Posting this here as I am always astounded by the useful and detailed information that is posted here about a wide variety of topics.
We are currently starting to think about buying a home at the beach (South Jersey, Sea Isle or nearby) and the prices are crazy. We are fine waiting it out a few years but interest rates and covid not going away are motivating factors to jump in sooner. Realtors seem to be in cahoots in these small towns pumping up/holding prices and all talk about how things will keep going higher and that over a 10 year period (shore cycle) home prices double historically, yet have no data to back it up.
Trying to gauge what those of you who own beach houses think of the current real estate market and where you think its headed for beach houses in NJ? Do you see it cooling off and significantly dipping? We plan on renting it for 5-8 weeks in the summer. Rental rates seem at an all time high and hard to find data. Are they and if so how much (%) higher than pre covid? What advice do you have to someone pondering jumping into this market? Appreciate any tips/feedback you have.