When it comes to Cape May rentals or Sales, Chris Bezaire NEVER FAILS!

chris@capemaychris.com or call 609-884-8428

Coldwell Banker Sol Needles Agency

Your Cape May Market insider

Lately, there has been a lot of talk about the ”real estate bubble” leading to some confusion as to whether now is a good time to buy and sell a home. A “housing bubble” refers to the scenario in which prices have risen above what market conditions can support. Simply stated, the “pop” – which would lead to tumbling prices - comes when there is an oversupply of homes coupled with drastic job losses. I do not see a bubble on the horizon and remain confident that now is a great time to buy or sell. Here is why:

The National Association of REALTORS® (NAR) predicts that 2006 will be the second best year on record for home sales.
* According to Freddie Mac, the 30-year fixed-rate mortgage rate likely  will rise gradually, averaging around 6.3 percent in 2006 and 6.7 percent in 2007.

Most housing experts agree that these factors, together with an improving economy and homebuyers outnumbering home sellers in most of the country, indicate that home value appreciation will settle into a sustainable slow, steady growth, and not puncture any perceived bubble. In fact, ever since NAR began recording home prices nationwide in the 1960’s, the national median price for a U.S. home has never declined.
That’s certainly true right here in Cape May. Over the past five years, we have seen steady growth in home prices. In 2003, a  3 bedroom 2 bath beachfront condo sold for $450,000. Today, that same condo will sell for $950,000, which is a 110% increase. There’s certainly no slowdown in Cape May!

If you have any questions about “the real estate bubble” and what that concept means to the Cape May just call or e-mail me!

Feature Property of the Month

Will the Bubble Pop

May 2006 Issue

Calendar of Events

·          5/13       22nd Annual World Series of Birding

·          5/20       Cape May Footrace

·          6/2        Cape May’s 2nd Annual Designer Show                                      House

·          6/3        West Cape May Strawberry Festival

·          6/8-6/11     26th Annual Shark Tournament   

To remove your name from our mailing list, please click here and type remove in the body of the letter.

Questions or comments? E-mail us at chris@capemaychris.com or call 609-884-8428

The conversion of this wonderful property is almost completed and is scheduled to be ready for the Designer Home Tours on June 3rd. Don’t miss these professionally designed and decorated units ready for you in August!

Don’t forget to look at the attached Market Analysis for March and April!