Blbuyer, Home Buyer in Barnegat Light, NJ

Can someone please give me a sense of where the low to mid-market ($600k-$700k) is trading in Barnegat Light?

Asked by Blbuyer, Barnegat Light, NJ Tue May 19, 2009

right now? Please, no broker there-is-no-where-to-go-but-up hype, just an honest assessment. Do bids 10% below ask get hit? 20%? Or are sellers just waiting and not moving from their ask prices?
Thanks,

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5
Long Beach Island is a tough market to wrap you hands on and fully grasp the realities of the market. On LBI, Barnegat Light, there has only been two homes that sold in the price range since last July. One was a bank owned and does not appear to have been on the market prior to the bank deal. However, I only checked the primary MLS for the area.
Anyway, there are eight homes on the market in that community of LBI. Many home owners have told their agent that they will sell if someone comes and makes an offer at a certain price (deals are made without the use of the local MLS). Often times, on LBI, the time a house is place on the MLS is when the offer has been made and the negotiation of a fully executed contract has taken place - therefore the days on market is sometimes so low you would think the agent was a superman.
If you like a house and want to make an offer 20% less than the asking price. Do it. The owner can only say NO. When someone really wants to sell they cut to the chase and let you know what it is going to take to make the deal. The house is worth only what someone is willing to pay for it.
good luck.
Web Reference: http://GregoryBain.com
1 vote Thank Flag Link Tue May 19, 2009
An analysis of the 2013 median price totals shows that closing prices were roughly 93.5% of asking price. However the listings could have undergone a price adjustment prior to an offer being made, so one should not draw concrete conclusions.

Based on this, though, I would say that an offer of 10% below asking would not insult a seller, and would in fact result in at least a counter-offer. Please let me know if I can be of assistance.
0 votes Thank Flag Link Mon Feb 10, 2014
OCT 2012 UPDATE:

Asking prices for most homes in Barnegat Light are STILL unreasonably high given market conditions. Local brokers have the story that the "market is tightening (or improving, or heading up...)". The closed sale FACTS do not support this lie! Some local brokers will advertise the ratio of selling price to LIST and put it in the high 90%+ range... also misleading particularly where MANY price reductions have occurred and/or houses have languished on the market for 12-30 MONTHS.

A more objective view of sales is to compare ACTUAL selling price to ACTUAL tax assessment. This takes opinions, gaming the system and non related items out of the process. Tax assessments also generally reflect value differences due to location, size of property, age of the improvements and other factors.

The BL tax assessor revalues properties every three years on a rolling 1/3 every year. Still the overall BL assessments continue to be HIGHER than actual selling prices. In 2008 the average ratio of selling price to tax assessment was in the 90-95% range. In the past twelve months there are thirteen closed sales where this ratio is .8243% (range of .6594%-.9740%). Sand Dollar Real Estate has interesting statistics for the overall island if you are interested.
0 votes Thank Flag Link Mon Oct 1, 2012
Asking prices for most homes in Barnegat Light are STILL unreasonably high given market conditions. Local brokers have the story that the "market is tightening (or improving, or heading up...)". The closed sale FACTS do not support this lie! Some local brokers will advertise the ratio of selling price to LIST and put it in the high 90%+ range... also misleading particularly where MANY price reductions have occurred and/or houses have languished on the market for 12-30 MONTHS.

I find a more objective view of sales is to compare ACTUAL selling price to ACTUAL tax assessment. This takes opinions, gaming the system and non related items out of the process. Tax assessments also generally reflect value differences due to location, size of property, age of the improvements and other factors.

The BL tax assessor revalues properties every three years on a rolling 1/3 every year. Still the overall BL assessments continue to be HIGHER than actual selling prices. In 2008 the average ratio of selling price to tax assessment was in the 90-95% range. In the past twelve months I have identified thirteen closed sales where this ratio is .8243% (range of .6594%-.9740%). Sand Dollar Real Estate has interesting statistics for the overall island if you are interested.
0 votes Thank Flag Link Mon Jul 16, 2012
Hi Blbuyer, my sense is that the LBI market continues to hold on - certainly has not fallen as much as markets to the north. I've been waiting, and watching homes sit and sit, and so it seems that many sellers are content with holding on since we know that price will cure all - although LBI may not have adjusted to the market conditions to the extent other markets have, it is not immune. In time, perhaps the pressure will be felt even on beautiful LBI.

Ah, just the thought of it as Memorial Day approaches -- of course, there's nothing like LBI when the crowds are low and lights are on blinker.

Best,
Jeannie Feenick
Search and connect at http://www.feenick.com
Web Reference: http://www.feeenick.com
0 votes Thank Flag Link Tue May 19, 2009
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