Three Questions to Ask Yourself Before Buying a Home in the Long Beach Island NJ Real Estate Market
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Is Buying a Home in the LBI NJ Real Estate Market Right for You? 
Is Buying a Home in the LBI NJ Real Estate Market Right for You? 
Is Buying a Home in the LBI NJ Real Estate Market Right for You?
Long Beach Island Real Estate
Long Beach Island has been a favorite family destination for hundreds of years, and many who visit LBI dream of owning a home here. With prices rising and interest rates still being very low, some buyers are asking whether buying a home in the LBI NJ real estate market is the right thing to do? There is no yes or no answer to this question. Instead, it comes down to you and your personal situation about whether owning a vacation home on Long Beach Island makes sense.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Is Buying a Home in the LBI NJ Real Estate Market Right for You?
Three trends in the Long Bech Island real estate market can offer guidance when deciding if this is the right time or not to invest in a home in the LBI real estate market.
- Prices have risen: Since COVID started to change our lives in March 2020, the Long Beach Island real state market prices have risen dramatically. In the first half of 2021 alone, prices rose almost 15%. This has to lead to some buyers feeling the market is overinflated and will crash. While this could happen, all signs point to it being highly unlikely, and if anything, prices should continue to rise. Inventory is low, demand is high, and the fundamentals of the market are sound. That is a perfect recipe for prices to increase.
- Interest rates are low: This simple fact is one of the most compelling reasons to buy a home in the LBI real estate market right now. Interest rates are rock bottom and so low that when you account for deductions and ways to use your money elsewhere, many buyers refer to a mortgage as “free money.” While not entirely accurate, rates are so low that locking in a fixed-rate mortgage can save you thousands of dollars over the course of the loan and allow you to take advantage of the many advantages of homeownership.
- Is it right for you?: We can discuss the market trends, the cost of money, investment potential, etc., but at the end of the day, buying a home needs to make sense to you and your family. This is a personal choice, and you as a buyer have to understand the motivation for homeownership. Owning a home on Long Beach Island can offer many opportunities. You can create family memories, enjoy the beach lifestyle, work from home in a place that you love, and enjoy the financial benefits of homeownership and potential rental income or tax advantages-if it makes sense for you. If owning a home in the LBI real estate market will be a stress or worry, then it is better to wait.
Three Questions to Ask Yourself Before Buying a Home in the Long Beach Island NJ Real Estate Market
Owning a home in the LBI NJ real estate market offers many advantages, and if it is right for you, there are many opportunities right now. Even though this is a seller’s market, there are plenty of smart investments to be made that can be very affordable to own and generate a positive cash flow. If you know what determines value in the Long Beach Island real estate market and can act on the right prospect, this can be an excellent time to buy in the LBI real estate market. If you have any questions about buying, selling or investing in the LBI 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
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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