What Will The Impact of a COVID Vaccine be in the Long Beach Island Real Estate
Click here to search all homes for sale in the Long Beach Island NJ real estate market
COVID Vaccine Impact in the LBI Real Estate Market 
COVID Vaccine Impact in the LBI Real Estate Market 
COVID Vaccine Impact in the LBI Real Estate Market
Long Beach Island Real Estate, Coronavirus, and the 2020 Election
Today saw some very interesting economic activity. The stock market soared to a new high with a seemingly favorable response to the 2020 presidential election and the news that a COVID vaccine testing is showing a 90% success. Essentially, this is the first big step in controlling the Coronavirus. The question for the local LBI real estate market is, how will this positive news impact the market which, over the last few months, has been bolstered by people looking to stay close to home. Of course, nobody knows the answer to this question but there are many data points that lead me to believe the market will remain strong for some time. These reasons include:
- The Long Beach Island real estate market still has very low levels of inventory
- Interest rates are low which favors buyers
- The LBI real estate market was performing well before COVID and there is no reason to assume that will change with the Coronavirus coming under control
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
COVID Vaccine Impact in the LBI Real Estate Market
One of the most important things to remember the market was strong pre-covid and I think it will be strong after the Coronavirus comes under control. While it is true that some of the increase in prices was a result of emotional purchases inspired by COVID, the LBI real estate market has historically been very stable I fully expect some pullback at some point, but I don’t think we are there yet and won’t be for some time, give or take a year. Interest rates will continue to help this trend as the cost of money is so low. Even with higher prices, the monthly cost of ownership has not changed much in the past year. This is a result of the rise in prices being offset by the lower cost of money. This is a trend that is not likely to change soon. Most importantly are the inventory levels. Inventory is still so low that even if a high percentage of buyers left the market, there would still be significant demand. We are seeing more price reductions lately, which would make me agree that we are seeing some leveling in prices but there were only 16 new homes listed last week and 29 pending sales in the same timeframe. With that kind of disparity, coupled with low-interest rates, I don’t see how the market here will fall in a meaningful way anytime soon.
What Will The Impact of a COVID Vaccine be in the Long Beach Island Real Estate
Nobody can predict the future but there seems to be more of a reason for the market to remain stable and rise than there is point to a fall. Regardless of short term impacts, the real estate market on Long Beach Island has proven itself to be a very stable investment if a buyer focuses on what determines value. By purchasing something that the market responds to, it is hard to make a mistake on LBI! 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
You May Also Like:
Long Beach Island Real Estate Months of Inventory
COVID Roller Coaster Ride in the LBI Real Estate Market
How Remote Working is Changing the LBI Real Estate Market
Things to Check When Buying a Home in the LBI Real Estate Market