Seller Options in the Long Beach Island New Jersey Real Estate Market
Four Choices For Home Sellers in the LBI NJ Real Estate MarketSelling a Home on Long Beach Island
The decision to sell a home on Long Beach Island is usually not an easy one to make. Most people have wonderful memories of their time spent on LBI and while selling a family home is emotional in any market, it can be especially hard in the Long Beach Island real estate market. The decision to sell a home is almost always due to some need to sell, no matter how small. Some outside factor will spur change resulting in a family decision to put the home on the market. Very few people put a home on the market simply to test the current market and see what they can get. This need to sell results in four choices for home sellers in the LBI NJ real estate market.
The Four Choices for Home Sellers in the LBI NJ Real Estate Market
In most real estate markets, there are four options a homeowner can pick from when considering a change. They are:
- Keep the home
- Sell the home
- Rent the home
- Abandon the home
The first two choices are rather obvious. If a life change has created a situation where keeping the home is no longer wanted, the first step needed is to interview several real estate agents that live and work on Long Beach Island to see what the value of the home should be. This is completed with a Comparative Market Analysis (CMA) that will evaluate your home to others that are on the market or have recently sold. Based on this number, most homeowners will know right away if they should stay in the home or sell the home.
The LBI real estate market provides sellers with another, potentially lucrative, option. Summer rentals on Long Beach Island are a big business and one that can generate tens of thousands of dollars each year. If selling a home is not possible at this time, but the personal use of the house is no longer feasible or practical, renting the home may be the right answer. Apart from the income produced each year, many tenants often turn into buyers in the LBI real estate market and could very well want to buy the house they are renting!
Abandoning the home is a very rare occurrence in the Long Beach Island real estate market. In many primary home markets, many homeowners decide to simply walk away from their home due to the property being “underwater” on the mortgage (meaning they owe more on the home than the home is currently worth). The LBI NJ real estate market did not see the major decline in home prices many markets unfortunately witnessed which,combined with the ability to rent a home out during the summer months, created a market where very few home sellers abandon their property.
Selling a home in the LBI NJ real estate market is a major financial decision and one that should be carefully thought out. In order to obtain top dollar for your home, you need to clearly understand the current market trends and what the true value of your property is. Only with this knowledge will you be able to decide which of the four choices for home sellers in the LBI NJ real estate market is right for you!
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.BuyLBI.com
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