Tracking Home Seller Failure Rate on Long Beach Island
Overall, the real estate market on Long Beach Island has been largely improved. We are seeing a higher number of homes sell with a higher average and median sales price. This has to do with several factors including favorable interest rates, and abundance of new construction, and opportunities to purchase teardown homes as well as purchase move in ready properties. As encouraging as this activity may be, it is important to remember that number homes will fail to sell on Long Beach Island. Tracking homes that fail to sell in the LBI real estate market can be as important a metric to gauge as close and pending transactions.
Homes That Fail To Sell in the LBI Real Estate Market
A quick look at single-family homes that did not sell, in other words were withdrawn or expire from the market shows some interesting statistics. The following data represents all expired withdrawn listings from May 15, 2015 through June 15, 2015 on Long Beach Island:
- In total, 57 homes failed to sell in the LBI real estate market
- Prices range from $335,000-$3,100,000
- On average, homes spent 228 days on the market without selling
The data points to some very interesting trends in some very high concerns or sellers. There is a real cause to owning a home on Long Beach Island is generally comprised of property taxes, insurance, utilities, and a mortgage if it. This equates to a per diem cost of owning a home and for every day a house sits on the market the owner’s net proceeds become lower. Therefore, it is literally off seller money when a health does not sell while many of the homes in this list have subsequently sold, it was not without a substantial delay, on average 200 plus days, and not without a significant cost. This greatly reduces the net proceeds to the seller.
How To Sell Your Home in the LBI Real Estate Market
There are a variety of reasons homes, however the most important has to do with price. Buyers are very aware of current market trends and it is relatively easy to spot an overpriced home. A house must be listed in accordance with comparable sales in order to attract attention. Assuming a house is priced correctly it must be marketed to the correct audience. This involves a mix of Internet advertisements in traditional marketing. Lastly, a listing agent must understand the sales process and be able to identify proper trends in the LBI real estate market. Only with this proper mix will listing agent be able to sell a home on LBI for top dollar. Many of the homes which expired or were withdrawn from the market chose to reenlist with another agent who in many cases altered the listing strategy and was able to sell the house. Above all else, it is important to ensure your listing agent is a true professional who understands real estate on Long Beach Island. For more information about homes that fail to sell in the LBI real estate market or for more information about selling a home on Long Beach Island, contact me and I will be happy to answer any questions you have.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org