LBI Real Estate Buyer's Market
- High Tides Digital Marketing
- Nov 13, 2020
- 2 min read
What is a Buyer's Market on Long Beach Island
Long Beach Island Real Estate
An LBI Real Estate Buyer's Market occurs when the overall real estate market favors a buyer over a seller. This can be defined in several ways, including high inventory levels, low-interest rates, and very low buyer activity levels. Some statistics can be used to help determine when the Long Beach Island real estate market favors buyers or sellers.
LBI Real Estate Buyer's Market
One of the best ways to determine if we are in a buyer's market or in a seller's market is inventory. When the absorption rate, in other words, the length of time it would take to sell every home on LBI, is around 10 months, the market favors buyers. When it is low, around 2-4 months, the market favors the seller. When it is around 5-7 months, the market is considered neutral. Likewise, a low-interest-rate environment, or other outside economic motivation, can be regarded as a reason to trigger a buyer's market on Long Beach Island. We saw this occur after Hurricane Sandy when some individuals chose to sell their homes, and buyers could pick up some great buys.
What is a Buyer's Market on Long Beach Island
When looking to buy or sell a home in the LBI real estate market, it is important to understand where the market cycle is and what the current trends are. Knowing if you are in a buyer's market or in a seller's market can go a long way in determining how to proceed in a Long Beach Island real estate transaction. 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
