How to Start Buying a Home in the LBI Real Estate Market

What to Know About Buying Your First Home in the Long Beach Island NJ Real Estate Market

Click here to search all homes for sale in the Long Beach Island NJ real estate market

How to Start Buying a Home in the LBI Real Estate Market

Long Beach Island Real Estate

Buying a home in the LBI real estate market is no small undertaking, and it is can be intimidating for new and seasoned buyers alike. Buying a home on Long Beach Island is a goal many aspire to, and in the current market with such low inventory, it can be more challenging than normal. Before entering the LBI real estate market as a buyer, it can be helpful to understand what your motivation is and if this is a good time for YOU to buy a home. The two main reasons people purchase a home on Long Beach Island are for family use or for investment potential. Renting a home on LBI is expensive, so some buyers would rather take that money and put it towards the annual cost of ownership while at the same time renting themselves and building equity in the property. Most buyers view a purchase in the LBI real estate market as a blend of personal use and investment, so figuring out which is most important to you is a critical first step in the home-buying process.

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

How to Start Buying a Home in the LBI Real Estate Market

Right now, there are three key obstacles to buying a home in the LBI real estate market. They are:

Inventory is incredibly low in the LBI real estate market
Prices have risen over the past 2 years on Long Beach Island
Interest rates have risen

Perhaps the biggest challenge to home buyers right now is inventory or lack thereof. In a pre-COVID market, there were around 500-600 homes for sale on Long Beach Island. Right now, there are only about 125-150. This is an obvious issue for anyone looking to buy a home in the LBI real estate market. The lack of inventory also leads to pricing. Supply and demand teaches us that while supply is low (which is it) and demand is high (which is also is), prices will stay the same or rise. While the higher interest rates have driven some buyers from the market, the LBI real estate market is never that sensitive to rates. Therefore, it is doubtful that higher and higher rates will have any meaningful impact on home prices. This is even more true now that it appears the rate of increase has slowed down, and most agree rates will fall in the next year or so. Despite the challenges, buyer conditions have improved to a large degree, with sellers being more willing to negotiate and accept terms like a loan and inspection contingency. No matter the reason for your home search, personal use, investment or a blend of both, understanding the current conditions, positive and negative, can help you decide if this is the right time to enter into a transaction.

What to Know About Buying Your First Home in the Long Beach Island NJ Real Estate Market

When looking to buy a home in the LBI real estate market, you have to decide if this is the right time for you. There are great opportunities in the market now if you focus on your individual buyer goals. You just have to understand what creates value in the LBI real estate market and be willing for the right home to come on the market. For more information about buying, selling or investing in the Long Beach Island 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

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market