Buying and selling real estate on South Jersey Shore isn’t the same as purchasing inland. If you’re looking to buy, sell or invest in property on the coastline, then there are a few things you need to know! In this video, I’m putting my 8 years of business knowledge in the Jersey Shore market to work to help you make the best real estate decisions. Whether you’re looking to buy or sell, you’ll need to know these location differences to avoid any potential headaches.
Water, Water Everywhere
Depending on where you’re looking to buy—or where you’re currently at to sell—there will be marked differences between how real estate transactions are conducted in New Jersey. One of the major factors that alter the market landscape has to do with the proximity to the water. Here on the Jersey Shore, we’re no strangers to the potential hazards of surging waters wreaking havoc on property. This also affects how homes are built, which will affect how your contractor or home inspector needs to navigate each house.
Even more so since 2012’s Hurricane Sandy, federal flood zone regulations affect almost every property on the Shore. Having adequate flood insurance is vital—and required. One of the misconceptions many potential homebuyers have is thinking that all flood insurance is created equal. The fact is, two homes on the same block might not necessarily share identical flood insurance policies. Costs and qualifications will always vary, and these considerations affect the decisions of buyers, sellers, and investors.
Condominiums VS Single-Family Homes
Another major difference between inland homes and those on the Shore have to do with the makeup of the market. The types of homes offered on Jersey Shore are very different than inland, with condominiums making up over 70% of Shore properties. These types of properties come with their own set of regulations that sellers or buyers might not be used to, and you may have difficulty getting your bank to finance your transaction because of these specifications. Specialized marketing tactics might also be required to reach the right buyer, with demographic research playing a part in the plan.
Many people are also surprised at the difference in pricing. While most real estate prices are governed by square footage, things don’t work that way on the Jersey Shore. Prices will fluctuate, instead, by their proximity to the beach and to the water. The more prime a location and closer to sun, sand and surf, the more expensive that property will be.
We’re Here To Help
Because of our unique market makeup, I’ve created a Local Connect Real Estate Group to specifically service buyers, sellers, and investors on our barrier islands. Buying, selling or investing in property on the beach is exciting, but it’s also a huge investment. Having the right local connections to professionals who truly know the Jersey Shore market is a huge advantage in overcoming any obstacles. It solves all of the potential problems particular to the Shore, providing you with lenders, contractors, and inspectors who truly understand the market.
If you’re looking to buy, sell, or invest here on the Jersey Shore, contact me with any questions you might have and I’ll be happy to help you solve your headaches!