Real Estate Market Update for Beach Haven West and the National Market
The Beach Haven West real estate market is rather unique in that it blends many components of both a primary home market and a second home market. The location so near to Long Beach Island has mass appeal for summer second homes and investment properties yet the area also has a large year round population. Therefore, when looking to examine the overall Beach Haven West real estate market it is helpful to understand the trends that we see nation wide as they can impact future home prices in the greater Beach Haven West real estate market.
Beach Haven West and National Real Estate Update
A government shut-down has been averted and the compromise has produced good news for real estate. One component in particular, that of flood insurance, is especially important for the Beach Haven West NJ real estate market. The two-year, $400 billion spending deal came as a result of a bipartisan group of lawmakers supporting the agreement. The National Association of REALTORS® fought and achieved a number of wins for real estate, including a temporary extension of federal flood insurance and extension of NAR-backed tax provisions. Details include:
- Flood insurance. The National Flood Insurance Program has been extended until March 23, giving lawmakers time to work out an extension that could last until September 30. The deal also adds $27 billion in mitigation and resiliency funds to address issues arising from last year’s hurricanes, and it makes $12 billion available under the Community Development Block Grant program to fund U.S. Army Corp of Engineers flood mitigation projects. This is of great importance to the Beach Haven West real estate market as flood insurance is required for all homes with a mortgage.
- Extension of tax provisions. The deal retroactively extends provisions for the 2017 tax year for mortgage debt forgiveness; mortgage insurance premiums and energy efficiency improvements in commercial buildings.
- Tax Credit. The nonbusiness energy property tax credit applies to ten percent of the amount paid for qualified energy efficiency improvements such as energy-saving roofs, windows, skylights, and doors, and 100 percent of that paid for qualified energy products, such as high-efficiency water heaters, air conditioning units, and furnaces. Source: REALTOR® Magazine
Overall the real estate market nation-wide has been showing strong growth and that is certainly the case in Beach Haven West as well. Much of the improvement in both activity and price has to do with the massive rebuilding efforts seen after Hurricane Sandy. That has helped to improve the overall look and feel of the area while at the same time making the community more storm ready. The inclusion of flood insurance in the spending bill helps to safeguard the Beach Haven West real estate market for literally and figuratively: literally in the sense funding is available to repair storm damage and figuratively in the sense that buyers can still move forward with purchases now that the can satisfy their flood insurance requirement.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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