Going, Going......Gone!
These are the three words I am using to describe the Long Island Real Estate Market. Homes come on the market, then they go off the market. Bidding wars are upon us, buyers are becoming upset at losing "the one" and are realizing the tables have turned and it is now a seller's market.
Housing prices have not come up yet but they will sooner than later and mortgage rates are slowly rising. This is why buyers are out trying to buy a home. These smart buyers know prices and rates will rise and want to buy a home now and not later knowing they will have a reasonable mortgage payment.
My buyers made an offer on a nice home in Lindenhurst NY last weekend. A little while later another offer came in. This buyer's offer was higher and will pay cash. A few weeks earlier they made an offer on home and another buyer came in with a higher offer. This is reality for most buyers right now and it's only going to get "worse".
As I make appointments to show my buyers homes, if I pick 10 homes for them to see, at least 7 of them already have 1st accepted offers and/or the contracts are half signed. Welcome to a seller's market!
2013 is going to be the year when most folks will wish they bought a home instead of waiting it out and playing "the game". Real estate is not a game. If it were everyone would be playing.
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