Super-low mortgage rates are continuing to allow buyers the opportunity to afford bigger and better properties at the shore.
If you are thinking of pulling the trigger this winter/spring, then you surely have waited for the best time. A year ago, we thought the mortgage rates were ridiculously low at 4.5 percent. However, that time has quickly passed. We are now seeing rates at 3.4 percent, with some mortgage companies offering amazingly low down payments and no PMI. These opportunities are allowing buyers the ability to purchase a much better property then they ever could have in the past.
Ocean City rentals have stayed strong through the past years of a bad economy and weekly rental rates are still seeing slight increases each year. Surprisingly, our rental properties are being booked earlier this season, because many of the other New Jersey shore markets suffered the hurricane worse than we did and are unavailable for their regular summer tenants.
With prices down, rates down, low sale/rental inventory, and a strong rental market, we have started to see rentals covering mortgages again. Therefore, if you have not yet booked your summer rental then you may want to consider doing so now or entertain the idea of that shore home purchase before summer.