Should You Wait for a Hurricane to Buy in the LBI Real Estate Market?
Long Beach Island Real Estate
Should You Wait for a Hurricane to Buy in the LBI Real Estate Market? WIth prices in the Long Beach Island real estate market generally high, many buyers look for opportunities to beat the market. One of the most common places to start looking in the distressed sale market (short sales, foreclosure, etc.) but these are few and far between in the LBI real estate market. Therefore, many buyers will try to wait for the next major weather event to crash the local real estate market. While this can of course happen at any time, the question is how sound of a strategy is this? Should You Wait for a Hurricane to Buy in the LBI Real Estate Market? The short answer is, probably not. There are few reasons for my making this assertion. They are:
- Historically the LBI real estate market has been very stable, even in the face of significant downturns like the economic crash of 2008 and Hurricane Sandy in 2012.
- Major development projects like the Federally funded beach replenishment program, larger bulkheads, and other drainage initiatives have helped to make LBI more secure.
- There are far fewer “at-risk” homes in the LBI real estate market today than there were in 2012 thanks to all the rebuilding that has taken place since Hurricane Sandy.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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