Common Long Beach Island Home ProblemsMost of the issues we see in the LBI real estate market have to do with the simple fact that we live and work in a coastal environment. Beach homes are
Southern Ocean Home Sales on the Upswing
For third year in a row, the number of residential sales on Long Beach Island, Stafford Township and Barnegat have increased. This is according to the Jersey Shore Multiple Listing Service sales statistics measuring from January 1 to May 23 (the date this blog was written) of each of the last four years. But the 371 residentials sales for this Spring pale in comparison to the 635 sales for the same period in the peak year of 2004. No more stats - I promise!
What does all of this mean? There are two basic lessons in the numbers that I have intentionally left out in an effort not to cloud the real message.
If you haven't checked into purchasing a home, do it now. Talk to a mortgage representative first. You won't believe how low the interest rates are. Once again, no more numbers here.
Then go to vandykrealestate.com to preview homes for sale through the local MLS. Just wait 'til you see how attractive the prices are. The message to buyers is that it cost less to buy a home today than in any time during this century! You have nothing to lose and lots to gain. Besides it's fun to check out homes on the internet.
The second lesson is for those of us who already own a home. If you don't have to sell, DON'T. In my not-so-humble opinion, homes in our area are selling for less than their true value. Based on many mainland home sales, the prices are so low that there is no room left for the value of the land when one computes the cost of building the structure even after taking into account any depreciation of the bujilding. This indicates that the market has over-compensated on the low side. So as the old Joe Tex song from the sixties goes, you should Hold on to What You Got in order to wn in this market.
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