Pricing Still Matters in the Long Beach Island Real Estate Market

Pricing Still Matters in the Long Beach Island Real Estate Market

You Still Have to Price Your Home Correctly in the LBI Real Estate Market During COVID

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

Long Beach Island Real Estate

There is no doubt that we are in a seller’s market on Long Beach Island. Inventory is low, and demand is high, which favors sellers, but interest rates are low, which can help to incentivize a buyer to act. Right now, homes sell in an average of around 60 days (down from about 180 before COVID), and many homes have multiple offers on them. The LBI real estate market was strong and steady even before COVID. Still, with the increase in demand, sellers have enjoyed a period of rapid price appreciation and multiple offers. While the LBI real estate market does favor sellers, pricing is still important. Even in the age of COVID, pricing still matters in the LBI real estate market. The basic rules of real estate apply in any 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

Pricing Still Matters in the Long Beach Island Real Estate Market

It is tempting in this market to overprice a home. Every seller wants to maximize on the market and sell for as much as they possibly can. The reality is, however, overpricing a home will lead to a lower net sales price. There are volumes of data about the Long Beach Island real estate market that show an overpriced home will take longer to sell and sell for less money, thereby reducing the net proceeds. In a market such as this, pricing your home correctly, or even a little under the market, will drive more attention and usually result in multiple offers. This can be a better strategy than overpricing a home in the Long Beach Island real estate market. The extra attention will most likely drive the price up to or over market value. Overpricing a home and not attracting as much attention will result in an extended amount of time on the market. This has several negative consequences and almost always results in a lower sales price. Additionally, the extra time on the market will result in additional carrying costs, which can be expensive if a mortgage is held on the property.

You Still Have to Price Your Home Correctly in the LBI Real Estate Market During COVID

When it comes time to price your Long Beach Island home for sale, you should review all the data available to reach an informed decision. This includes all recent sales, the current market trends, and the amount of competition your home will face. By pricing in line with the market, you will almost certainly do better than if you were to overprice the house, even in this highly competitive market. If you have any questions about buyingselling or investing in 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

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