LBI NJ Real Estate is Local
Every Market is Different and Long Beach Island NJ Real Estate is Local
With the national media reporting on home sales data and foreclosure activity, it is easy to forget that every real estate market is unique and offers its own trends. The LBI real estate market is no different! Long Beach Island NJ Real Estate is Local and it offers buyers and sellers situations that are unique to the shore area. For example:
- The LBI real estate market did not depreciate to the level of many other national markets
- Foreclosures and bank-owned properties are not very common on LBI
- Shore area real estate is often viewed as a “safer” investment as it has always been in high demand
Foreclosures and Short Sales on Long Beach Island NJ
One of the major contributing factors in a market losing value is distressed homeowners whose properties enter into a foreclosure or short sale. While there are some homes on Long Beach Island NJ that sell for less than they once sold for (and in extreme cases sell for less than their mortgage amount) the number of properties that require bank approval is very low. In most cases, if the house sells for less than the mortgage amount, the seller will bring money to closing to avoid the bank’s approval. Foreclosures are also somewhat uncommon on LBI as the LBI real estate market offers the extra insulation of rentals. The majority of homes on Long Beach Island NJ are second homes and therefore owners who fall on hard times have the ability to rent their house out to help cover part or all of the mortgage. The comparative absence of these two factors has helped keep the Long Beach Island NJ real estate market strong.
The LBI NJ Real Estate Market
The LBI real estate market differentiates itself from the national real estate market for a few important reasons:
- The LBI real estate market has proven to be more stable than many other investments with a lower depreciation than other investment vehicles.
- The ability to rent out an LBI property allows for a cushion should you fall on hard times and/or the ability to gain extra income
- The demand for shore area real estate is higher than mainland real estate and is more unique
If you are considering the sale or purchase of Long Beach Island NJ real estate, it is important to have a clear understanding of the local market and the local market conditions. Regardless if the national market is high or low, Long Beach Island NJ Real Estate is Local and there are opportunities in the real estate market and with careful planning and understanding, you can capitalize on them!
Find Out More!
If you are considering buying or selling LBI real estate, please contact me with any questions you have. As a lifetime resident of Long Beach Island NJ, I understand the area and what makes it unique. Remember, Long Beach Island NJ Real Estate is Local and I can help you understand the area and the current market trends so that you can take advantage of the opportunities that exist in a LOCAL market!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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