More Competition in the Long Beach Island Real Estate Market for Buyers
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Buyers in the LBI Real Estate Market, Beware of Competition 
Buyers in the LBI Real Estate Market, Beware of Competition 
Buyers in the LBI Real Estate Market, Beware of Competition
Long Beach Island Real Estate
Coronavirus has impacted our lives, and the LBI real estate market, is no exception. Both buyers and sellers must adjust to this new norm and understand what is happening with home sales on Long Beach Island. Sellers have a little less to fear as under pricing a home will generally draw more attention and offers. Buyers, on the other hand, have to be VERY careful in a market such as this. Buyers all over the LBI real estate market are witnessing increased competition, which can lead to a grievous mistake.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Buyers in the LBI Real Estate Market, Beware of Competition
While the real estate market on Long Beach Island is changing all the time, COVID-19 has altered it in ways not seen since Hurricane Sandy. Bidding wars are everywhere and on almost every single house. There are a few reasons for this:
- Low-interest rates
- Very low inventory
- The desire to have an “escape.”
The market favors sellers when we have a situation in which demand is high, inventory is low, and buyers’ buying power is at a level hardly ever seen. Add to that the real want to have a home out of the city and more crowded areas, and we have a market that will see multiple bids! Buyers have to navigate this environment very carefully. If emotion takes hold, and the buyer does not understand what creates value in the LBI real estate market, they could risk making a costly mistake. Likewise, it is hard to use the more commonly understood evaluation methods, such as comparable sales, since many of them took place pre-COVID. This has proven to be a challenge for appraisers since the pool of deals they can use is somewhat outdated.
More Competition in the Long Beach Island Real Estate Market for Buyers
Buyers have to be careful in any market, but this is a prime example of where buyers have to be on their toes. Competitive offers can result in a buyer thinking they need to pay more and more for a home when, in fact, they will end up overpaying. A buyer has to understand the market but stick to what creates value on Long Beach Island. In doing so, a buyer can be reasonably assured they are making a sound investment. If you have any questions about buying, selling or investing in the LBI 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
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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