Rentals and Reduced Inventories
I drove through Monmouth Beach and Long Branch over the weekend and noticed a number of houses that had been listed over the summer as "For Sale" are now listed "For Sale" and/or "For Rent." One house in particular has been vacant since about July but the asking price is still the same now as in July. It looks like some owners, who are reluctant to cut prices, are going to try to get their asking price next spring and try to offset their negative cash flows with rental income while they wait for the spring "bounce", which I don't think is coming.
posted by Little_Silvered at 10:18 PM
7 Comments:
Sellers are still in serious denial and are falsely hoping for a spring recovery. I can't wait to see this market a year from now when, hopefully, reality has hit.
Getting a little ahead of you Ed,
There's a bit of a bounce today in inventories after a drop of about 2 percent Jersey Shore wide since September's peaks.
Three of the four regions saw an uptick with only W. Mon drop by just 5 listings (from 2727 to 2722 at about 10 a.m.)
No trend off a single day, but if inventory were to start to rise going into November, that would be a very VERY bad sign for the the housing sector of the economy.
Lindsey
WASHINGTON (Reuters) - The pace of existing home sales fell for the sixth straight month in September, hitting a 6.18 million-unit annual rate, according to a report from the National Association of Realtors on Wednesday that was a sharper drop than economists expected.
Does anyone know when the 3rd quarter Otteau Report is released?
I too noticed many "for rent" signs along Ocean Ave. & 36, even as long ago as mid-summer. So many it really stood out, in fact.
forget real estate, put your money in the stock market.
A lot of the homes down by the shore go up for winter rental every year.
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