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1st Quarter- 2007
When I am asked about the real estate market at the shore, my first thought is the return of buyer confidence. Potential buyers have been watching the market and are ready to move forward with a purchase- if the right opportunity is available.
There are many options for a buyer as they proceed methodically through the selection process. If a property is priced higher than the competition, the home will quickly be eliminated from their list.
With the activity in the last quarter of 2006, and the 1st quarter of 2007, we have true comparable sales to establish current market value. For a single family home, the “land value” is the leading factor. The age/condition of the structure, and more importantly, the value of the structure to the buyer- completes the picture.
We expect market activity to increase as summer approaches.