Long Beach Island NJ Real Estate Sold and Expired Listing Information
Long Beach Island Real Estate
While the number of homes sold in the LBI real estate market is a useful gauge of market activity, there are also some other statistics that can be used to measure the health of the market. In this time of trade wars and rising interest rates any buyer in the LBI real estate market must understand where the market is heading to determine if this is the right time to buy a Long Beach Island home. To that end, understanding LBI Real Estate Sold vs Expired Listings October 2017-September 2018, basically how the market has been reacting over the past year, is a great tool.
LBI Real Estate Sold vs Expired Listings October 2017-September 2018
Below is a chart of all sold and expired listings on Long Beach Island over the past year:
|Month||Sales, Number of||Expired Listings, Number of|
In any given month roughly twice as many homes expire on Long Beach Island as there are sales. In other words, these homes fail to sell for one reason or another. The most common reasons a home fails to sell are price and marketing-or lack thereof. While lack of marketing plays a big role (poor pictures, out of area listing agents, etc), price is usually the biggest reason a home expires. A poorly priced home will not sell, and as a buyer in the LBI real estate market one must be careful not to overpay for a home. Understanding were the market is and where it is heading is the most important thing when investing on Long Beach Island.
Timing the Long Beach Island NJ Real Estate Market
When looking at the data above a clear pattern develops. There are far more homes expiring in the late fall and early winter than any other time in the market. Therefore, as a buyer, there is a good chance you can negotiate the price of a home down in this time frame. This makes sense as a home has sat on the market for several months and a seller, and their agent, may be getting nervous. By timing the market correctly, one may be able to purchase a home at a far better price. For more information about buying a home in the LBI real estate market or about LBI Real Estate Sold vs Expired Listings October 2017-September 2018 feel free to contact me anytime.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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