Real Estate Trends on Long Beach Island NJ
The LBI Real Estate Market
Long Beach Island New Jersey is know for it’s white sandy beaches and fun family atmosphere. These traits have helped to make Long Beach Island NJ or “LBI” not only a great place to vacation, but also a great place to invest in the local real estate market. Apart from the simple fact that real estate values have remained very steady and in fact increased, there is also a very strong rental market on LBI making for high income producing properties. Together, these market trends have attracted many buyers into the local LBI real estate market. If you are considering the purchase or sale of real estate on Long Beach Island, it is very important to understand the LBI Real Estate Market Trends before signing on the dotted line!
Seasonal Trends in the LBI Real Estate Market
The change in seasons on Long Beach Island NJ play a major role in LBI real estate market activity. The timing of the sale of real estate is very important considering the entire economy of Long Beach Island is based on the summer season. The seasons on Long Beach Island will influence:
- The Long Beach Island real estate market as a whole
- The price you will pay for buying a home on Long Beach Island
- The inventory to pick from in the LBI real estate market
Summer is typically a slow time for real estate market sales. This can be attributed to several factors including less inventory on the LBI real estate market and it being more difficult to show houses with summer rentals in place. Typically, a rental home can only be shown during changeover (usually 11-3 on Saturday) so with such a small window of time, it’s easy to understand why showing multiple homes is difficult.
Fall on the other hand can be a very active time in the LBI real estate market. Usually the market will see an increase in listing activity as homeowner have garnered one last year of rental income or one last year of personal use and are now prepared to sell rather than carry the property all winter. This can be great for a buyer as they have the opportunity to see many new homes that were not previously on the market.
Winter tends to be very slow around the holiday season as most people, both buyers and sellers alike, are busy visiting friends and family however January can be a very busy month. Purchasing a house in the late winter/early spring can allow time to repair or customize a house prior to the summer season.
Spring will usually see a massive surge in activity through May and early June and a closing can still be arranged to allow for nearly the entire summer on Long Beach Island!
When to Buy and When to Sell in the Long Beach Island Real Estate Market
Determining when to buy or when to sell in the LBI real estate market will greatly depend on your personal situation. Understanding the LBI Real Estate Market Trends can help guide that decision by allowing you to know what kind of competition you will face and how much activity you can expect to receive.
For example, if you were planning to list your house for sale in the fall, you should anticipate stiffer competition and therefore may want to price your house initially for less money to make it stand out from the pack. Likewise if you are considering buying a home on LBI, you would be wise to time your search around the summer season to obtain the maximum return on your investment.
If you are considering buying or selling in the LBI real estate market, please do not hesitate to contact me so I can explain more about LBI Real Estate Market Trends and how they impact your real estate investment.
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org