Shifting Market Conditions here in Ocean City, New Jersey
It's quite interesting as we review the present market conditions in Ocean City (NJ) at the same time I begin a review of the 2009 book, SHIFT: How Top Real Estate Agents Tackle Tough Times by Gary Keller. I'm leading the book discussion group in our Keller Williams Realty agency (Jersey Shore) which covers the Wildwoods and Ocean City right now ... but certainly more to come with our goals.
And I've just read the "Weekend Investor" lead column, "Vacation Homes Beckon" in The Wall Street Journal (May 5-6, 2012).
Clearly, the resort markets tend to be quite different than the real world markets from which almost everyone comes from as they seek a second home, retirement possibility, or simply a summer rental investment. A lot of our action relates to the up-and-down of the stock market, the economic climate across the country, and, of course, the mortgage rates. Obviously, those in the real world might say the same things ... but it does represent a different sort of experience as one arrives on our barrier island called Ocean City in search of "another" property regardless of the use they might consider.
The other concern as one reads all of the local and the larger national-type papers is that "real estate" is usually talked about and written about as a national phenomena ... when the reality is that all real estate is local. It's also quite different from resort location-to-resort-location. Some are hot; others are not ... it continues on all of the time.
The same could also be said of the information included in the SHIFT book. Shifting markets are certainly a reality all over the country. But again, resort markets can be quite different in the "shifts" taking place. Reflecting just on Ocean City, we had the big hit somewhere during the 2006 market ... for some early in the year, others later in the year, and for even others just as we moved into the next year.
So as we begin our ongoing discussion with a number of KW agents in our "Jersey Shore" Market Center, it might be useful for everybody to consider the type of shift happening right now in your particular location. More about our shifting conditions in the next blog posting. dap