As temperatures decrease on LBI and we head into the winter season, interest rates remain on the rise. Another interest rate increase is expected in December, but the increase should be less of an increase than we have seen over recent months. It is predicted that we will see a .5% increase in interest rates in December of 2022.
You will see a lot of mixed opinions when it comes to – Is this the right time for someone to buy on LBI? Well that all depends on what sort of boat you are in but this is what I can tell you as to what is beneficial to buyers and sellers in this market.
Buyers, interest rates overall are not terrible. They are not what we saw in the past couple years but the past is the past. If you are a buyer in the LBI market and you are looking for something that is $1.8M or over you should be free and clear from bidding wars at the moment. Also your agent may even be able to negotiate the price down for you.
What is good for Sellers in the current LBI market, the lack of inventory. The lack of inventory is keeping prices, generally speaking, where Sellers would like to see them. However, we are starting to see a bit of a give in prices.
Thus, I would say it is safe to say that we are headed back to an area where Buyers and Sellers are on more equal “footing” when it comes to negotiation power.
If you are looking to navigate the LBI market whether you are buying or selling, please do not hesitate to contact me!
Looking to buy or sell on LBI? Call me at 609-300-3899.
Email: lbideidre@gmail.com
Insta: deidre_martin_lbi
Website: lbideidre.com