Now is the time to buy at the shore

If you are looking to make quick appreciation and flip an investment property at the shore you have come to the wrong place at the wrong time.  For this wave, at least, that ship has already sailed.

With manageable interest rates that appear to be poised to rise, larger inventories and softer prices now is the time to get back into the market.

Although resort investments are different than the national market they still are affected by the national media.  The biggest differences are that the sellers do not have to sell nor do the buyers have to buy.  They buy and sell when the timing is right for them.

Many sellers have owned for a long time or inherited their properties.  It is really a question of how much profit do they want or are they willing to accept.  The greedy ones who still believe they have to get more than their neighbors received will have their property on the market a long time.  The ones who price their home at a reasonable level will be able to sell and make a very nice profit.

If a person bought a seashore cottage 8 years ago for $275,000 do they really have to get $1,200,000 for it?  Would they be content with $950,000?  That is not a profit to sneeze at!

For buyers who want to jump back into the market you need to have the right reasons.  Ideally a buyer should buy a property they would enjoy using or would like to rent out to help defray some of the carrying costs.  They should plan on holding the property for a longer period of time or until the next wave arrives.   Historically the next wave always does arrive.  Sometimes it is hard to fathom that prices could take off again, but somehow they always do.  This next cycle could begin later this summer or may not return for a number of years.  Do not jump back into the market unless you are ready to and can ride it out.

There are some nice bargains (everything is relative) out there and I would be happy to help you search for just the right home.

Happy Hunting!

Ralph