Tracking Long Beach Island New Jersey Shore Sales in the LBI Real Estate Market
The Long Beach Island Real Estate Market
The Long Beach Island real estate market, like any market, is subject to high points and low points. That being said, the Long Beach Island real estate market has proven time and time again to be a comparatively stable investment opportunity. When market prices began to drop after 2006 and during the mortgage crisis in 2008, home prices on Long Beach Island dropped as they did elsewhere around the county however the LBI real estate market did not experience as dramatic a drop in prices nor did the market experience the surge of short sales and foreclosures seen elsewhere. More recently, in the wake of Hurricane Sandy, the LBI real estate market again did not experience a massive wave of short sales and foreclosures. That being said, there are opportunities to buy a short sale or foreclosure in the Long Beach Island real estate market. One of the best way to capitalize on buying opportunities is by Tracking Short Sales in the LBI NJ Real Estate Market.
Short Sales and Foreclosures in the Long Beach Island Real Estate Market
Many buyers in the LBI real estate market assume that a short sale or foreclosure is going to be the best opportunity to buy a house on Long Beach Island. There are some current trends in the LBI real estate market regarding short sales any buyer should be aware of such as:
- There are only about 10-20 short sales, bank owned properties or foreclosures for sale in the LBI real estate at any given time
- Short sales are distressed properties are spread rater evenly throughout Long Beach Island although Ship Bottom can tend to have more than other areas
- Short sales and foreclosures can be more common in the winter since distressed homeowners can no longer benefit from summer rental income to help pay a mortgage
Many buyers and sellers in the LBI real estate market are surprised to hear that short sales, bank owned homes, foreclosures and other distressed properties make up such a small percentage of the real estate market. The LBI real estate market usually has about 500-700 active listings so with only 10-20 distressed homes for sale, it is easy to see why restricting yourself to only these homes can limit your options for a home on Long Beach Island. There are distressed homes for sale in all areas of the LBI real estate market including Loveladies, Ship Bottom, Surf City, Long Beach Township and Beach Haven. Ship Bottom can tend to have a higher concentration of distressed homes but it can greatly vary depending on the market conditions. When Tracking Short Sales in the LBI NJ Real Estate Market it is important to remember the Long Beach Island area is centered around the summer season and for this reason, there can be seasonal impacts on the number of short sales, bank owned homes and foreclosures for sale. Part of the reason LBI did not see the massive wave of short sales seen elsewhere around the United States is because homes can rent for a lot of money during the summer rental season. This rental income can help to stave off foreclosure and keep home prices stable in the LBI real estate market. However, for homeowners who are depending on this rental income to pay the bills, a weak rental season can make the winter months on Long Beach Island difficult to cope with and may result in a distressed sale.
Buying a Short Sale in the Long Beach Island Real Estate Market
When looking to buy a home in the LBI real estate market, it is important to get the best deal possible. While this may be a short sale, it is important to remember to look at all homes as a motivated seller, for any reason, will usually produce the best deal. Tracking Short Sales in the LBI NJ Real Estate Market can help you to understand the greater Long Beach Island real estate market and also help to identify potential buying opportunities. If you have any questions about the LBI NJ real estate market or would like more information about Tracking Short Sales in the LBI NJ Real Estate Market feel free to contact me, Nathan Colmer, and I will be happy to answer any questions you have.
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org