Why a Pre-Approval is Important When Buying a Home in the LBI Real Estate Market
Click here to search all homes for sale in the Long Beach Island NJ real estate market
The Importance of a Pre-Approval Letter in the LBI Real Estate Market. 
The Importance of a Pre-Approval Letter in the LBI Real Estate Market. 
The Importance of a Pre-Approval Letter in the LBI Real Estate Market.
Long Beach Island Real Estate Buyers and Mortgages
The LBI real estate market is still very competitive. With inventory levels at an all-time low and buyer interest still very strong, buyers can expect to face multiple offers. In such an environment, buyers must do everything possible to stand out. Being focused and disciplined are absolute musts when buying a home in the Long Beach Island real estate market. That’s why obtaining a pre-approval is so critical in the LBI market. A pre-approval from a local lender is the only way to understand your budget and appear serious to a seller on LBI.
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
The Importance of a Pre-Approval Letter in the LBI Real Estate Market
While having the proper financing in place has always been an essential part of the home buying process on LBI, it is especially critical in today’s market. This is due to low inventory and high demand. There are far more buyers in the LBI real estate market looking to purchase a home than homes available for sale. This simple fact creates some severe competition. The LBI real estate market sees a high number of cash transactions, further complicating a home buyer’s situation. Having a pre-approval helps at least give a buyer a chance in these situations. Knowing your budget and demonstrating to the seller that you are qualified puts you in a better position to win a bidding war potentially. It may also allow you to drop the loan contingency altogether, further strengthening your offer. A buyer in today’s LBI real estate market needs to give themselves every opportunity they can. Mortgage rates are rising, home prices in the Long Beach Island real estate market are still rising, and competition shows no signs of tapering off.
Why a Pre-Approval is Important When Buying a Home in the LBI Real Estate Market
Getting pre-approved for a mortgage in the LBI real estate market can help. A pre-approval will help a buyer in the LBI real estate market understand their budget and demonstrate to a seller that you are qualified. It can also help you understand your comfort level for a second home or investment home purchase and know how high you can comfortably bid in a bidding war. In short, it is an absolute necessity for any home buyer in the Long Beach Island NJ real estate market. For more information about buying, selling or investing in the Long Beach Island 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
Click here to search all homes for sale in the Long Beach Island NJ real estate market
More LBI Real Estate Information:
Who Invests in the LBI Real Estate Market
The Hidden Costs of Buying a Home in the Long Beach Island Real Estate Market
The Role of a Title Company in Long Beach Island Real Estate
Four Reasons to Use an LBI Real Estate Agent