So you have decided to buy a home in the LBI real estate market! Great! Unless you are a cash buyer you will be in need of a mortgage to complete the transaction. It is advisable that before shopping for a home on Long Beach Island that you speak with a lender to understand what you can comfortably afford. This will result in the generation of a prequalification or a preapproval letter. These documents will convey to a seller that you are able to complete the purchase. These documents are however based on timely information provided to the lender from the buyer so understanding how to stay qualified when shopping for a home in the LBI real estate market must be understood by all buyers and investors.
A new ordinance was just announced that will have an impact on most of the Long Beach island real estate market. Long Beach Twp, the largest of the municipalities on Long Beach Island, announced that all new homes and re-sales will be required to install a curb. Specifically, as of March 8, 2018, all new residential and resale properties will be required to install curbing in accordance with Ordinance 18-12C prior to the issuance of a Certificate of Occupancy. This provision allows for more on street parking in the busy summer months and reduces sediment run off. Like any decision, there are pros and cons to this. Specifically for sellers, the cost to obtain a resale certificate of occupancy has now jumped by several thousand dollars!
Tax Reform and the LBI NJ real estate market are two very important topics for all buyers and sellers on Long Beach Island to be concerned with. The recent changes to the tax law specifically have elements that can target the Northeast (New York, New Jersey, Connecticut) areas. Most notable are the changes tot he property tax deductions which have caused some to speculate there will be a drop in real estate values. That initial fear certainly had spilled over to the LBI real estate market but now that the real facts of the law are out and being digested the reaction has softened significantly. There are many other positive factors that seem to point to the LBI real estate market staying strong.
While Long Beach Island is primarily considered a summer resort, most buyers and sellers in the LBI real estate market are surprised to find that winter is a busy time in the market. Purchasing a home over the winter months allows a new owner time to rent the property or make changes before the summer season kicks in. The challenge with selling a home in the off-season is that winter is not the easiest time of year to sell a home on Long Beach Island. Therefore, following some basic tips for selling your Long Beach Island home over the winter can help you maximize the homes full value.
Since Hurricane Sandy made landfall at the end of 2012, new construction in the LBI real estate market seems to have exploded! Nearly every street seems to have a new homes, a trend caused by both required repairs thanks to the damage caused by Hurricane Sandy and the simple fact that there is tremendous upside potential when building a new home. Unfortunately, thanks to recent storms in Texas, Florida, and elsewhere, rising construction costs in the LBI real estate market or something we must contend with.
Buying a home in the Long Beach Island real estate market is no small undertaking. With such a significant investment at stake, it is important that every stage of the transaction goes and smoothly as possible. One of the least investigated areas of the LBI real estate market, surprisingly, is mortgages. Many buyers will simply work with one lender who they have used in the past or who was recommended to them without investigating the other options available to them. This can be a costly mistake that will result in a higher LBI real estate ownership cost. Understanding LBI Real Estate Mortgages should be one of the first steps taken in any transaction on Long Beach Island.