A Look At New Listings And Re-Listed Homes on Long Beach Island
How New Are New LBI Real Estate Listings?Long Beach Island Real Estate Listings
The LBI real estate market can be an excellent investment opportunity or summer vacation destination. Like any substantial investment, it is important to understand the current market trends and the factors that go into determining the correct price. One metric used to determine the value of a home is the amount of time a property spends on the market. This is be very important as a home that can take longer to sell now can be more difficult to offload in the future (thus reducing the long-term investment potential). Therefore, before buying a home on Long Beach Island, it is important to understand how new are new LBI real estate listings?
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How New Are New LBI Real Estate Listings
There are a few reasons listings may appear as new when they are in fact not. They are:
- A listing has expired and has been re-listed
- An agent has pulled the listing off the MLS only to re-list it as “new”
- A home has undergone some renovation or changed in some significant manner
Many homes expire, meaning their listing period has ended and the house failed to sell. This can occur for several reasons however the three main reasons homes do not sell will come down to price, marketing and condition. Therefore, a home may not be “new” but may have been poorly handled in a prior listing period. These homes need to be carefully evaluated to see if the failure was a fault of the home or the previous listing agent.
Some agents will manually withdraw a listing and re-list the home to appear as new. This practice is intended to make a listing “hit” as being new and it is these listings buyers must be cautious of. Many times these homes will be overpriced and/or have some other issue that compels these rather sneaky tactics to make the home sell.
The third reason an old listing may appear as new is a renovation or major repair. This can dramatically alter the listing price or the prospects of being sold. Sometimes even basic improvements such as paint and flooring can make a listing appear new so it is important to review any changes made to a home when determining the long term value of a property.
LBI NJ Real Estate Market Trends
Buying a home in the LBI real estate market requires a complete evaluation of the market and the specific property. Determining the amount of time a home has been on the market can help a buyer’s negotiation and also forecast the future value of the investment. Sometimes homes are difficult to sell and a buyer must take this difficulty into account when making an offer. This is why understanding how new are new LBI real estate listings is so important to successful LBI real estate investment. For more information about buying a home in the Long Beach Island real estate market, contact me and I will respond right away.
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