The story for Atlantic County, NJ real estate market is pretty much the same for all of the real estate market across the country. We are in a buyer’s market. But what does that mean? A buyer’s market is a market that is slanted positively for buyers of real estate. Buyers of all types – retail – meaning the buyer wants to live in the home –investor –meaning the buyer is buying and holding –or hybrid–meaning a little of both. These buyers have the advantage in this market at this time. Markets change all the time. This time they drastically changed with the economic downturn–meaning the 11 million jobs lost largely to outsourcing, the banks, mortgage brokers, etc. who allowed homeowners to get loans who were not qualified for those loans and the homeowners themselves who used poor judgment to buy homes they knew they weren’t qualified for. All of these situations blended into the “Perfect Storm” that ended in this being a buyer’s market for all types of buyers involved. Is this a bad thing? Not necessarily because bargains can be found for those who have credit, cash or both in good standing. The rest of the home buyers who are renting now and waiting for the market to turn or find a job or get a better job this is a good time to prepare to be a homeowner correctly. Atlantic County NJ is no different except maybe we may have a more diverse group of people from rich to poor and in between who want to own a home so what we need to do is get ready to become homeowners but maybe be a little bit more prepared.
By the way, this IS National Open House Weekend so if you want to get a jump on finding your next or new home check out the open houses being held all over the country Saturday and Sunday. Happy House Hunting!
Some sites to check: http://www.onlyopenhouses.com, craigslist.org, backpage.com, postlets.com.