Distressed Home Sales in Beach Haven West
Beach Haven West Real Estate
A short sale is an unfortunate situation that occurs when a homeowner overpays for a property. While every situation is different, a short sale will typically occur when a homeowner sells a property for less than the current mortgage balance. There will be one of several possible outcomes which can range from a bank taking a lost on the property to the seller having to take back mortgage for the difference between the sales price and the unpaid mortgage balance. Tracking short sales in the Beach Haven West real estate market is an effective way to gauge the overall health of the local economy and help predict future real estate values.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.beachhavenwestrealestate.com | www.BuyLBI.com
Click here to search all homes for sale in Beach Haven West
Tracking Short Sales in the Beach Haven West Real Estate Market
A quick look at sales in the Beach Haven West real estate market in 2014 produces some interesting trends:
- There were 176 closed transactions between January 1, 2014 and December 31, 2014
- Of the 176 closed transactions, 25 were distressed sales
- Above the 25 distressed sales, 13 were short sales
The above information produces some positive real estate trends. While it is certainly unfortunate and 25 properties had some level of bank involvement, this is an improvement over the financial crisis seen in 2008 and 2009. Some of the short sales and bank owned properties we are witnessing in Beach Haven West have to do with Hurricane Sandy. Some homeowners were forced to turn their storm damaged homes over to the bank rather than go to the expense and process of repair and remediation. These homes have now entered the market and are counting towards the distressed sales above. While it is impossible to specify every situation, as every situation is certainly different, the number of distressed sales made very clear the importance of understanding the local real estate market and making a wise investment.
Beach Haven West Real Estate Trends
The purchase of a home is a substantial financial investment and it is very important to be aware of trends developing in any real estate market. With approximately 1/5 of the closed real estate transactions in Beach Haven West having some level of bank involvement, it should be clear that homebuyers must be cautious when making an investment. It is paramount that buyers understand the metrics used to evaluate a home’s value including the price per square foot, average sales price, and value the different locations in the Beach Haven West real estate market. For more information about Tracking Short Sales in the Beach Haven West Real Estate Market, contact the Beach Haven West Real Estate Group and we will respond right away.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.beachhavenwestrealestate.com | www.BuyLBI.com
Click here to search all homes for sale in Beach Haven West