Viewpoint in the LBI Real Estate Market Matters
- High Tides Digital Marketing
- Oct 13, 2022
- 2 min read
Understanding Why This Is a Good Time To Sell Your Long Beach Island Home As The Market Slows
There is no doubt that the Long Beach Island NJ real estate market has slowed down. While we see no evidence of a crash, the market is balancing out daily on LBI. Sellers can no longer push prices like they could at the height of the COVID market, and while things have slowed, this is still an excellent time to sell your home on Long Beach Island. This is why the viewpoint in the LBI real estate market matters. Buyers and sellers alike need to understand where we are in the cycle before making any decision.
Viewpoint in the LBI Real Estate Market Matters
Inventory levels are one of the most important things to keep in mind when buying or selling a home in the Long Beach Island real estate market. While we have seen a slight increase in the number of homes for sale, there are far fewer homes for sale today than there were before COVID. In fact, there are roughly a quarter of the homes for sale today as there were at the start of the pandemic. Until this number increases, we are likely going to remain in a market that strongly favors sellers.
Prior to COVID, the average time a single-family home spent for sale in the LBI real estate market was around 180 days. Today, it is around sixty days. We are seeing a shorter time on the market and less negotiation between the listing price and the sales price. Prior to COVID, a single-family home in the LBI real estate market sold for around 95% or so of its listing price. Today, this number is approximately 98%. While this is impressive, it is important to note that at the height of the pandemic, homes were selling for around 102% of their listing price. This clearly indicates that things have slowed down, but are still stronger than they were priod to COVID.
Understanding Why This Is a Good Time To Sell Your Long Beach Island Home As The Market Slows
It is clear that buyers are still very active in the Long Beach Island real estate market. They want a house and are willing to enter into a transaction. The key for a seller in this changing market is to price correctly and be realistic. A well priced home that is properly marketed can take advantage of the robust Long Beach Island real estate market. 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
