, low rental & sale inventory, and continuing strong rentals, you can find rents that have begun to cover the cost of carrying Ocean City NJ real estate again! If you have not yet reserved a vacation home for this summer then you will want to get on the ball or make that Ocean City NJ real estate purchase by the spring, and before the chance of increased rates.
Caroline Watts, Prudential Fox & Roach Realtors, Ocean City NJ, cell: 609-254-4756, caroline@prufoxroach.com