Hurricane Sandy and the LBI Real Estate Market
Now that Hurricane Sandy has passed, Long Beach Island NJ must begin to rebuild and move towards the future. A big part of the recovery will involve the real estate market on Long Beach Island NJ. Hurricane Sandy and Long Beach Island NJ Real Estate will be different than other areas of New York and New Jersey as each area was impacted in different ways.
Buying Long Beach Island NJ Real Estate After Hurricane Sandy
Many feel that there will be excellent buying opportunities after Hurricane Sandy. While it is impossible to understand how Hurricane Sandy and Long Beach Island NJ Real Estate will interact with each other, it is my general impression that there will be some great chances to pick up real estate in the short term aftermath of Hurricane Sandy. There will be homeowners who will be either unwilling or unable to take on the job of renovating and rebuilding their homes on Long Beach Island NJ and therefore, these storm damaged homes will enter the LBI real estate market soon after the storm. There are extra items to consider when buying LBI real estate after Hurricane Sandy.
- Water Damage
- Electrical Items
- Uneven Foundations
- Damp Insulation
There are always many items to consider when buying a home, but Hurricane Sandy has created extra problems that must be taken into account. It is more important now to have a home inspection to make sure everything is as it should be. Remember, what looks good on the outside, may not be correct on the inside (think of insulation behind walls).
Selling Long Beach Island NJ Real Estate After Hurricane Sandy
If you are a homeowner on Long Beach Island NJ and you are planning to sell your property, there are some very important steps that need to be taken. First of all, disclose, disclose, disclose!!! It is very important that you not try to hide any damage caused by Hurricane Sandy. If your property has been damaged by wind or flood waters, it will most likely become evident in a home inspection or in the future which can leave you open to legal recourse.
If your home has been severely damaged, beyond the point of repair, your best course of action will most likely involve removing the remains of your house and selling the property at land value in the LBI Real Estate market
If your property has been damaged, but can be fixed, you can either do the work yourself or sell the property as a “handyman special”. In the market following Hurricane Sandy, I feel we will see many people looking to buy a “fixer” house and doing the work themselves. A very useful strategy in this case is to have a contractor give you an estimate to repair the house and show this estimate to the buyer. This will show the prospective buyer what the value of their home would be after the renovations are completed. Tradewinds Builders can handle this for you and together, the marketing is very effective.
Hurricane Sandy and Long Beach Island NJ Real Estate
If you are thinking of buying or selling Long Beach Island NJ real estate after Hurricane Sandy, please contact me, Nathan Colmer, and I will be happy to sit down and explain the options in the current market.
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org