Welcoming Fall in Cape May : A Guide for Buyers and Sellers

Fall in Cape May is an ideal time for real estate. As the season turns, the air becomes cooler and the leaves begin to change, Cape May transforms into a charming retreat for residents and visitors alike. Whether you live here or have visited our tiny town in the past, you know Fall in Cape May is an experience. This magical beach town has a rare charm that makes it a top location for real estate in the Fall season.

Fall is an Ideal Time to Buy or Sell in Cape May

Ambitious Buyers and Sellers

After the busy summer ends and the crowds start to fade, the Cape May real estate market starts to see more serious buyers and sellers. The market is full of sellers that are looking for buyers that are ready to commit and purchase before the holiday season. This encourages buyers to negotiate and find properties that may have been overlooked in the months before.

Competitive Pricing and Negotiations

As the summer winds down and the fall unfolds, there is often less competition among buyers. Often, this opens buyers up to more satisfying pricing and opportunities for better negotiations. If you’re in the market for a vacation rental or second home, fall is a great time to explore the local inventory without the peak-season pressure.

Opportunity for Year-End Tax Benefits

Buyers can have the added advantage of potential tax benefits when they buy a home before the year ends. Mortgage interest deductions, property taxes and other expenses are all tax benefits. These benefits can incentivize buyers to look in the fall and settle before the year closes.

Suggestions for Selling your Cape May Home This Autumn

Fall offers an organic background that can heighten a property’s curb appeal. A seller can enhance their home’s charm by staging with fall offerings. Stage with pumpkins on the front porch, an Autumnal wreath on the door, or lining walkways with mums. The historic Victorian architecture mixed with charming and cozy fall beauty of Cape May can help attract potential buyers.

Show the Season

Incorporate Cape May’s unique charm by featuring welcoming fall themes inside and outside your home. Make your home feel inviting with cozy fall décor, warm colors and tasteful quaint designs.

Improve Curb Appeal

Make sure to maintain the outside of your home for added curb appeal. Clean up fallen leaves, trim overgrown branches and keep your yard neat.

Emphasize Energy Efficiency

Also, buyers are not just interested in the cozy feeling of your home, they want to know when the weather cools, they will have energy efficient features. Buyers appreciate insulated windows, new HVAC systems and smart thermostats.

Advice for Fall Home Buyers in Cape May

Discover the Cape May Communities

Autumn is an ideal time to explore the different areas and neighborhoods of Cape May without the business of summer. From West Cape May to the different neighborhoods offshore, experience the feel of each area. Each neighborhood is very different as the calmness of fall unfolds across the county.

Enjoy the Fall Experience

Explore all the places and events that make fall in Cape May so special. From the wineries, farm festivals and corn mazes to the guided ghost tours and annual Oktoberfest, Cape May offers an abundance of fall fun to enjoy.

Work with a Homestead Real Estate Agent

A Homestead agent who knows the Cape May market can offer valuable insights into pricing developments, the top area neighborhoods based on buyer needs, and properties with strong rental possibilities.

Leading into the Fall: Cape May County Single Family Market Breakdown According to NJ Realtors

Whether you’re looking to buy or sell, Fall in Cape May offers a rare mix of charm and possibility. Contact our experienced Homestead team today to learn more about the current Cape May market trends and how to get the most out of the Fall season.

Adventures in Cape May Real Estate – The Benefit of Working in an Office of Full Time Professionals

By Jan Conwell
Salesperson

There is an assumption that a real estate agent’s job is easy. That anyone can be a successful real estate agent. Even working in the administrative end of real estate before becoming an agent I might have agreed, that is until I became an agent myself.

I thought my real estate career was over with my first sales contract. Fresh out of Real Estate school and having been the bookkeeper for Homestead Real Estate since the day it opened, my self confidence wasn’t lacking. Being married to an attorney that practiced Real Estate law didn’t hurt either… and then my first contract started to go off the rails.

First the property was an estate that had riparian rights issues, and with the home being in an estate, there were estate taxes due. Throw in that the house was in the historic district of Cape May and on an undersized lot, I felt my lack of experience would affect the transaction. My resolve to become an agent began to crack.

Of course my husband was a big help, especially with estate taxes and riparian rights but it was my fellow agents at Homestead and my Broker, Dagmer Chew, that helped me through many of the other issues. Be honest was the best advice she gave me. Dagmer gave me a lot of guidance, things like Tell them you are not sure but will find out and get the answers for them…Communicate… Don’t leave them hanging in limbo.,, Tell them what is happening and how soon you expect to get an answer… Stay in touch… The client is relying on your knowledge and connections in the area to help them accomplish their goals of owning or selling their dream home at the shore. All great advice for any real estate agent let alone a new agent handling their first contract!

If honesty was the key to communicating with the client, the cooperation between the agents in the office was an overwhelming benefit to me. Homestead is dedicated to hiring full time agents and the benefits that allows. The relationships that the seasoned agents in the office had built over the years, and were willing and able to share with me, were immeasurable in my ability to grow as a well rounded agent. There is no substitute for the experience and information shared between professionals.

From that first contract I wish I could say it was smooth sailing afterwards but as life goes it hasn’t always been calm seas. In the course of my now 20 year career I have had my share of crazy contracts and quirky circumstances. Unfortunately, I have had some unusual circumstances including a Seller who passed away in the middle of a sale, a Buyer pass away, a client whose family member was accused of murder. I have learned all about the varied mortgage options, septic systems and well testing. FHA/USDA qualifications, termites and mold. I’ve even had the adventure of buying and flipping property and owning rental property.

This experience has made me a good agent, but the honesty and cooperation within Homestead has made me Successful. The saying at work is “A Rising Tide Lifts All Ships” and it could not be truer in Real Estate, especially here at Homestead.

When choosing an agent look for one that considers Real Estate their full time career and is ready to assist you on your real estate adventures.

CAPE MAY COMMUNITIES 3rd QUARTER 2022 vs 2021 RESIDENTIAL MARKET STATS

Recently the National Association of Realtors (NAR) published the 2022 Profile of Home Buyers and Sellers. The data collected spans from July 1, 2021 to June 30, 2022. This specific time frame has seen the market change from low interest rates, and low supply with high demand resulting in multiple bid offers to a market with higher interest rates and a continuing low inventory situation.

According to an article written by Jessica Lautz, the Vice President of Demographics and Behavioral Insights at NAR, there are multiple takeaways from the report. We’ve listed a few of Jessica’s takeaways:

First-time buyers drop to an all time low of 26% from 34% just a year ago – potential first time buyers also face a rise in rental costs making it challenging to save for a down payment.

The age of first-time and repeat buyers hit all-time highs – For repeat buyers, the age has risen to 59 years, up from 56 years in last years report. Americans feel confident taking on a mortgage later in life and purchasing a primary residence.

How far a buyer moved jumped to an all-time high of 50 miles from a range that had been steady between 10 to 15 miles – Another factor is remote and hybrid work settings. In January 2021, many headlines touted that CEOs provided employees with permanent remote work. This allowed buyers to separate themselves from city centers or inner suburbs and migrate to farther areas.

The share of all-cash repeat buyers jumped from 17% to 27% in the past year – Homeowners have accumulated tremendous housing equity in the last decade and hold about $210,000. This has allowed many to avoid holding a property mortgage and pay all cash for their purchase.

Buyer and Sellers use and want the help and expertise of a real estate agent – Eighty-eight percent of buyers used a real estate agent to purchase their home. Buyers are most satisfied with their agent’s honesty and integrity, and knowledge of the purchase process. For sellers, 86% used an agent to help sell their home. Sixty-three percent of sellers used an agent that they had worked with before or that was referred to them. Sellers most wanted their agent to price the home competitively, help market the home to potential buyers, and sell within a specific time frame.

As we can see from the NAR Profile, and local Cape May Real Estate stats listed below, the market has made a shift however inventory remains low which allows for a continuation of a sellers market without the frenzy of the last two years.

Cape May – 3rd Quarter 2022

Number of Transactions: 38
Average Sale Price: $1,248,257
Average Days on Market: 154
Total Value of Real Estate Sold: $47,433,800

Cape May – 3rd Quarter 2021

Number of Transactions: 38
Average Sale Price: $1,043,914
Average Days on Market: 159
Total Value of Real Estate Sold: $39,668,744

Cape May Point – 3rd Quarter 2022

Number of Transactions: 10
Average Sale Price: $1,206,899
Average Days on Market: 115
Total Value of Real Estate Sold: $12,068,999

Cape May Point – 3rd Quarter 2021

Number of Transactions: 9
Average Sale Price: $1,007,222
Average Days on Market: 187
Total Value of Real Estate Sold: $9,695,000

West Cape May – 3rd Quarter 2022

Number of Transactions: 5
Average Sale Price: $873,020
Average Days on Market: 72
Total Value of Real Estate Sold: $4,365,101

West Cape May – 3rd Quarter 2021

Number of Transactions: 4
Average Sale Price: $663,250
Average Days on Market: 146
Total Value of Real Estate Sold: $2,653,000

Lower Township – 3rd Quarter 2022

Number of Transactions: 122
Average Sale Price: $443,727
Average Days on Market: 88
Total Value of Real Estate Sold: $54,134,774

Lower Township – 3rd Quarter 2021

Number of Transactions: 152
Average Sale Price: $377,647
Average Days on Market: 87
Total Value of Real Estate Sold: $57,402,378

Data is from the MLS. All information is deemed reliable but is not guaranteed.

SOLD In-house

See this exclusive in-house deal!

915 Columbia Avenue, Cape May, NJ 08204

Sold price: $1,200,000

This lovely, 5 bedroom 3.5 bathroom home located just outside the historic district of downtown Cape May has new ownership! The new owners have fallen in love with the proximity to everything Cape May offers, the granite counters in the kitchen, the large, spacious three-season porch off the back, hardwood flooring throughout and so much more. The property has a narrow but deep 38×266 Irregular lot – with enough ground space to add an in-ground pool! The home is now going to serve as a weekly rental, so be sure to keep your eyes on the rental market for this Cape May gem.

Craig Needles had represented the sellers while Janice Conwell and Annie Mullock had represented the buyers in this dual-disclosure transaction. For more information on the sale, or if you’re interested in listing or selling, give us a call today at 609-884-1888!

FABULOUS WATERFRONT HOME

Fabulous waterfront condo/townhouse located on Yacht Ave, one of Cape May’s best kept secrets! This 3 bedroom, 2 bath corner unit boasts multiple decks which overlook your boat slip and amazing harbor views. This home is being sold fully furnished and move-in ready. Whether using as your own or as a rental for extra income you will be the envy of all your friends!

Newly Priced Exquisite Home

This is truly a home that defines exquisite taste. Located on a partially wooded 1+ acre parcel in the desirable Hidden Lakes Community is where you will find this 4 bedroom, 2.5 bath home. Inside are superb details like the intricate millwork in the wainscoting and crown molding found throughout. The great room boasts cathedral ceilings and a cozy gas fireplace. The dining room is open to the great room and foyer and the magnificent study includes French doors. Off the living room you will find a screened porch and deck which are perfect for enjoying the peacefulness of your wooded surroundings. The first floor includes the spacious master suite with walk-in closet and well appointed master bath as well as 2 additional bedrooms. A large 4th bedroom or bonus room is located on the second floor with access to a large storage attic. Outside the property is professionally landscaped and includes a blacktop driveway which leads to the attached 2 car garage. This recently constructed gem was built in 2013 and boasts $29,000 in upgrades since completion. Don’t miss this fantastic home in a desirable community.

MOVE-IN READY

Pride of ownership is evident in this 2 bedroom, 1.5 bath rancher with oversized family room. Located on a 100 x 100 lot with wrap around deck for entertaining, detached garage for extra storage and vinyl siding for easy maintenance. Clean as a whistle and neat as a pin! This home is move-in ready!

STYLISH TOWNHOME

This stylish, light filled townhome is being sold fully furnished so it is ready for you to move right in! This 3 bedroom, 2.5 bath unit is located on a quiet street within an easy walk to area beaches, restaurants, shopping, entertainment and more. Inside you will find an open floor plan with updated kitchen including stainless steel appliances, maple wood cabinetry and quartz countertops. The master bedroom with on-suite bath is also located on the first floor. Upstairs you will find 2 additional bedrooms with a shared bath and access to the covered balcony with fitted wind screens. Outside is a lovely shared garden, outside shower, storage shed and paved patio area.

Quiet Cul-De-Sac

Situated on an oversized lot in a desirable neighborhood you will find this 3 bedroom, 2 bath home with wonderful curb appeal. The front paved walkway leads to the cozy covered front porch. Inside you will find an open floor plan with cathedral ceilings and stainless steel appliances and them onto a sunny Florida room which includes heat and a/c for year round use. The rear of the home includes a large screened porch which faces the woods for privacy. The current owners have lovingly maintained the gardens surrounding the home which offer a paradise of perennials.

CHARMING CAPE COD

Come be enchanted by this charming Cape Cod. This 4 bedroom, 2 bath home is centrally located and just a short drive to all of what southern Cape May County has to offer. You’ll be met by a long driveway leading to an attached two car garage. Enter the home to find a family room full of warmth and love, highlighted by exposed rafters, rich wood paneling and a rustic black hearth. Beyond that room you’ll find a heated and air conditioned 4 season room full of windows and overlooking the immense rear yard featuring cobblestone, brand new perimeter fence and plenty of room to roam. The heart of the home, the kitchen, has been remodeled and provides all of the necessary amenities discerning buyers expect. There is a large, well appointed living room space for additional enjoyment and gathering. Also on the first floor is a full hall bath and two large bedrooms. Ascend the stairs to find two additional, well sized bedrooms and a second full bath. Hardwood floors throughout most of the home, and can be found underneath the bedroom carpeting as well. Enjoy peace of mind in this home lovingly maintained by the sellers for the last 30+ years with new Anderson Windows in 2004, new air conditioning in 2005, 4 year old roof, and new garage doors. There is a separate well for the irrigation system. Don’t miss an opportunity to see this lovingly care for home with over 2100 sq ft of space and priced to find the next caring homeowner.

ENJOY IT ALL

Here is your chance to enjoy it all, Cape Island living in a rural setting in this fabulous farm house on over an acre of land. Enjoy privacy and ample space while still having the option to jump on your bike and ride to town and the beautiful beaches of Cape May! This expanded farm house has been lovingly cared for and improved to offer the comforts a discerning buyer expects. You’ll be met by one of two front porches and enter to find rich, hardwood flooring throughout the original living space. The kitchen has been updated with granite countertops and center island seating and opens to an ample dining room space for accommodating all of your guests. The first floor also boasts a large living room with stone faced gas fireplace and plenty of windows for a bright airy room. Double doors lead to the 3 season room filled with windows and a gas fireplace to extend the days where you sit, relax and enjoy overlooking the immense rear yard and the nature it offers. Don’t forget about the master suite which is situated on the first level with its own laundry and nice sized bathroom. The classic staircase leads to the second floor with additional master bedroom and hall bathroom. Beyond the landing you’ll be met with an incredible room which is currently being used as a children’s living room with cathedral ceilings and three additional bedrooms off the common area, two on the second level and a spiral staircase ascending to the third bedroom. Also on the second level is a very large deck overlooking the partially cleared rear yard and with a separate staircase to the exterior ground level. But wait……there’s more! Exterior features include blacktop half circle driveway, detached garage, and in-ground gunite pool to top off your summer fun. Gas heat, central air conditioning, whimsical living with modern comfort, and a great island location at the right price.