Long Beach Island Listing Price and Days on the Market

How the Listing Price Impacts the Amount of Time a Home Spends on the LBI NJ Real Estate Market

Long Beach Island Listing Price and Days on the Market 
Long Beach Island Listing Price and Days on the Market

Determining Listing Price in the LBI NJ Real Estate Market

Thanks to the internet and the amount of information available to home buyers on Long Beach Island, the correct listing price for a home is now more important than ever. Buyer’s are very aware of a home that is over priced, priced correctly or under priced in the LBI real estate market. Incorrectly pricing a home will have one of two outcomes. If a house is overpriced, it will spend an unnecessary amount of time on the market and end up selling for less money (to say nothing of the added costs of ownership). If a home is under priced, it will attract a great deal of attention and possibly lead to a bidding war…it can also lead to a lower sales price if the property is priced too far under market value.  The key is to price the house correctly, based on both recent sales and the current inventory of LBI homes. The correct Long Beach Island listing price will create a favorable days on the market and lead to a higher net sales price.

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How Long Should  a Home Spend on the Market

There is a direct correlation between the listing price and the time a home spends for sale in the Long Beach Island real estate market. There are a few things to know about determining days on the market:

  • Once listed, a home should reach the majority of serious home buyers within 2-4 days
  • If the house is priced correctly, it should attract a dramatic amount of attention over the first weekend listed for sale
  • If priced correctly, a home should have an offer within the first month of being listed for sale

In the age of the internet, major real estate websites are updated almost instantly. Realtor.com for instance updates every 15 minutes so once a home is listed, it is available to the public. In addition, most serious home buyers in the LBI real estate market are on some type of listing alert campaign that will email new listings that meet their criteria once listed. These automatic emails usually send around 1:00 A.M. the day after the house is listed. Based on this, most buyers should be aware of a new listing within a few days.

Since the majority of home buyers on Long Beach Island do not live locally, most showings take place over the weekend (Saturday and Sunday). If the listing is truly priced to sell, it will often attract attention prior to the weekend, but in any case it is advisable to let a home go through a weekend or two to make sure as many people see it as possible. The absence of substantial activity in the first or second weekend should raise an alarm that something is wrong with the listing.

While there are many homes for sale on Long Beach Island, most have been sitting on the market for a long time. Correctly priced listings usually spend only a few weeks before selling. In fact, statistics show that the first month of a listing is usually the best time to sell on LBI. Therefore, it is vitally important to make sure the listing is shown in the best light during this first month on the market.

When talking about time on the market, it is also important to remember that not all LBI real estate properties are created equal. With location being the driving force of value on Long Beach Island, we must take a deeper look at pricing a home for sale and the days spent on the market. Certain property types are notoriously slow, for example commercial real estate and interval ownership properties. Homes on the bayside can also spend longer on the market than an oceanside or oceanfront home so this too must be taken into consideration when pricing a home to sell in the LBI real estate market.

The Long Beach Island real estate market is a very unique market and very different than a primary home market. It requires not only an understanding of the LBI real estate market, but also of flood insurance and external marketing to ensure a home sellers correctly. For more information about Long Beach Island real estate listing prices and days on the market, feel free to contact me, Nathan Colmer, and I will be happy to answer any questions you have!

 By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

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