Significant increases in equity over the last few years may be a deciding factor
One of the benefits of being a homeowner is that you build equity over time. By selling your house, that equity can be used toward purchasing your next home… or not.
If you’ve owned your home for a while, you’ve likely built up some equity – and you may not even realize how much. Based on data from the MOMLS, the majority of Ocean County residents have a substantial amount of equity accumulated since 2019.
The median (average) sold price of homes in Ocean County (year to date):
- Manahawkin – median sold price was $259,750 in 2019. Currently the median price of sold homes in Manahawkin is $448,450. That’s an increase of over 72%!!
- Barnegat – median sold price was $245,000 in 2019. Currently the median price of sold homes in Barnegat is $415,000. That’s an increase of over 69%!!
- Waretown – median sold price was $ 232,000 in 2019. Currently the median price of sold homes in Waretown is $370,000. That’s an increase of over 59%!!
- Lacey Twp. – median sold price was $235,000 in 2019. Currently the median price of sold homes in Lacey Twp. is $389,000. That’s an increase of over 65%!!
- Berkeley – median sold price was $179,000 in 2019. Currently the median price of sold homes in Bayville/Berkely is $308,000. That’s an increase of over 72%!!
- Toms River – median sold price was $265,000 in 2019. Currently the median price of sold homes in Toms River is $420,000. That’s an increase of over 58%!!
What’s Your Ocean County Home Worth? Get a free, instant valuation
After Your Home is Sold, What Then?
Should you “Move Up?” A move-up home is typically a larger or nicer home. It’s a great choice for families or individuals who simply need more space, a better location, or want features their current home doesn’t offer—like an inground pool, a different floor plan, or a dedicated home office.
Should you downsize? Downsizing is when you buy a smaller home than the one you currently have. This is often a decision made by those who now have an empty nest, are struggling to deal with the upkeep of their home or are finding the related costs hard to deal with.
Is moving out of state a good idea? It depends on your current situation, your wishes, and your opportunities, but there are many indisputable benefits of moving to a different, less expensive state.
Homes for Sale in Ocean County
Should you rent (here, in NJ, or somewhere else)? According to Investopedia; the biggest myth about renting is that you're throwing away money every month. This is not true. After all, you need a place to live, and that always costs money in one way or another. While it's true that you aren't building equity with monthly rent payments, not all of the costs of homeownership always go toward building equity.
Whether you choose to rent or buy your home depends on your financial situation, lifestyle, and personal goals.
Regardless of your decision, you may have more equity in your home than you thought. I’d be happy to provide a market value consultation at no cost to you.
Karl Hess provides expert real estate services to residential buyers and sellers in Ocean County. Contact us today for more information on Ocean County Real Estate and for professional assistance navigating this complex home market.