How to Price Your Home when Selling in the Long Beach Island New Jersey Real Estate Market
Home Pricing in the LBI NJ Real Estate MarketNathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Pricing a Home on Long Beach Island NJ
The LBI NJ real estate market has seen a recent increase in activity which can make it difficult to determine what the correct price is for a home on Long Beach Island. While the general condition of the real estate market has improved, it is important to remember that these improvements are not universal. Some homes has appreciated in value whereas others have remained about the same. Therefore, it is important to understand Home Pricing in the LBI NJ Real Estate Market and how to use the market to your advantage.
Home Pricing in the LBI NJ Real Estate Market
When I list a home for sale, I look at two key points. They are:
- Recent sales of similar homes
- Homes that are currently listed for sale on Long Beach Island
Of the two sources of data, I give more credit to the current active inventory as this is the direct competition that a new home on the market will face. Recently sold homes are still important as they will be looked at by both buyers and by the banks lending the money for the house, but by looking at the current active inventory, you can price your home according to the CURRENT market. For example, if you have an oceanblock new construction, you will most likely be listing your house for more money as there is currently a lack in inventory for newer homes near the ocean. Pricing a home to the recently sold comparable will not reflect this and you may end up selling your house for less than you would be able to. On the other hand, if there is a surplus in inventory, you will need to reflect this in your price so as to entice the current buyers looking in your style of house.
Selling a House on Long Beach Island NJ
Above all else, pricing is the number one factor that determines if a house will sell on Long Beach Island. There is a lot of information available to buyers regarding the current state of the LBI real estate market, local and national home prices and the average days on market for a home. If a house is overpriced, it will sit on the market regardless of who is representing the house or how much marketing he or she does. This is not to mean that a house should be priced under the market to sell. Only that the combination of the correct price and effective marketing will help sell your house on Long Beach Island! For more information about Home Pricing in the LBI NJ Real Estate Market please contact me, Nathan Colmer, and I will be happy to help!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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