Waiting to Buy in the LBI Real Estate Market
- High Tides Digital Marketing
- Jul 12, 2024
- 3 min read
Why Waiting to Buy in the Long Beach Island Real Estate Market May Cost You
Buying a home in the LBI real estate market is a major investment. Buyers need to know the market trends on Long Beach Island and perform due diligence to understand core concepts like market pricing, flood insurance, and the rental market. While all home buyers in the LBI real estate market should take their time in such a significant transaction, waiting too long in the hopes of finding the perfect home or hoping to time the market perfectly may end up costing you a great deal of money! Looking for the perfect house may inadvertently cause you to skip over some excellent options that may serve their need and be a good investment.
Waiting to Buy in the LBI Real Estate Market
There is no such thing as the "perfect" house, and buyers in the LBI real estate market need to understand that there will always be tradeoffs. Even if you are building a brand new home, it is likely that there will be some things that you would have done differently. While every buyer wants the best house they can buy and to buy it at the "right" time, the reality is that by waiting too long, you will miss opportunities and will most likely cost yourself a great deal of money. Any buyer in the LBI real estate market who purchased prior to 2019 is happy they did so, as we saw rapid market appreciation in the wake of COVID. Buyers who waited too long and missed the market now face a much more challenging environment with higher prices and low inventory. While the rapid appreciation we witnessed over the past few years has slowed down, we are still seeing price appreciation in the Long Beach Island real estate market. With demand still very high and inventory still very low, we will likely continue to see the market rise. Therefore, waiting too long will end up costing you more money for a smaller house. This does not imply that buyers in the LBI real estate market should feel rushed or hurried to decide. Rather, it is intended to point out that compromises need to be made when looking to buy a home on Long Beach Island, and with the right understanding of the market, renovations, and new construction, there may be some hidden opportunities that you are missing out on!
Why Waiting to Buy in the Long Beach Island Real Estate Market May Cost You
With inventory and home prices in the Long Beach Island real estate market where they are today, keeping an open mind to different locations, home prices, or the potential to build a new home may open up the field for better options. Most importantly, understanding home pricing in the LBI real estate market is essential. That way, when something does come up, you will know if it is a good value or not! For more information about Long Beach Island or about 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
