Long Beach Island Real Estate Negotiation Percentages in 2021 - www.BuyLBI.com | LBI Real Estate
What is the Average Percentage Between Listing Price and Sales Price in the LBI New Jersey Real Estate Market
The LBI real estate market is constantly changing, and all buyers and sellers need to pay close attention to the current market trends. This is especially true since COVID which caused massive changes to the Long Beach Island real estate sales and rental market. As the number of homes for sale on LBI dropped, prices rose quickly, and we saw far more competition for the current inventory of properties. While the number of homes for sale on Long Beach Island has started to rise slowly, we still see multiple offers on many properties, but not all, so buyers should not be discouraged! Understanding Long Beach Island real estate price negotiation percentages and the difference between listing price and sales price is a helpful metric for buyers and sellers alike.
If you take a simple average for a single-family home, we see that homes are selling over full price. Right now, the average list-to-sales price ratio is about 101.5%. While that may seem intimidating for buyers, it is essential to remember that not every home will sell over full price. At the same time, the average tells us that buyers need to be prepared to pay over full price, and in some cases, many homes sell under list price. The LBI real estate market will ultimately tell us what a home is worth. After all, a home is only worth what a buyer is willing to pay for it. Sometimes, a listing agent will intentionally underprice a home so that it draws more attention. When this happens, it might sell for 10% over the listing price! This will drive the average much higher. Likewise, if a home is overpriced, it will not sell and have to have a price reduction. Pricing a home on Long Beach Island correctly still matters, even in this market!
Buyers in the LBI real estate market need to understand what determines the value and then decide if the price offered is correct. If the listing price is right, then there is a good chance it will sell over full price. If it is not, don’t be afraid to negotiate and push for a lower price. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
LBI Real Estate Trend Predictions Through the Second Half of 2021
Posted in Buyers, LBI Real Estate Market, Market Statistics, Sellers Tagged LBI Real Estate, LBI Real Estate Agent, LBI Real Estate Market Statistics, Long Beach Island NJ, Long Beach Island Real Estate, Long Beach Island Real Estate Agent
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