What to Expect From the Spring Real Estate Market on Long Beach Island
Long Beach Island Real Estate
With Spring around the corner, buyers and sellers in the LBI real estate market wonder what to expect in the next few months. Historically, Spring is a busy time in the real estate market on Long Beach Island as buyers look to complete a transaction before the start of summer. The LBI real estate market remains challenging for buyers, with interest rates remaining high and inventory low, but there are still opportunities in the market. Both buyers and sellers can take advantage of the current market if the conditions are right, and by understanding what may change in the market is an important step to a successful transaction.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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LBI Real Estate Market Spring Predictions
The Spring market is likely to see a few things take place.
- Demand will remain strong, and most likely, it will increase
- Inventory is likely to rise slightly, but it will most likely not be enough to meet the demand of buyers
- There is a good chance interest rates will fall at some point in the Spring and into Summer
- With strong demand and low inventory, prices are likely to rise throughout the Spring
As we get closer to summer, many buyers will get the “summer itch” and look to buy a home on Long Beach Island. This increased demand will almost certainly reduce the already low inventory levels seen throughout the LBI real estate market. Basic supply and demand tells us that this will increase the average price of a home on Long Beach Island. I think there is a good chance interest rates will come down, at least a little, but that, too, could lead to an increase in home prices. There will probably be a short window of time where rates drop, and that drop will not trigger a price increase, which is the “best” time to buy in the current market. Basic economics tells us that homes will cost more once lower inventory and interest rates are priced into the market, so timing will be very important in the coming months. Sellers can benefit from the same overall real estate market climate we have witnessed over the last 12-18 months. While buyers are more careful, and we have seen things like home inspections and mortgage appraisals re-enter the normal course of business, the lack of inventory and high demand still makes the market lean towards favoring sellers.
By : Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group
As we move into the Spring market, there is a good chance things will change in many ways, some of which cannot be predicted at this time. My predictions above are based on the current market, past trends, and common sense. They could also be flat-out wrong! We have to pay attention to the LBI real estate market in the next few months as they will be very telling for the rest of the year and the overall market in general! For more information about Long Beach Island or about the LBI real estate market please do not hesitate to contact me.
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