April 2023 Shore Market Update

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A Look into the Jersey Shore Real Estate Market Update for April 2023

Are you planning on buying or selling a property in the Jersey Shore area? Well, you might be in for a
surprise as the real estate market remains highly competitive in April 2023.  As a real estate
expert, I have been closely monitoring the market trends to provide relevant information to
buyers and sellers like you. In this blog post, I will be sharing a detailed update of the Jersey
Shore real estate market for April 2023. From multiple offers and bidding wars to unsupported
prices and reduced interest rates, let's take a deep dive into the numbers.

The first issue that the Jersey Shore real estate market is facing is the low inventory. There are
fewer properties listed for sale, making it challenging for buyers to find their dream home. The
transactions, meaning the number of sold properties, have also taken a hit.  There are significantly less properties selling in early 2023 compared to 2022.   And yet, inventory remains low with high demand.  Due to this lack of supply, there continues to be multiple offers and bidding wars, making it harder for buyers to make an offer that stands out.

On the other hand, although the supply is low, some sellers are making the mistake of overpricing
their properties. It's crucial to note that buyers are well-informed and can quickly spot a property
that's overpriced. In such cases, the property might linger on the market, reducing the chance of
a successful sale. It's vital for sellers to work with their real estate agents and set a competitive
price to attract potential buyers.  This is one of the reasons we've seen a increase in days on market this year.

In the midst of all this, there's a bit of good news. Interest rates have come down a bit since my last video, which could potentially boost market confidence.  However, it's crucial to keep in
mind that fluctuations in interest rates cannot be predicted entirely, and will continue to change.  The hope is that inflation is under contract and if so we've seen the worst of rate increases.  Fortunately, we know local lenders that have significantly lower rates than what you may see in the media or advertised nationally.  

Another crucial factor to consider when navigating the Jersey Shore real estate market is
choosing the right real estate agent. Make sure that the agent is experienced and has a deep
understanding of the local market. They should be well-versed in handling bidding wars, setting
appropriate listing prices, and closing deals successfully. With the right real estate agent by your
side, you can navigate the market's highs and lows with ease.

In conclusion, the Jersey Shore real estate market is facing a challenging time in April 2023.
Buyers are struggling to find their dream home in a market with low inventory, leading to bidding
wars and multiple offers. Meanwhile, sellers are making the mistake of overpricing their
properties, which could lead to stagnant listings. However, with the right real estate agent and
the slight reduction of interest rates, buyers and sellers can navigate the market effectively. So,
if you're planning on entering the Jersey Shore real estate market, make sure to stay informed,
act fast, and choose the right expert to guide you through the process!

*Data from SJSR and CMC MLS.  Info deemed accurate, but not guaranteed