Is This A Good Time To Buy Or Sell On LBI?
With the current COVID-19 (Coronavirus) outbreak, is now the time to think about listing my home or buying a beach house?
Let’s break this question down to selling first and then about buying.
Selling – If you are currently listed, I might recommend that for the near future, you leave your home on the market. There are going to be a lot of potential buyers cruising the internet looking at homes because they don’t have much else to do. You want to be in front of them and hopefully be captured as a ‘favorite’ to come back to one day when all this is behind us.
Some may worry about the ‘Days on Market’ number, but that isn’t nearly as important in our LBI market as in a primary market. We have a long sell cycle on LBI and most buyers know that;so they don’t put much emphasis on how many days a home has been on the market.
If considering listing, it depends on how quickly you desire a sale. If you need to a quick sell, then you want your home on the internet in front of all those potential buyerswementioned above. However, you need to have a quality presentation and this might be a bit difficult to accomplish right now. Can you get your home in ‘show ready’ mode? Not sure what this is, click here for more details and focus on #1 on myBusiness Plan.
If not in a hurry or can’t put together a good presentation,then it might be best if you wait a few weeks to see how the market develops in relation to how the coronavirus expands. However, I would start working on getting the home ‘show ready’and setting up necessary professional appointments needed to get your presentation together. As soon as we see some positive movement in our market, you want to be able to jump right in and in the best possible light.
Buying –Since seeing homes is going to be tough and I don’t recommend buying straight off the internet – sight unseen toilet paper, maybe, but not a home. Therefore, this is your time to learn the LBI real estate market. Go ahead, window shop, visit the major portals and see what is out there in your price range and desired location.Our website: FREELBIHomeSearch.com offers you the ability to search all statuses such as active, under contract and solds. This is important because it is not what a seller asks that sets market value it is what a seller gets.This is a very important number for buyers to know and understand.You can save searches and the results, do map searches as well and there is no required registration. If you want us to help you set up a search for you take advantage of our Early Buyer’s Alert program, just ask.
What will be important is to monitor our market statistics closely to determine if pricing is being affected and what is the level of engagement from potential buyers over the next several weeks. Sand Dollar will be doing this and sharing our data and thoughts over the coming weeks.