Long Beach Island Real Estate Comps

Long Beach Island Real Estate Comps

LBI Real Estate Buyer and Seller Comparable Sales (Comps)

Long Beach Island Real Estate

When looking to buy or sell a house in the LBI real estate market understanding comparables sales is a must. A comparable sale is just what the name implies. It is a recent sale that is comparable to a property that you are trying to determine a value for. By using comparable sales or “comps” it is possible to determine the correct value for a home in the Long Beach Island real estate market. In order to do so you have to understand what determines value in the LBI real estate market and how to rate a property.

By : Nathan Colmer | The Van Dyk Group

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

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

Long Beach Island Real Estate Comps

When looking at comparable sales in the Long Beach Island real estate market there are a few things to consider. They are:

  • The age of the comp
  • The location relative to the beach
  • Views
  • The house style, condition and ownership cost

When evaluating a Long Beach Island real estate comp it is important to use recent data. Most appraisals will only look at 6 months without having to do additional adjustment. Therefore you should do the same. The location to the beach is key. Using a bayside comp to determine the value of an oceanblock home is very difficult. Rather you should only use homes that are in the same location as the subject property. Views add a lot of value in the LBI real estate market. The presence or absence can literally be a six figure difference in the value of a home. Lastly are the appraisal basics that all CMA’s and appraisals will look for. The house style (new or old, Cape Cod or reversed living, etc), the size of the house, the condition and the ownership cost. Specifically with the ownership cost is the cost of flood insurance. A home that is raised will usually be worth more in the LBI real estate market so knowing the cost of owning the house has a real value to it.

Buying and Selling in the LBI Real Estate Market

While historically comps tend to be for sellers, anyone looking to conduct a transaction in the LBI real estate market should be using comps. Buyers should check recent sales to make sure they are not overpaying for a house. This is especially true as there are signs that the market is slowing down. I can help you go over the value of a home in the LBI real estate market relative to recent sales and give you some insight into where the market is heading. If you have any questions about buying, selling or investing in the LBI real estate market please do not hesitate to contact me.

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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