Now Is The Time To Buy Ocean City Real Estate!
It’s now April and the weather isn’t the only thing warming up on Maryland and Delaware’s Eastern Shore. The real estate market is seeing an influx of homebuyers confident in their abilities to buy Ocean City real estate and this spring, will be busier than ever before. In fact, according to a new study, the number of existing homeowners that plan to buy a new home this year is about to increase dramatically, especially compared to numbers in past years.
Spring and summer are typically busy buying seasons as the weather is nice and moving conditions are favorable, but it seems this year is going to be busier than usual! Some buyers are planning to move up in their homes on Maryland and Delaware’s Eastern Shore, few are downsizing, and some are simply moving to new homes as they now have the ability to buy again! Equity in homes is returning and homeowners are now expanding their options for moving, which just may include buying a condo in Ocean City to begin living the good life.
Many homebuyers entering the market this year are called “move-up buyers,” and one study shows that over 75% of buyers will fall into this category. These are homebuyers looking for more space in their homes and those ready to purchase a second or vacation home in Ocean City. Current homeowners are getting their finances in order in preparation for the busy months of Ocean City real estate ahead and are once again realizing the positive long-term investment that owning a home presents. For instance, did you know that the net worth of the average homeowner is 30 times greater than that of a renter? By purchasing real estate while the timing is right, not only will you build personal wealth, but you’ll save yourself money.
What else is contributing to the big number of “move-up” buyers this spring? As it seems, many homeowners considered moving up last year, but decided to wait— a decision that ultimately cost them money given rising mortgage rates and housing prices. And if you’re still on the fence about purchasing real estate on Maryland and Delaware’s Eastern Shore this year, even taking into account the rising mortgage and housing costs, consider the following numbers. KCM recently examined the figures in waiting to purchase real estate:
“Assume they had a home worth $300,000 and were looking at a home for $400,000 (putting 10% down they would get a mortgage of $360,000). By waiting, their house appreciated by 13.8% over the last year (national average based on the Case Shiller Pricing Index). Their home would now be worth $341,400. But, the $400,000 home would now be worth $455,200 (requiring a mortgage of $409,680).”
Prices are only expected to continue rising this year and for homebuyers in the Ocean City area, now is the time to buy! Before the market becomes increasingly competitive and rates experience further hikes, contact McNamara & Associates for details on how you can take advantage of this exciting time in the local real estate market. It’s a great time to buy and if you act now, you can be relaxing in your new Ocean City condo before summer.
Monica McNamara
Coldwell Banker Residential Brokerage
(410) 723-5344
Monicac@Ocean-CitySales.com
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