Long Beach Island Real Estate Short Sales and Foreclosures
Will We See LBI Real Estate Distressed Sales 
Will We See LBI Real Estate Distressed Sales 
Will We See LBI Real Estate Distressed Sales
Long Beach Island Real Estate
Will We See LBI Real Estate Distressed Sales? With the coronavirus numbers growing and the stock market falling this is a concern on the minds of many buyers. Short sales, bank owned real estate and foreclosures are shockingly low in the Long Beach Island real estate market. Even in 2008, there were still a very low number of these transactions. While nobody knows what the future holds, there are many reasons why we will not see a wave of short sales, bank owned homes, foreclosures and other distressed sales in the LBI real estate market.
- The summer rental market helps to keep the LBI real estate sales market more stable
- On a national level, the government is already sending the message that they will intervene quickly to help homeowners in need
- Homeowners are in a far better equity position than they were in 2008.
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
Will We See LBI Real Estate Distressed Sales
Locally, the summer rental market on Long Beach Island is perhaps the best defense against a falling market incited by distressed sales. If a homeowner finds themselves in financial trouble, they can simply put the house on the rental market which should cover most or all of the expenses. With concerns about international travel, cruises, etc., it is very likely that we will see an increase to the number of summer rentals thanks to the easy accessibility it offers. The vibrant summer rental market can help to ease a difficult time for homeowners. On a national level, the Federal government is already taking steps to help homeowners that may fall behind. Personally, my greatest financial fear from these unprecedented times is the job market. If the job market suffers, it could create a scenario where some homeowners may face difficulty in paying their mortgage. The assistance offered by the Federal government may help to lessen the impact of this. It also seems highly likely that the many homeowners will not walk away from a sizeable equity position. There is a high percentage of homes both locally on Long Beach Island and nationally that have little to no mortgage debt. Even if prices do drop, many homeowners would lose a significant amount of equity thus encouraging them to fight harder to stay in their home. This is a vast difference from the market today compared to 2008 when many homeowners were “upside down” on their mortgages (leading to short sales).
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Short Sales and Foreclosures in the Long Beach Island Real Estate Market
We are in uncertain times however for the time being, confidence in the LBI real estate market remains strong. If the past is any guidance and we are in a recession, we have a better chance of home prices going up than we do of them going down. The best advice I can offer at this time is to remain displinced and focus on what drives value in the Long Beach Island real estate market. By doing so, the long term investment of any purchase should be sound. If you have any questions about buying, selling 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
Click here to search all homes for sale in the Long Beach Island NJ real estate market
You May Also Like:
A Home on Long Beach Island for $100,000?
Are Big Discounts Better Values in the LBI Real Estate Market?
How Long Does It Take To Sell A Home On Long Beach Island
Benefits of Multi-Family Homes in the LBI Real Estate Market