The Housing Market in LBI is giving sellers the upper hand. LBI families and citizens across the country, 2020, will undoubtedly be one to remember, with new realities and norms that changed the way we live in LBI, NJ. This year's Long Beach Island, NJ real estate market is certainly no exception to that shift. Historical highlights continue to break records and challenge what many thoughts as possible in the housing market. 

Here is a look at five key areas that are fundamentally defining the LBI market this year.

LBI Housing Market Recovery

The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the standard real estate transaction were placed on hold at the same time. Thankfully, technology and innovation helped the industry power forward, and business gradually ramped back up as shelter-in-place orders were lifted. The result? LBI's marketplace from a pause has risen to records highs. Today, the housing recovery in LBI, NJ, is truly remarkable by many experts and exceeds expectations.

From the pending home sales to purchase applications, buyers are back wanting to purchase their dream home or next investment, and homes are selling.

LBI Market as it Stands:

At the national and state level, the market is currently a seller's one. Strong job growth, unemployment declining, and the low-interest record rates have made many Americans think about investing their money. Experts still recommend real estate investment, and even more so if its generating rental income. LBI Real Estate has become the most popular investment for Millennials here on the Island.

LBI Increasing Affordability

Even as home prices continue to rise, affordability is working in favor of today's homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power – an opportunity not to be missed, significantly if your family's needs have changed. If you now need space for a home office, gym, virtual classroom, and more, it may be time to reconsider your current house and relocate to your dream home on LBI.

LBI Millennials New Homeowners and Investors

Now that the economy is more substantial and interest rates are at a record low, millennials are finally entering the housing market. But instead of starter homes in urban areas, they are opting for more significant, more luxurious dwellings on the waterfronts of Long Beach Island.

Their presence in the housing and investment market is still a bit of a wild card, but investors rely on them having at least some effect in the LBI Real Estate Market.

LBI Low-Interest Rates helping LBI Sellers

Low-interest rates are vital for sellers. Since interest rates are so low, more buyers might be willing to buy a home before rising interest rates. So, with more people looking to take out a mortgage to finance a home, you might be able to sell your home for more money due to an increase in demand. However, it is essential to keep an eye on these interest rates. Once they begin to rise, you may end up having your house on the market for a more extended period.

With mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the LBI market is recovering like no other. This year has been quite a year for real estate – perhaps one we have never seen before and may never see again. Reach out to us today if you are ready to take advantage of this year's record-breaking opportunities.

I hope you found this article helpful! If you have any questions for the LBI Living Realtors regarding the local market, please contact us. We are here to help, educate, and are highly responsive.