Long Beach Island Real Estate Affordability Tips

Best Ways to Keep LBI Real Estate Affordable

Long Beach Island Real Estate

There is no doubt that buyers are still facing challenges in the LBI real estate market. Inventory is very low, demand is still high, and for those looking to purchase a home with a mortgage, rates have clearly increased over the last year. That said, there are still plenty of opportunities in the LBI real estate market, and there are some easy ways to help with affordability. By understanding the LBI real estate market and knowing what creates value, you can still buy a home on Long Beach Island and beat the market.

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

Long Beach Island Real Estate Affordability Tips

There are three tips I want to focus on in this blog to help with affordability in the LBI real estate market.

Mortgage Rates
Roughly half of the buyers in the LBI real estate market purchase with a mortgage, so the recent rise in rates is not without impact. While rates are much higher than they were a year ago, many different types of loans can be used to buy a home in the LBI real estate market. There are adjustable-rate mortgages that typically will have a lower interest rate, conventional loans with different loan periods, interest-only loans, and different rates from various banks (some of which offer programs to lower rates). The best thing you can do as a buyer is to shop the rate with different lenders and ensure you understand your options.

Expand Your Search to Different Parts of Long Beach Island
Many buyers in the LBI real estate market need help understanding the different sections or towns on Long Beach Island. For example, some people say, “I want a house in Beach Haven,” but they do not realize that Beach Haven only makes up a small section of LBI. For instance, North Beach Haven has a lot in common with the town of Beach Haven, but North Beach Haven is actually a part of Long Beach Township. If a buyer only searches for homes in Beach Haven, they will likely miss out on some exciting options. Expanding your search to different parts of LBI while still focusing on your wants and needs will open up the range of options and increase your odds of buying a home in the low inventory climate.

Build a New Home in the LBI Real Estate Market
Without a doubt, the best way to beat the LBI real estate market is to build a new home. This process involves an investment of time, but it should yield a roughly 20%-30% equity position when handled correctly. This means that the same deployment of capital will yield a far better home and a positive equity position. Provided your budget allows for this, you can potentially even LOWER your total investment in the LBI real estate market and still buy the same or better home than those currently on the market.

Best Ways to Keep LBI Real Estate Affordable

There are still plenty of opportunities in the LBI real estate market. The trick is understanding Long Beach Island and current market trends and knowing how to beat the market. The more education you as a buyer, can have, the better prepared you will be to jump on an opportunity. There are also many other ways to help with affordability in the LBI real estate market, for example renting your home, so feel free to ask me any questions about buying a home on Long Beach Island. For more information about Long Beach Island or about the LBI real estate market please do not hesitate to contact me.

By : Nathan Colmer | LBI Real Estate Agent | 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