Reasons Why Homeowners Sell in the Long Beach Island New Jersey Real Estate Market
Selling a Home in the LBI NJ Real Estate Market on Long Beach Island
Investment in the LBI NJ real estate market is a major financial decision. With single family homes, condos and duplexes ranging in price from a few hundred thousand dollars to over fifteen million, clearly there is a lot at stake when buying or selling a home. Therefore, it is very important to understand why people sell on Long Beach Island New Jersey in the LBI real estate market.
The Top Reasons Why People Sell on Long Beach Island
Every individual situation is different but there are a few common reasons people sell their home on Long Beach Island. They are:
- Death in the family
- Children going to college
- Moving up to a large house or different location
Sadly, a death in the family is one of the major reasons homes come up for sale on Long Beach Island. With many homes on LBI being family homes, they are often handed down generation to generation. This can be a problem when there are multiple heirs to a property and no one heir can buy out the other parties. This will often create a situation where a house has to be sold in the real estate market on Long Beach Island.
Children entering college can be another common reason for homes being sold on LBI. College is very expensive and some homeowners either cannot afford or do not want to be burdened with the carrying costs of a home and college tuition. This can lead to a home either being sold or rented on Long Beach Island.
A wanted change is yet another common cause for a home being sold. It happens very often! Many people purchase a “starter home” on Long Beach Island, such as a small Cape Cod or a condo, and later want to buy a new or larger home. This will often create a contingency sale whereby an owner has to sell their current home before buying another home.
Surprisingly, financial duress is not a common cause for homes being sold on Long Beach Island. While finances can play a role, for example when the children go to college, it is not common to see short sales or foreclosures on LBI. Part of this has to do with the fact homes can be rented on Long Beach Island for additional income. The ability to rent can help many homeowners solve a financial trouble that in other markets would be unavoidable. This helps keep the LBI real estate market stable and a safer overall investment.
Buying and Selling a Home in the Real Estate Market on Long Beach Island
Investing in a home on Long Beach Island can be a great opportunity for financial gain and personal enjoyment. Many buyers and sellers end up working with the first agent they speak with. This lack of research can lead to a major financial mistake. Without the proper marketing tools, or without the property knowledge of the market and the area, a home may be sold for the wrong price! For more information about why people sell on Long Beach Island New Jersey or about the Long Beach Island real estate market in general, feel free to contact me 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 | firstname.lastname@example.org
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