Long Beach Island NJ Real Estate Market Update
Long Beach Island Real Estate
While there is a great deal of difference between the Long Beach Island real estate market, which is primarily a second home market, and the national real estate market, understanding the current trends we see nation-wide can help a great deal when buying and selling on LBI. With changes in the new tax law still on many buyers, sellers and investors minds, now more than ever a look at the National Real Estate Market and the LBI NJ Real Estate Market is warranted.
National Real Estate Market and the LBI NJ Real Estate Market
A vast majority of Americans are confident that they will be able to pay off their home loans and achieve other long-term financial goals, according to the results of an Investor Pulse Poll released by Morgan Stanley. The survey revealed that 91% of respondents believed that they are on track to achieve their long-term financial goals. Paying off a home loan was revealed to be a priority long-term goal for the respondents at 32%. Other top long-term goals were saving for retirement at 35% and transitioning wealth to the next generation at 33%. Slightly fewer millennials, or those between 25 and 35, were confident that they were on their way to reaching their long-term financial goals; 88% of respondents in the age group said they believed they were on track. Their long-term financial priorities were similar with those of all respondents, with 42% saying paying off a mortgage was a top goal. Other priorities were saving for retirement at 44% and paying for the education of a child or grandchild at 35%. Source: Morgan Stanley
American Enterprise Institute’s Center on Housing Markets and Finance Co-director Edward Pinto gave four points he expects to see from the housing market in 2018. Many of his predictions, including low inventory and rising home prices, are shared by other housing experts. However, Pinto forecasted home prices will increase at a faster rate in 2018, while other experts expect they will slow down.
- The historically tight supply of single-family homes will tighten further in 2018 after hitting a record low in November 2017
- The national home price boom that began in mid-2012, will continue, and given the unprecedented low levels of inventory, will even accelerate further
- First-time buyers will face even higher home price gains for entry level homes and first-time buyers will continue to take on even more leverage in an effort to keep up with the home price gains on entry level homes. Source: HousingWire
Overall it seems that the real estate market is holding strong. Inventory levels continue to remain low but as interest rates increase it will impact buyers. The Long Beach Island real estate market is a little more resilient to interest rate changes, but certainly not immune. The higher the rates go, the less affordable houses becomes so some buyers may decide to buy sooner than later. For more information bout the National Real Estate Market and the LBI NJ Real Estate Market feel free to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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