Hurricane Sandy, which made landfall on Long Beach Island at the end of October 2012, significantly impacted the Long Beach Island area and the LBI NJ real estate market. Even though the entire area and the local market have both recovered, the impacts of Hurricane Sandy can still be felt and it is therefore important to protect yourself when Shopping For Storm Damaged Homes in the LBI NJ Real Estate Market.
While many of the storm damaged homes caused by Hurricane Sandy have cleared the LBI real estate market, there are still many properties for sale as homeowners finalize their settlements with the insurance companies. This has created some new opportunities and trends in the LBI real estate market that buyers and sellers would be wise to follow. For example:
The simple law of supply and demand dictates that has supply lessens, demand will increase. This is the case with many storm damaged homes on Long Beach Island. Current Trends in the LBI Real Estate Market and Storm Damaged Homes show us that much of the initial inventory has cleared the market and therefore new listings for storm damaged homes are entering the market at a higher price. This is not to infer that these homes are still not “good buys” in the LBI real estate market. Only that the window of opportunity for these storm damaged homes is starting to close and buyers must act quickly when a good deal presents itself.
Pricing is the most important aspect of any real estate market and especially true in the Long Beach Island real estate market. There are many homes for sale on LBI in many price ranges but when buying or selling a home on LBI, one must look at the market as a whole to remain competitive. Sellers must price their house in line with the market to attract attention. Buyers too must examine the market and make sure the house is not overpriced and that their investment is secure. Shopping For Storm Damaged Homes in the LBI NJ Real Estate Market makes this harder as there are many more aspects of a property that must be taken into consideration. There are three primary areas to consider when searching for a home in the LBI NJ real estate market. They are: