Nathan Colmer | Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
The LBI real estate market is on fire and Coronavirus is the reason. While there are other factors at play, for example low interest rates and the historical stability of the real estate market on Long Beach Island, there is little doubt that the real catalyst is COVID-19. Buyers and sellers alike need to understand this new market to avoid making a costly mistake.
One thing is clear, we are in uncharted waters. While of course the safety of all those who live and visit LBI is of the utmost importance, just about everyone wants to know how will the Coronavirus impact the LBI real estate market. Since the Coronavirus appeared, we have seen turmoil throughout the world and the financial market and nobody know how long or how far the impact will go. That said, there are some local trends we can use to draw conclusions on the impact of the Coronavirus in the near and long term. The LBI real estate market is historically a stable market and the rental market may actually see an increase as travel abroad is restricted. Inventory levels are at some of the lowest points seen in the last 10 years (source Jersey Shore MLS) which can lead to higher levels of buyer activity.
It is fair to say that people are scared, especially with the memory of the 2008 financial crash still being so fresh. While a drop in prices could be the outcome of the coronavirus, there are also some major differences between that market crash and this one. These differences could actually prove to stabilize or even increase the market!
This is very similar to the national sentiment after 9/11. While I was in my senior year of high school when those terrible attacks took place, I remember many similarities between that time and today. People were concerned about travel, congregating in groups was being limited (for fear of another terrorist attack), spending slowed down, and fear reigned supreme. This sounds similar to what we are experiencing today. Something else happened, home prices rose. The average price of a single-family home on Long Beach Island in 2000 was $416,000. In 2001 it was $483,000, in 2002 it was $591,000, and by 2003 it was $750,000! There was an INCREASE of roughly 22% from the price of a home in 2001 to the price of a home in 2002 in the LBI real estate market.
We are in a seller's market, there is no doubt of that. Buyers need to be very careful to not overpay for a home that will not retain value on Long Beach Island. Likewise, sellers need to know how their home fits into this new environment.
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