Long Beach Island Real Estate Buyer Tips for Higher Mortgage Rates
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI Real Estate Market Buyer Tips for Higher Mortgage Rates 
LBI Real Estate Market Buyer Tips for Higher Mortgage Rates 
LBI Real Estate Market Buyer Tips for Higher Mortgage Rates
Long Beach Island Real Estate Buyers and Mortgage Rates on LBI
Over the last two years, the Long Beach Island real estate market, and the national real estate market for that matter, have seen some monumental changes. 2022 is no exception, and there is no doubt we are in a transitioning marketplace on LBI. While the LBI real estate market has never been that impacted by interest rates (up or down), it is clear that the significant real estate headline for 2022 is the drastic rise in the cost of lending. The simple fact is, with rising mortgage interest rates, it is now more expensive to purchase and own a home in the LBI NJ real estate market. That said, there are three simple things all buyers in the Long Beach Island real estate market can do to help their home search.
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 Market Buyer Tips for Higher Mortgage Rates
The rise in mortgage rates in the LBI real estate market and elsewhere has made homes less affordable. This is noteworthy in light of how home prices have roughly doubled from about 2 years ago. If you are considering buying a home in the LBI real estate market with a mortgage, it will cost you more than it would have even 6 months ago. The good news is that there are three simple steps below that can help ease the burden and save you money:
- Expand your search criteria to other areas of LBI or home types
- Explore different types of loan products
- Consider different ways to fund your LBI home purchase
The Long Beach Island New Jersey real estate market has a lot of different areas and home styles to pick from. Some areas of LBI have a higher cost than others; likewise, some home styles cost more than others. Above all else, buyers need to pay attention to their budget and not overextend themselves on a beach house. If the cost of buying a home and/or the loan payment is too high, it may be best to consider a smaller home or a condo. Alternatively, buyers could consider buying a teardown and building new which is by far the best investment one can make in the LBI marketplace.
While interest rates have increased, a vast array of loan types are available. All buyers should discuss the different kinds of mortgages available to them and then check with another lender or two to see if they have any better options. Sometimes a 30-year fixed rate mortgage is not the best option, especially with rising rates. A longer-term adjustable rate loan may offer far better options in this new rate environment.
With costs on the rise, buyers should explore the options available to them in buying and owning their home. For example, it may make sense to rent a few weeks out to help cover the costs or, as I mentioned above, consider building a new home. This option can save you hundreds or thousands of dollars in the sales market and may allow you to get an even better home at an even better price. Additionally, some special loan programs for individuals working in certain professions, such as veterans, doctors, teachers, etc., may have special rates available to them.
Long Beach Island Real Estate Buyer Tips for Higher Mortgage Rates
Buying a home in the LBI real estate market is a major investment, and in a changing market such as this, many are wondering if this is a good time to buy. As is the case in any market, if you can find a home that makes sense, has real value in the Long Beach Island real estate market and the timing works for YOU, then it is a good time to buy. There are opportunities in every market, including this one. You just have to know where to look and how to best approach the process. 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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