The Housing Market in LBI is giving sellers the upper hand. LBI families and citizens across the country, 2020, will undoubtedly be one to remember, with new realities and norms that changed the
LBI And Its Resilience To COVID19
Coronavirus has affected all walks of life over the past five months, from those who have suffered the fear, the deaths, and the fall in many markets. Despite the unfortunate circumstances that we as a country have had to bear, we are staying optimistic. We are heading into a hopeful recovery of not just these markets, but of life becoming somewhat more reasonable.
As for real estate, even in these unprecedented times, the Long Beach Island market has been extraordinary considering the mayhem that we've been experiencing day in and day out. Historically stable, the LBI real estate market can expect even higher levels of activity regarding buyers wanting to invest in Long Beach Island. Why?
Everyone from the cities, mainly from the north and west, is eager for a new start, wanting to get away from the densely populated cities experiencing the worst of what COVID-19 is capable of.
More statistics need to be known to put islanders and future investors at ease. Another factor that needs to own real estate in our minds is the distinct Law of Supply and Demand. With fewer home sales inventory as the year's progress, the demand for Long Beach Island property has never been higher and more sought after.
Dating back to 2010, believed to be the lowest point following the 2008 collapse of the financial market, there were 400+ transactions on Long Beach Island, despite these transactions taking place in another small inventory period. Suppose lightning can strike the same place twice, and history repeats itself, and it often does. In that case, the activity between buyer and seller will prevail due to the trend that shows a decreased number of LBI homes for sale, stabilizing this local market.