Don’t Be Worried About Foreclosures
by: lauren, on October 6, 2022 - Uncategorized
Will foreclosures affect our market? Today’s market is much different than the one in 2008. It’s a totally different situation that’s happening today.
In Ocean City, New Jersey, there are about 18,000 taxable properties. However, there are only 117 homes that have 15% equity or less. Right now, nationally and locally, over 50% of homes currently have over 50% equity. This is because lending regulations changed and became more secure over the last 10 years. It’s not uncommon to put 20% down and consequently have 20% equity right away.
In the past three years during this pandemic market, we saw prices appreciate between 25% and 50%. So, if you already had 20% equity and now have another 30% appreciation, you’re now sitting on 50% or more equity.
So, will foreclosures affect the market? The answer is no. There will always be foreclosures, but it’s a very small percentage of the market. If you’re thinking about listing your home, simply reach out to me by phone or email. I’d love to help you.