Why Buyers Will See Fewer Distressed Sales in the Long Beach Island NJ Real Estate Market
LBI Real Estate Distressed Sale Inventory Levels 
LBI Real Estate Distressed Sale Inventory Levels 
LBI Real Estate Distressed Sale Inventory Levels
Long Beach Island Real Estate Distressed Sales
The Long Beach Island real estate market does not offer an abundance of distressed sales. A distressed sale can be a short sale, bank foreclosure, auction property, etc. Since the economy has been doing well, we have seen even fewer of these sales in the market. Also, if a recession is to occur, likely, the distressed sale inventory will not considerably expand thanks to the robust summer rental market. There are three main reasons buyers should expect to see fewer distressed homes for sale in the LBI real estate market. They are:
- The overall economy is doing well, and people, in general, have more expendable income in our market.
- There has not been a significant catalyst like Hurricane Sandy in 2012 to create a distressed sale inventory.
- The LBI summer rental market provides a steady and reliable income source.
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
LBI Real Estate Distressed Sale Inventory Levels
While distressed sales were never that common, from the height of the financial crisis in 2008, we have seen less and less inventory for short sales, bank owned homes, and foreclosures. Storm damaged houses as a result of Hurricane Sandy in October 2012, did create a minimal increase in the distressed sale market. The aforementioned increase had to do with a homeowner not being able to or not wanting to make the needed repairs to their home. That limited inventory cleared the market years ago. Summer rentals, which have always been the backbone of the LBI economy, offer a homeowner a steady source of income. With some planning, this income can offset most or all of the cost of owning a home on Long Beach Island. Thanks to the LBI summer rental market, an owner may be able to rent instead of surrender their home to a short sale or foreclosure. Therefore, buyers will find fewer distressed homes on Long Beach Island and would be wise to be open to other valuable properties.
Buying in the Long Beach Island Real Estate Market
While there are fewer distressed sales than ever, there are still plenty of buyer opportunities in the LBI real estate market. Building a new home, for example, is BY FAR, the best investment you can make. Buying a teardown and constructing a new home, under the right conditions, of course, should net you a sizable equity position. Likewise, there may be motivated sellers in the case of a divorce or an estate situation. The Long Beach Island real estate market has plenty of homes to choose from, including a few distressed sales, and if you have the patience to wait for the right opportunity, you can certainly beat the 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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