As professionals, we are ever vigilant for subtleties that indicate a change in the market. Traditionally, the best sales season has been spring, but sales were slow to start this year.
One of the greatest challenges to the market was buyer and seller loss of confidence. Media reports created generalizations based on national sales statistics which did not apply in all markets.
Ocean county has been spared the worst of the slowdown and in many sectors, local sales and median sale prices are better than last year.
According to data obtained from the Mortgage Bankers Association, from January through May 25th, the 4 week average of applications for new mortgages was at its highest level since early 2006. According to a recent home owner survey, 69% plan renovations to improve the value of their home because they believe the market is turning around.
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