Weekly Market Report- 2020/06/05

The market sprang to life across the Cape May County shore. Everybody was finally allowed outside their houses and decided it was time to go house shopping. Since so many potential sellers either decided not to list this spring or pulled their listings from the market as COVID put a halt on the US and world economies, those shoppers found a surprisingly limited inventory. Nonetheless, sellers seem more willing to meet buyers on their terms and overall the market– at least for now– seems more balanced than it has been in a long time. Buyers who just a few months ago struggled to find a little respect in conditions that favored sellers– while we continued to witness an upward push on prices– are now being treated far more kindly in an environment where it takes a bit more courage to step forward and make that dream home purchase. That bravery might be rewarded. If one finds oneself with a reason to sell (like moving up into your next vacation home at a favorable moment), one might be surprised that the lack of inventory has tapered the precipitous price fall that some anticipated. The biggest question is if that will hold into the fall. Will the second home market avoid most of the turmoil of this unusual economic event? Or are many vacation home owners sneaking in one final summer before we see a rush of listings and much stiffer competition among sellers in the autumn? This summer might be the sweet spot and a good realtor can often find the right buyer in the hustle and bustle of summer vacation days.