September 22nd marks the official beginning of fall and that means it’s time to prepare for Long Island’s traditional “Second Wave” of real estate. As longtime Realtors on Long Island, we know that the fall always brings a second surge in the real estate market as people come back from summer vacation and realize their current home no longer fits their needs.
This year, thanks to COVID-19, Long Island experienced a crazy summer in real estate. In our last blog, we talked in-depth about the specific factors driving this surge, but it’s safe to say that those same factors are still very much in play this fall.
In New York at least, things have progressed since this spring’s total lockdown. We’ve entered Phase 4, which is the final phase of the reopening plan. However, many people are still leaving New York City and moving out to the suburbs. Long Island, with its close proximity to the city, is the ideal choice for those who desire a bit more space between them and their neighbors. Many of these buyers can afford to snap up luxury homes (those properties listed at $1 million or more) which helped drive a year-over-year increase in luxury home sales on Long Island of 151%!
Not all buyers are relocating from New York City though. Just like every fall, there’s a number of people who’ve realized their current Long Island home just isn’t a good fit as they try to navigate home schooling or distance learning alongside working from home. Thanks to record-low interest rates, people are motivated to make a move now rather than waiting to see what happens with schools and jobs next spring or summer.
Despite the flurry of activity in the Long Island real estate market this summer, we still have very low inventory. This coupled with increased buyer demand means that many homes are receiving multiple offers and selling for a great price! In both Nassau and Suffolk counties, we’ve seen a year-over-year increase in prices for single family homes, condos, and townhomes in most price brackets across the board. Click here to check out the latest market reports for both counties.
If you’re thinking of buying or selling this fall, it’s a great time to make a move. For buyers, you’ll probably lock in a great rate which means you’ll be able to stretch your dollar further to purchase a bit more home. For sellers, you’ll likely be able to sell your home quickly and at the price you want.
No matter what side of the table you’re sitting on, fall 2020 offers tremendous opportunity for Long Island real estate. If you’re looking to take advantage of our current market conditions, reach out to us. We’d be happy to represent you whether you’re selling, buying, or both!
The Pesce & Lanzillotta Team, at BHHS Laffey International Realty
Office: 516-888-9711
Email: info@pl-team.com
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