Long Beach Island Real Estate Market Prices and Mortgage Rates for Buyers
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Two LBI Real Estate Questions Buyers Should Be Asking 
Two LBI Real Estate Questions Buyers Should Be Asking 
Two LBI Real Estate Questions Buyers Should Be Asking
Long Beach Island Real Estate
Undoubtedly, the LBI real estate market has changed over the last few months. Like the national real estate market, we see more restraint from buyers. This is not to say that the Long Beach Island real estate market is headed for a crash, far from it. Rather, we are moving into a more balanced market. The recent increase in mortgage rates has slowed things down and made the cost of owning a home more expensive. This has left some buyers wondering if this is the right time to buy a house on LBI. That is a very personal question and largely depends on your wants and needs, but there are two essential questions to ask yourself. They are:
- Where do you think prices in the LBI real estate market are heading?
- Where do you think mortgage rates are heading?
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
Two LBI Real Estate Questions Buyers Should Be Asking
I think most would agree that we are in a recession and that the economic uncertainty has, in tandem with higher lending costs, cooled off the real estate market on Long Beach Island and elsewhere. This is not to say the market will crash, and in fact, may continue to appreciate! One of the best hedges against a dramatic fall in values on Long Beach Island is inventory. In a “normal” market, there are around 500 or so homes for sale. At the time of my writing this update, there are only about 125 homes for sale. This low number will help keep prices stable, even if demand drops a bit more. Interestingly enough, many national economists are predicting a slight rise in values over the next year in spite of the challenges the housing market faces.
Buyers must also consider where rates will be in the next year. The Fed has made it clear they plan to keep rising rates to battle inflation. This will continue to push the long-term cost of owning a home higher. While it is true that if rates keep rising, this will put more pressure on home prices, it is unlikely to cause a crash in the LBI real estate market. Therefore, it may make more sense to lock in a lower-rate mortgage, perhaps an ARM product, and plan to refinance later when rates cool off again.
Long Beach Island Real Estate Market Prices and Mortgage Rates for Buyers
As I mentioned above, buying a home in the LBI real estate market is a highly personal decision. There is no “right” or “wrong” time to buy a house. Rather, the purchase has to make sense to you at the moment. If you can find the right house in the right location that fits your short and long-term goals, you should attempt to purchase it and use the current uncertainty to your advantage. If not, then it is best to wait! If you are considering buying a home in the Long Beach Island real estate market, understanding where prices and interest rates might be heading is the best way to determine if the time is right for you.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:
Financing Options in the LBI Real Estate Market
How LBI Buyers Are Approaching Rising Interest Rates
Ways to Use Equity in the LBI Real Estate Market
DIY Home Improvements That Can Increase Your LBI Real Estate Value