Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Seller For Sale By Owner Information on Long Beach Island including tips on pricing, LBI NJ real estate market conditions and Seller For Sale By Owner Information on Long Beach Island.
Selling a home in Long Beach Island requires a complete understanding of the LBI real estate market and what drives a home's value on Long Beach Island. Overpricing or underpricing a home can translate into a very expensive mistake so it is very important to understand the real value of your home in the current market.
How do I get started selling my own home on Long Beach Island?
The first step in a for sale by owner listing in the LBI real estate market is to prepare the home for sale. This involves several steps such as clearing out clutter, landscaping and other maintenance items. With Long Beach Island primarily being a second home market, there are a few differences in preparing a home here compared to elsewhere. For example, most real estate agents will tell you to remove all personal items from the house. I recommend leaving a few photos of your family having fun in their beach house so a prospective buyer can picture themselves having fun there as well!
How do I price my home for sale by owner on Long Beach Island?
Pricing a home on Long Beach Island involves three core concepts. The first is location which covers being on the oceanside vs bayside and the distance to the beach. The second is the condition of the property. Lastly, the special characteristics of the property such as the annual cost of flood insurance or having a riparian grant. Each of these aspects play a role in determining the price of a home in the LBI real estate market. In order to come up with the right price, a monetary figure must be assigned to each aspect and totaled together to determine the home's value.
What about marketing my home?
After determining the correct price, marketing plays a significant role in selling a home on Long Beach Island. The vast majority of home buyers, about 95%, start their search online so you will want some sort of online presence. The traditional "For Sale By Owner" sign is also useful and certainly will generate phone calls. While difficult to maintain in a second home market, it is a good idea to have property flyer's at the house to answer basic questions and generate some interest.
How much does selling a home by owner save me?
This is a difficult question to answer. While all commission rates in New Jersey are negotiable and will vary depending on a number of conditions, most commission rates are about 5% on Long Beach Island. This translates to a significant amount of money. That being said, the total amount saved depends on how much you invest into marketing (most proper marketing campaigns will cost about $3,000/ home) and how well you determine your price. If the property is overpriced or under-priced, it can lead to a home selling for less than it is worth in the LBI real estate market.
Selling a home in the LBI real estate market can be a daunting task however if you do you homework and are willing to invest the time and money into the process, it is possible to be happy with the end result. For more information about selling a home as a for sale by owner in the Long Beach Island real estate market, feel free to contact me, Nathan Colmer and I will be happy to answer any questions you have!