The recession knocked the wind out of the real estate industry across the country. From small towns to large, metropolitan areas, the real estate industry struggled. But as the country pulled out of the recession, the real estate market picked up again. During this recovery, the Ocean City real estate industry grew tremendously. Now, with its record-shattering figures, Ocean City real estate boasts the most sought-after real estate industry in the past few decades. Here's a recent press release they published.
Flipping real estate properties was not always a popular profession. Before the recession, flipping properties was reserved for only a handful of professionals. However, with the rise in popularity of TV shows like “Flipping Boston” and “Flip or Flop,” flipping properties is where the money is. Because Ocean City boasts an incredibly profitable real estate industry, it is an incredibly popular city for real estate investors. And this trend will only continue.
The first six months of 2019 witnessed a spike in demand for homes in the Ocean City area. The demand for housing doesn’t just boost the population; it also contributes to a robust and vibrant economy. This population increase and economic improvement will continue to spur additional growth of the Ocean City real estate industry.
The demand for housing in Ocean City is outstripping the real estate supply. It is not uncommon for real estate properties to sell within hours. As this trend continues, it is a challenge to keep supply levels up, and the inventory of properties continues to drop. This shortage is exacerbated further when demand continues throughout the year, even into the winter months. Traditionally, the real estate inventory catches a break in the winter months when demand goes down, says local Dependable Homebuyers real estate expert Evan Roberts. However, the growing Ocean City real estate demand continues throughout all seasons of the year.
While most cities in the Ocean City region see property values increasing, Ocean City property values are outpacing them all. The job market in Ocean City is unique and highly desirable. Many new residents are flocking to Ocean City for new jobs. But that’s not the only thing that contributes to the growing population. Nestled on the Jersey Shore, Ocean City provides numerous tourist attractions that draw in huge crowds every year. Whether tourists visit the Boardwalk or Corson’s Inlet State Park, the Ocean City economy thrives off being a popular tourist destination in the US.
Housing conversion to short-term vacation rental properties, like AirBnB, also contributes to an increase in demand and an increase in property values. Roberts echoes this trend saying, “We’ve seen a spike in Airbnb properties being purchased that have left a lack of inventory for owner-occupants.”
The real estate industry in Ocean City shows no signs of slowing down. Experts predict that property values and demand will only continue to increase. This continued growth is why Ocean City is an excellent place for real estate investors. With the growing demand, investors will need to continue to expand the housing supply so that Ocean City remains affordable for all. For more information about the company and the services they provide visit https://docs.google.com/document/d/1LIbYl9wf44E72tm4zsvM1IAyk7ZJSr2t8TGAbcS9ZvE/preview.
SOURCE: Press Advantage [Link]
Dependable Homebuyers is a local home buying company in Nashville. We buy houses in any condition and any situation. If you want to sell your house fast, give us a call at (609) 281-8989 and we’ll provide you a cash offer within 24 hours.
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