long island housing market: Home Price Forecast Revised for Q4 of 2023 - 09/20/23 07:17 AM
At the beginning of 2023, many experts predicted that home prices would dip at the end of the year. After months and months of sustained home price growth, it seemed inevitable that this would be the year where we’d see a small change in home prices.
However, 2023 hasn’t gone as predicted. With the Fed electing to raise the Federal Funds Rate four times already in 2023, mortgage interest rates have risen from about 6.5% at the beginning of the year to 7.5% at the time of writing for a 30-year fixed-rate loan. As a result of rising interest rates, many homeowners … (2 comments)

long island housing market: What We Can Expect for the Fall Long Island Home Selling Season - 08/24/23 02:17 PM
The weeks after Labor Day traditionally bring a “second wave” of real estate to the Long Island market. Though with high interest rates, sustained inflation, and low inventory, can we expect to see the same trend hold true this fall?
Our team had sold more than a billion dollars in real estate combined. We’ve seen hot markets and slow markets. We’ve helped our clients navigate the challenges of the pandemic years. Though no one can predict the future, we can use market trends and data to make educated predictions about what will happen with Long Island real estate this fall.
Interest Rates Will … (0 comments)

long island housing market: Mortgage Interest Rates Corrected After Midterms – What’s Next? - 11/17/22 07:44 AM
Midterm elections often mean hotly contested races for seats in the House and Senate and polarizing issues that sweep the country. Though this year’s midterm elections were no exception to the norm, they did offer one unusual result – mortgage interest rates have corrected a bit since November 8th, 2022. After topping 7% in recent weeks, rates for a 30-year-fixed-rate mortgage dropped to 6.9%. That’s a decline of 39 basis points, a significant change from the previous week!  
 
While interest rates are creeping up again as of writing, it’s important to understand that interest rates respond to a variety of economic … (1 comments)

long island housing market: Impact of Rising Interest Rates on the Long Island Housing Market - 10/18/22 11:42 AM
Every week it seems, there’s a headline about rising interest rates or new pressures on prospective home buyers. The housing market is changing, and not just on Long Island. Around the country, buyers are facing affordability challenges even as they hurry to lock in a loan before interest rates rise again.
The pandemic ushered in a booming housing market as people decided to make big life changes and take advantage of historically low rates. Overwhelming buyer demand pushed home prices to new heights, a trend that continued for more than two years. Now, the market is correcting and coming back down to … (2 comments)

long island housing market: Putting Your Home on the Market? 5 Ways to Make Buyers Fall in Love - 09/21/22 06:44 PM
Are you thinking of selling your Long Island home and worried you missed out on the summer market? Despite rising interest rates, we are still seeing a strong buyer presence on Long Island. Multiple offer scenarios may be less common, but buyers are seeing the opportunity of purchasing a home now and locking a comparatively low interest rate on their mortgage.
However, properties are staying on the market longer which means pre-listing preparation is more important than ever. It’s not enough to simply list your home for sale. You must take steps to ensure it’ll show in its best light. When you … (3 comments)

long island housing market: How Will the 2020 Election Impact Long Island Real Estate? - 10/07/20 04:56 PM
We now have less than thirty days to go until the next presidential election on November 3rd, 2020. While there is a lot of uncertainty surrounding this election, one thing that’s not as much of a mystery is what effect the election results will have on the Long Island real estate market. We can’t see the future, but we can use our experience as Realtors in the New York market and data from past elections to make our predictions about what will happen during the next four years in America.
 
If President Trump Wins a Second Term as President
 
There’s always uncertainty in … (0 comments)