Hello friends and valued clients:
As the Independence Day Weekend approaches, we want to wish you a happy and safe 4th of July.
And now to follow up from our last blog, here is an update for the real estate market on LBI. As stated in the Wall Street Journal on 6/23/2021, "US home prices in May experienced their biggest annual increase in more than 2 decades, as a shortage of properties and low borrowing rates fueled demand". LBI and adjacent mainland listings follow the national trend in that there is a dramatic decrease of listings (between 70%-80%) from where they were 2 years ago.
As reported in all the local and national news outlets, this trend was caused and continues mostly due to the COVID pandemic. The pandemic caused a robust 2020 real estate boom because people rushed to find solace and space in a normal-to-low inventory period. Now in June 2021, due to the historically low inventory just mentioned, there is a direct causal factor in an increase in prices. Add continued low mortgage interest rates (hovering below 3%), and it makes for a very unique market not seen in current times.
Now for the silver lining. This is a great opportunity for anyone considering selling on LBI and/or the surrounding beach community. If you are buying, take advantage of the historic low mortgage rates. We cannot predict with any certainty what the new normal will be, but in today's market there stands a great opportunity for any seller and buyer today. As stated by Kevin Thomas, President of BHHS Zack Shore Realtors: "News of historically high home prices and robust buyer demand, peak homeowner's interest in selling or at least in discussing the possibility of doing so now as opposed to later."
If you are ready to buy or sell, or know someone who is, make sure to place a phone call, email or text to the L&L Team. We can discuss your options and create a game plan. The L&L Team has over 30 years of experience on LBI and the surrounding communities. We know it because we live here, work here and play here. We enjoy "Making Dreams Happen on LBI"!
Have a Happy and Safe 4th of July!!!!
Visit DiscoverLBI.com for listings in your area.NOW IS THE TIME TO SELL
Hello friends and valued clients:
As the Independence Day Weekend approaches, we want to wish you a happy and safe 4th of July.
And now to follow up from our last blog, here is an update for the real estate market on LBI. As stated in the Wall Street Journal on 6/23/2021, "US home prices in May experienced their biggest annual increase in more than 2 decades, as a shortage of properties and low borrowing rates fueled demand". LBI and adjacent mainland listings follow the national trend in that there is a dramatic decrease of listings (between 70%-80%) from where they were 2 years ago.
As reported in all the local and national news outlets, this trend was caused and continues mostly due to the COVID pandemic. The pandemic caused a robust 2020 real estate boom because people rushed to find solace and space in a normal-to-low inventory period. Now in June 2021, due to the historically low inventory just mentioned, there is a direct causal factor in an increase in prices. Add continued low mortgage interest rates (hovering below 3%), and it makes for a very unique market not seen in current times.
Now for the silver lining. This is a great opportunity for anyone considering selling on LBI and/or the surrounding beach community. If you are buying, take advantage of the historic low mortgage rates. We cannot predict with any certainty what the new normal will be, but in today's market there stands a great opportunity for any seller and buyer today. As stated by Kevin Thomas, President of BHHS Zack Shore Realtors: "News of historically high home prices and robust buyer demand, peak homeowner's interest in selling or at least in discussing the possibility of doing so now as opposed to later."
If you are ready to buy or sell, or know someone who is, make sure to place a phone call, email or text to the L&L Team. We can discuss your options and create a game plan. The L&L Team has over 30 years of experience on LBI and the surrounding communities. We know it because we live here, work here and play here. We enjoy "Making Dreams Happen on LBI"!
Have a Happy and Safe 4th of July!!!!
Visit DiscoverLBI.com for listings in your area.
