Be Specific When Selling In The LBI NJ Real Estate Market

The LBI NJ Real Estate Market Shows That General Information Is Not Enough When Selling On Long Beach Island New Jersey

Be Specific When Selling in the LBI NJ Real Estate Market

Nathan Colmer | The Van Dyk Group

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

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The LBI NJ Real Estate Market

The LBI real estate market on Long Beach Island New Jersey is comprised of many different types of properties. There are multi-million dollar oceanfront estates and there are traditional Cape Cod style homes that sell for under $400,000. There are condominiums and there are timeshares that can be on the same block as a commercial property or a duplex. Therefore, when looking to Long Beach Island NJ real estate transaction as a seller t it is important to Be Specific When Selling In The LBI NJ Real Estate Market.

How To Be Specific When Selling In The LBI NJ Real Estate Market

Each month I publish a monthly sales update highlighting the general condition of the LBI real estate market. Included in this update are the average sales prices of the different property types on LBI, the average days on the market and the amount each deal was negotiated. While this information is helpful in assessing the general state of the LBI real estate market, it is important to specify this data to a particular listing. Both buyers and sellers can benefit from this as the real estate market is not a one size fits all. When selling your house on LBI there are a few things to consider such as:

Location of the home on LBI
Condition of the property
Flood Elevation and flood insurance

Location above all else drives the value of a home for sale on Long Beach Island. Assessing location goes deeper however than simply looking at the distance to the beach. For example, a house that is 1-3 houses off the beach will have views of the ocean. In most cases a house that is 4 or more houses off the beach will most likely not have views (apart from the roof deck). Therefore, the difference in pricing will not be that dramatic if a house is 5th off the beach or 8th off the beach, whereas there will be a great difference if a house is 2nd off the beach or 4th off the beach.

Condition is also a major determining factor but again this too requires a deeper look. The condition of a house is very important when looking to price a Cape Cod as many will want to raise the house. If the house is not structurally sound, raising may not be possible which can impact the value of the house as a whole. In addition, the size of the existing structure may help determine what can be built on the lot in the future and this can have a MAJOR influence on the price!

Flood elevation is a term on everyone’s mind and it too plays a role when selling a house on Long Beach Island NJ. If the elevation of the house will force a higher flood insurance rate, than the listing price of the house must reflect this. On the other hand, if the flood insurance offers a lower rate, this can be used as a powerful marketing tool. Take for example the following scenario:

House A is listed for $600,000 and has an insurance rate of $2,500/ year
House B is listed for $650,000 and has an insurance rate of $800/ year
The buyer is looking at both houses with a 20% down payment and a 4.5% interest rate
Not counting taxes, House A will cost the buyer roughly $24,100/ year whereas House B will cost the buyers $24,200.

By Being Specific When Selling In The LBI NJ Real Estate Market you can demonstrate, as I have above that a more expensive house may in fact cost the same as a less expensive house thus netting you as the seller more money!

Selling in the LBI NJ Real Estate Market

If you want to sell your house for top dollar on Long Beach Island NJ you have to Be Specific When Selling In The LBI NJ Real Estate Market. By knowing the specifics of your home and by working with an agent who can highlight and market the facts to both sellers and to other agents, the end result will be a higher return on your investment in the LBI real estate market. If you would like more information about how to be specific when selling in the LBI NJ real estate market please contact me, Nathan Colmer, and I will be happy to help!