First of all we wish you a Happy Thanksgiving; may there be bounty at your table this year, health in your home and may there be peace in your life.
We remain optimistic for the real estate market on LBI and the surrounding community. We have entered the traditional time of the year where the market slows down in terms of showings. Generally, we are also in a place of stability regarding pricing with a corresponding slight increase in the inventory. Our regional trends are following the trends realized by the rest of the country. As a resort real estate market, we do have some unique differences such as price point, riparian rights, seasonal peaks and lows, and the beach.
The good news for the buyer today is that pricing has stabilized since the rush of Jan 2021 to Sep 2021. Today there is a buyer resistance to an over priced property that produces an incentive for prices to stabilize. Add the incentive of historically low rates still offered by lenders and that makes it a favorable time for a buyer.
In keeping with our optimism, the good news for the seller today is that the inventory is still lower than normal which causes favorable supply and demand relationships. Prices have increased significantly from before COVID era and that can mean a favorable return on your investment at this time. We have noticed that the market for homes less than the $2M pricepoint is still very sought out and the market above $2M price point has leveled off in terms of days on the market.
Laura and I look forward to discussing with any potential buyer or seller on the merits of hiring The L&L Team in providing the best quality and professional service in the industry. Make sure you put us on your list to call.