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Real Estate Opportunities Exist as Interest Rates Fall

Low prices, low rates and low inventory!

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.

(Real Estate needs? - Caroline Watts, Prudential Fox & Roach Realtors, Ocean City NJ, 609-254-4756, caroline@prufoxroach.com, Search properties at www.OCNJMLS.com)

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

John Hay February 15, 2013 at 09:18 PM
Desktop "Days 'til Memorial Day Weekend" countdown clock here: http://www.orijinations.com/HTML/JH/MemorialDay.html Ocean City is ALIVE AND THRIVING!
Caroline Watts February 15, 2013 at 09:20 PM
John Hay, I like your style! :-D
John Hay February 19, 2013 at 03:05 PM
Caroline, Great information and insights. Please keep it coming. Thank you.

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