Balancing Your Wants and Needs in the LBI Real Estate Market

Balancing Your Wants and Needs in the Long Beach Island NJ Real Estate Market

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Balancing Your Wants and Needs in the LBI Real Estate Market

Long Beach Island Real Estate

As the spring buying season begins on Long Beach Island, it’s important to remember that the LBI real estate market is witnessing one of the lowest inventory levels ever. Prior to COVID, the LBI real estate market had around 500-600 single-family homes for sale at any given time. Currently, there are approximately 115-125 for sale. With this level of homes for sale, buyers must prioritize their wants and needs to find a home this spring. There is never a “perfect house”, so understanding what determines value on Long Beach Island and focusing on what is most important to you is the key to a successful real estate transaction.

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Balancing Your Wants and Needs in the LBI Real Estate Market

The first step towards buying a home on Long Beach Island is understanding pricing in the LBI real estate market. Many factors go into pricing on Long Beach Island, and it is far more complex than first meets the eye. Distance to the beach or bay, the style of the home, the condition, the lot size, zoning restrictions, and new build potential are just a few of the many factors. Once you understand the pricing, getting pre-approved for a mortgage is a second, equally important step. This will help you understand how much you can borrow and how it fits into your budget, especially in an environment where mortgage rates are changing daily. Alternatively, if you are a cash buyer, having your funds liquid and having the ability to show proof of funds. Once you have an idea of what you can afford, it’s time to start sorting through all the features you want and need in a home by creating a list with three levels: must-haves, nice-to-haves, and wish list.

Must-haves are features that your Long Beach Island home absolutely needs to have, while nice-to-haves are extra amenities that would make living there more enjoyable but are optional for meeting your lifestyle needs. The wish list includes those big items that would be great bonuses (such as a swimming pool or a water view) but aren’t 100% necessary. Creating this list should be flexible and open to modification and compromise. For example, if you feel a pool is a must-have, you should consider homes with a pool and homes with room for a pool. Zoning regulations on Long Beach Island are generally favorable for the installation of a pool, and the entire process can be surprisingly fast. Therefore, as a buyer, if you include the potential for a pool in your search, you will open the field up to far more options and, potentially, find a better overall home in the LBI real estate market.

Balancing Your Wants and Needs in the Long Beach Island NJ Real Estate Market

Sorting through wants and needs in the LBI real estate home sale market is critical when searching for a house in an undersupplied market like LBI’s current real estate market. Remember, there is no “perfect house,” and comprise is key in the real estate market. By focusing on the most important items first and then looking for the added “bonuses” in a home, you will give yourself far more options and less stress in your LBI real estate home search. For more information about buying, selling or investing in the Long Beach Island real estate market please do not hesitate to contact me.

By : Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market