1. Less LBI Competition – The hustle and bustle of the holiday season tends to keep people from shopping for homes. While there may be fewer homes available on Long Beach Island currently, there are also fewer beach house buyers – and that should equal less competition for any home that fits your needs.
2. Motivated LBI Sellers – Home sellers don’t enjoy moving their belongings over the holidays any more than homebuyers do. It’s likely that people who are selling their Long Beach Island homes over the holidays are highly motivated to do so. Perhaps their home has been on the market for a long time and they need the money from a sale before the year is out. Combine motivated sellers with decreased competition and you have great leverage to get a better deal on Long Beach Island. (Perhaps an oceanside LBI beach house is more attainable than a bayside LBI property!!)
3. Lower Beach House Prices – Home prices have been rising, in part because of an overall shortage of homes. However, December historically has lower home prices than any other month, due in part to the reasons listed above. There’s no guarantee that this year will continue the trend, but it’s worth checking the prices on Long Beach Island right now.
4. Faster LBI Closings – As a general rule, everyone involved in a holiday real estate transaction wants to complete the transaction before the year ends. Beach house buyers want to settle into their new homes. Lenders want to include the loan on the current year’s books. Real estate agents and brokers want to include their commission on the current year’s income.
5. Better Interest Rates – Interest rates are still near historical lows. While the average rate on a 30-year fixed mortgage has been rising throughout 2018, it is still under 5%. As of this writing, interest rates are slowly sinking as we enter the holiday season, after peaking at 4.86% in October. Online calculators are available to show you how much you can save over the life of a mortgage with even a slight decrease in interest rates. You may be surprised at the savings. Remember that your credit score will impact your mortgage rate, keep you from qualifying for one. (Information provided by Money Tips)
6. Related LBI Seasonal Sales – Need new furniture or other items for your new LBI home? Plenty of our local furniture stores (such as Oskar Huber, Petitte Home Furnishings or Surfside Casual on the mainland) are open throughout the winter and seasonal clearance sales will be available to help you apply a personal touch.
Contact us at Team@NoPlaceLikeLBI.com to discuss current market conditions on Long Beach Island and see if we can find the LBI home of your dreams and get a great deal in the process!