Just one more reason to love the shore! Even shortly before sunset on a cold winter day, the clouds and sky join forces to create a beautiful sight!
EXISTING HOME SALES reached a 15-year high last year (Wall Street Journal, January 20, 2022). Many of the same factors that drove demand across the country were in play in our local market as well. Low interest rates, lack of inventory, and those who had previously put off a vacation home purchase decided to buy because of Covid. Purchase demand is expected to remain strong; rising interest rates and tight inventory could temper sales moving forward.
WE’RE WATCHING interest rates, just like you. But it’s important to view recent rate increases in a historical perspective. Yes, they’re up compared to last month–but they’re still significantly below their levels from just a few years ago (see the rate chart below.) And don’t forget–if you evaluate a property purchase and can make the numbers work, you can lock in your financing costs for the duration of your ownership with a fixed rate mortgage, protecting you from further upward movement of rates!
MORE COLD WEATHER is expected in the coming days, along with possible snowfall. At this time of year all outside water lines should already be winterized, but here are some additional tips for protecting against frozen pipes in crawlspaces and exterior walls of your property:
-Close foundation vents to prevent cold air/wind from entering your crawlspace
-Set interior heat to 55 degrees.
In extreme circumstances:
-Raise the thermostat to 60 or 65.
-Run ceiling fans to circulate heat throughout the house.
-Open cabinet doors beneath kitchen and bathroom sinks to allow warm air to circulate.
-Allow a faucet to trickle to prevent standing water from freezing.
TACKLE THOSE OFF SEASON PROJECTS NOW, if they’re not already underway! Whether you’re painting, replacing carpet, refinishing hardwood floors, buying furniture, or replacing appliances, get started now. Take advantage of the winter months and avoid delays which could jeopardize your summer usage or rentals. While most contractors are busy even now, getting your project on their calendar now improves your odds of it being finished on time! Need a contractor or vendor recommendation? Please call or email me! Have a great contractor or vendor to recommend? Please let me know!
TOLLS WILL INCREASE BY 50 CENTS this year on Ocean Drive bridges linking the county’s barrier islands, including the Townsend’s Inlet Bridge between Avalon and Sea Isle City, and the Grassy Sound Bridge, between Stone Harbor and North Wildwood. Higher tolls are expected to generate additional revenue to pay for repair and maintenance of the bridges, which date to the 1930s and 1940s (with the exception of the 20-year old Ocean City-Longport Bridge.) The 50-cent increase will take effect in March of this year, and will be followed by two more 50-cent increases in 2023 and 2024, eventually doubling the bridge toll to $3. The last bridge toll increase was in 2009.
PLAN AHEAD FOR THE USAF THUNDERBIRDS! The United States Air Force Thunderbirds recently released their 2022 air show schedule, and a visit to Atlantic City is on the calendar! The Thunderbirds will fly over the Atlantic City beach & boardwalk on August 24th. Mark your calendar!
260 83rd Street, #1, Stone Harbor, $1,599,000, ACTIVE MLS#: 220134
19 Flamingo Drive, Avalon, $6,095,000, ACTIVE MLS#: 220053
Properties Under Contract:
276 33rd Street, East, Avalon, $1,595,000, UNDER CONTRACT MLS#: 220163
Lot 52 112th Street, Stone Harbor, $3,695,000, UNDER CONTRACT MLS#: 220044
571 Avalon Boulevard, Avalon Manor, $385,000, SOLD MLS#: 214357
1 Leonards Lane, Avalon Manor, $825,000, SOLD MLS#: 213447
280 28th Street, North, Avalon, $1,350,000, SOLD MLS#: 212612