Today we are Remembering Martin Luther King Jr

SEA ISLE CITY SALE MARKET UPDATE:

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The Sea Shore Area real estate landscape in 2024 is expected to witness several key shifts, according to the latest insights:

1. Return of Home Sellers: Sellers who opted to stay on the sidelines in 2023 are anticipated to re-enter the market in 2024. This influx of sellers could help alleviate the inventory shortage. We are hopeful that the decline in mortgage rates may have a dual impact by encouraging more sellers to enter the market. Lower rates can make it financially attractive for homeowners to sell and potentially upgrade. This influx of sellers could help alleviate the inventory shortage, providing more options for buyers.
2. Stabilization of Mortgage Interest Rates: After reaching a high in October 2023, mortgage rates experienced a decline in November. The softening labor market, a slowing economy, and a decrease in the annual inflation rate from 3.7% to 3.2% contributed to this shift. The prediction is that mortgage rates will remain above 6% but will stabilize in the second half of 2024. This stabilization can provide more predictability for buyers and contribute to a more stable market.
3. Increase in Home Buyers: Historically high interest rates in 2023 deterred some potential homebuyers. However, with the lowering of interest rates in November, there has been a rise in mortgage demand. The expectation is that as inflation eases and interest rates stabilize, more buyers will re-enter the market, contributing to an increase in the number of second home property hunters.
4. Continued Rise in Home Prices: Home prices have been on a steady upward trajectory. The forecast suggests that home prices will continue to rise until the supply-demand dynamics shift. The limited supply of homes combined with high demand is a key driver of this price growth.

As these trends unfold, it’s essential for both buyers and sellers to work with us, the Sea Shore Team, experts in the second home market, to provide you with a strategic

advantage in a competitive market.

Let the #1 Sales Team in Sea Isle City go to work for you!

Over 60 Million in Grossed Sales!

#1 Sales Team in Sea Isle City

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A Huge Thank You to Our Clients and Colleagues

who helped us reach this Level of Achievement!

We Sincerely Appreciate your Business and Partnership!

Happy New Year!

Kyle, Sandy, Nick, Ian and Susan