rickjones posted on July 02, 2011 08:41
There are so many and varied articles about real estate written these days. Most of the news that we get pertains to national trends, and they are important, as articles about the mortgage industry pertain to all markets. Obviously, the bad news out of markets that continue to struggle like Florida and Nevada do not have much relevance to Long Beach Island.
The sale market continues to trend upwards in unit sales. This trend has continued for two years now. The other trend is lower median prices attained for those sales, the market giving back equity, and an inventory that stays stubbornly high. Sprinkle in a few short sale opportunities, add extremely low interest rates, and it all adds up to a buyers market that should not be ignored by those who have ever thought of purchasing on LBI.
For those buyers who want to take advantage, here are some tips. First, get prequalified by your mortgage lender. Almost all sellers ask for this information, and having it ready will help.
Second, stay in touch with your agent, and if you are not on an auto-listing system, get on one. You can find a great on at www.lbiddirect.net with the Market Watch feature.
Be prepared to compromise. The PERFECT beach house does not exist. Make sure you are aware of the most important features that you are looking for and concentrate on them.
Finally, work with an agent that knows the rental market. You may need to rent out the house from time to time, and knowing the accurate rental potential is important!