You Still Have to Price Your Home Correctly in the LBI Real Estate Market During COVID
There is no doubt that we are in a seller’s market on Long Beach Island. Inventory is low, and demand is high, which favors sellers, but interest rates are low, which can help to incentivize a buyer to act. Right now, homes sell in an average of around 60 days (down from about 180 before COVID), and many homes have multiple offers on them. The LBI real estate market was strong and steady even before COVID. Still, with the increase in demand, sellers have enjoyed a period of rapid price appreciation and multiple offers. While the LBI real estate market does favor sellers, pricing is still important. Even in the age of COVID, pricing still matters in the LBI real estate market. The basic rules of real estate apply in any market:
- An overpriced home will spend more time on the market and sell for less
- A house that is priced right will draw more attention
- The longer a home sits on the market, the harder it is to sell
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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