Low LBI Real Estate Inventory Levels and Fixer-Upper Homes for Buyers
- High Tides Digital Marketing
- Apr 24, 2019
- 2 min read
Long Beach Island NJ (LBI NJ) Real Estate Market Buyers May Want to Consider a Fixer Upper Home
Long Beach Island Real Estate
When looking to buy a home in the Long Beach Island Real Estate many buyers are experiencing a shortage of good inventory. While in the past couple of weeks we have seen more homes come on the market, inventory is still lower than it has been in the past few years. Fixer-Upper homes may be the answer. Generally speaking homes that need work can be excluded by a portion of the buyer population, especially in a second home market like the one on Long Beach Island. These homes can offer a great opportunity and allow a buyer to get the home they want at a better price if they are willing to put in a little "sweat equity".
Low LBI Real Estate Inventory Levels and Fixer-Upper Homes for Buyers
There are a few reasons buyers should consider a fixer-upper home:
There is usually less competition for a fixer upper home in the LBI real estate market
Renovating a home allows you to customize the property to your taste
If you buy the house at the right number and renovate with a budget in mind you should have a nice equity position.
Less competition obviously has advantages. This is especially true if a home has been lingering on the market for some time. By buying a fixer upper home and citing the difficulty involved in a renovation a buyer may be able to work down the listing price. Renovating the home can also give you the style and finish you personally desire while at the same time building equity. If you handle the project in the right fashion you should spend less on the buy and the renovation than the house is worth in the current Long Beach Island real estate market.
Buying a Home in the LBI NJ Real Estate Market
Buying a home in the LBI real estate market comes down to opportunity. By looking for the "sweet spot" in the market where you will face less competition from other buyers and still be able to appreciate equity you can beat the market. These kinds of projects exist in all price ranges and location if you are willing to be patient. The key is to keep budget and the market in mind. You do not want to over improve a project (which is easy to do) and be rather close to the cost of building a new home. A new home will usually have an even better equity position (but a higher cost) so you have to keep the balance of the two in mind. I can help you navigate this market and work with you to find real opportunity in the Long Beach Island real estate market. 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 | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
