Long Beach Island Real Estate Appraised Value
- High Tides Digital Marketing
- Dec 11, 2019
- 2 min read
Appraised Value in the LBI NJ Real Estate Market
Long Beach Island Real Estate Appraised Value
The appraised value of a home in the Long Beach Island real estate market is an opinion of value based on the findings of a licensed real estate appraiser for a home. This appraised value is based on comparable sales and how those similar sales relate to the house being appraised, also known as the subject property. Based on these comparable sales, the appraiser will make adjustments and determine the estimated value of the home. This is most commonly found when buying a home with a mortgage. Buyers and sellers should both understand how appraised value can impact a Long Beach Island real estate transaction.
Long Beach Island Real Estate Appraised Value
Many factors are used to determine the appraised value of a home in the LBI real estate market. Some of the most common are: Size: The size of the house will play a significant role and often an adjusted price per sq. foot will be used in part to determine the value of the home.
Location: This term has a few applications in the LBI real estate market. The site will not only be the part of Long Beach Island in which the subject home is located but also the proximity to the beach and bay.
Age: The age of the home plays a role, as does the quality of finish work provided.
Amenities: Specific amenities, for example, an elevator or a pool, that many new homes have can change the appraised value of the house on LBI.
Buying in the Long Beach Island Real Estate Market
When looking to buy a home with a mortgage in the Long Beach Island real estate market, key steps in the process like appraisals, can have a significant impact on the transaction. Even if an agreement is reached on price and terms, without the bank approving the sales the transaction will not take place. Understanding what makes value in the LBI real estate market and how a home fits into the greater market can help to avoid any pitfalls at this juncture. 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
