The Burke & Co. Weekly Market Report for Avalon, Sea Isle, and Stone Harbor– Week Ending May 8, 2021
Is there a summer wind blowing in to the vacation home market at the NJ shore? Anecdotally, the feeling is that it was hot but there’s a languidness in the air. This Wall Street Journal story shows that mortgage origination is down sharply: The Mortgage Boom is Fading. It reports:
“Homes are selling at a blistering pace unseen since before the financial crisis, pushing up home values in nearly every U.S. ZIP Code. Yet lenders are preparing for mortgage demand to cool in the coming months, the result of rising interest rates that make refinancing less attractive for a huge chunk of borrowers.”
It’s more than a national trend or just a story among real estate professionals, though. On 7-mile island, we saw nothing go under contract last week. And in Sea Isle, new listings and price changes led homes put under contract by almost 2:1.
If you are ready to start your plans to buy or sell, call us at our team line at 609-478-0333 or email [email protected]
And of course, take a look at all of this weeks new listings, under contract, and sold homes with these links.
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