long island real estate: Early Spring Will Be the Key Time to Buy or Sell a Home on Long Island - 01/11/24 11:46 AM
If you put your plans to buy or sell your Long Island home on hold in 2023, spring 2024 will be the key time to get back into the market. While last year offered some definite challenges for the housing industry, US real estate is expected to roar back stronger than ever. On Long Island, we’re already seeing signs of renewed interest from home buyers and new listings are hitting the market early. Overall, it’s shaping up to be a great spring for Long Island real estate!
 Sell Your Long Island Home This SpringIs your current home no longer suited for your … (2 comments)

long island real estate: Benefits of Selling Your Long Island Home When Inventory is Low - 10/25/23 09:41 AM
Have you been holding off on selling your Long Island home due to low inventory? Need to make a change, but not sure you can find a new home that suits your needs? Don’t let the fear of the current market keep you from doing what’s best for you and your family. There are some great benefits of selling your Long Island home when inventory is low!
Long Island Homes Are in High DemandDespite rising interest rates, homes are still in high demand across the country and especially here on Long Island. While rates for a 30-year-fixed-rate loan have recently crept up … (2 comments)

long island real estate: 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 real estate: 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 real estate: Should You Sell Your Long Island Home or Stay? - 07/20/23 02:40 PM
Low inventory conditions persist in the Long Island housing market. If you've been thinking of moving this fall but aren't sure if it makes sense to sell your home, stay, or rent it out, we'll help you work through the potential upsides and downsides so you can make the best decision.
For more personalized help, reach out to us at the Pesce & Lanzillotta Team today!
Selling Your Long Island HomeDespite a lack of available homes, we've helped many sellers make a move this year already. Who you work with always matter, but in a market with few homes for sale you need … (0 comments)

long island real estate: 4 Reasons to Sell Your Long Island Home This Summer - 06/20/23 08:58 AM
Summer has arrived on Long Island and when it comes to the housing market at least, things look quite a bit different than they did last year. Month after month of red-hot growth has noticeably cooled as inventory remains low and interest rates continue to impact affordability. Yet if you've been thinking of making a move, it's still a great to list your home on Long Island. In our conversations with our clients, we've discovered there are a few main reasons motivating people to put their homes on the market this summer. If any of these resonate with you, don't hesitate … (1 comments)

long island real estate: Long Island Spring 2023 Real Estate Market Outlook - 02/23/23 07:32 AM
Winter is fading, the seasons are changing, and we’re seeing more positive news for the Long Island spring 2023 real estate market! While Q4 of 2022 was sluggish and marked by economic uncertainty, Q1 of 2023 is heating up nicely. A drop in interest rates from highs of 7%+ to a more modest 5%+ have contributed to renewed buyer interest, the return of multiple offers, and home price stabilization across Long Island.
Selling in a Normalizing MarketAll these positive signs point to the housing market returning to “normal” with normal being a pre-COVID market where sales were brisk, but not frenzied. COVID-19 … (1 comments)

long island real estate: Do Holiday Decorations Yield Higher Home Sale Prices? - 12/14/22 06:21 AM
The holidays are here! That means it’s time to unroll the tangle of twinkle lights in the garage, set up the tree or menorah, and give your home a dose of holiday cheer. However, if your home is currently on the market or you’re planning to list in the next couple weeks, you might be hesitating. Do holiday decorations yield higher home sale prices? Or would you be better off skipping the festivities this year and sticking to clean, fuss-free staging?
We’ve sold millions of dollars in Long Island real estate over the years, including many properties during the holidays. If you’re … (3 comments)

long island real estate: 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 real estate: 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 real estate: 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 real estate: How the Recent Fed Rate Hikes Could Impact the Housing Market - 08/17/22 06:27 AM
In recent weeks, the Federal Reserve raised the standard interest rate seventy-five basis points or 0.75%. Headline news in most economic and business journals, the immediate impact on the housing market was less notable. Though with the Fed projected to raise rates again in September, we are watching the trends closely to ensure we provide the best, most updated guidance for our clients.
First, it’s important to understand that the standard interest rate is not the same as a mortgage interest rate. Though the choices the Fed makes do impact interest rates, there is a lot more that goes into the rate … (2 comments)

long island real estate: 3 Reasons to Sell Your Long Island Home in the Next 6 Months - 04/29/22 05:54 AM
With summer right around the corner and another school year drawing to a close, you might be thinking about putting your Long Island home up for sale. However, after years of increasing home prices, how do you know if now is the right time to sell? Should you wait another year and then move? While there’s no perfect time to sell, we are seeing a few different things in the Long Island real estate market that will work in your favor should you decide to list this year.
 
The Great Return to Work is Upending LivesWe knew it was coming. After so … (0 comments)

long island real estate: Why Spring 2022 Will Be a Great Time to Sell Your Long Island Home - 02/10/22 08:29 AM
After another record-breaking year in Long Island real estate, both prospective home buyers and sellers are preparing for a hot spring market. While spring is traditionally considered one of the best times to make a move, there are a few factors that will propel the 2022 market to new heights. If you’ve been on the fence about listing your property and moving up, moving down, or relocating out of the area, read on for some of our top reasons to list your home this spring.
 
Inventory is Still Very LowIt’s no secret that the Long Island housing market has struggled to keep … (1 comments)

long island real estate: Pros and Cons of Selling Your Home During the Holidays - 12/08/21 06:50 PM
While you may be thinking of listing your home after the first of the year or even in the spring, the holiday season can also be a great time to sell. After a year like 2021, many Long Island home sellers are taking advantage of unprecedented buyer demand to secure a great offer for their home now.
However, selling your home over the holidays may or may not be the right move for you. To help you decide, read on to see some of the pros and cons of listing your Long Island home during the final weeks of the year.
PRO: BUYERS … (2 comments)

long island real estate: What Higher Inflation Could Mean for the Long Island Housing Market - 11/03/21 12:44 PM
If you’ve been to the grocery store lately or tried to book a hotel, you’ve seen the effects of inflation in today’s economy. Supply chain issues and labor shortages in multiple industries have contributed to price growth almost across the board. In the last year, home prices in the US rose almost 20% and are expected to climb another 8% next year.
 
With all this added expense on goods, services, and necessities, should you be worried about inflation? Perhaps more concerning, should you be worried about how inflation will affect the Long Island housing market in the coming years?
 
Put simply, while inflation … (0 comments)

long island real estate: Long Island Spring Real Estate Market Predictions - 03/16/21 08:07 PM
In February of last year, we laid out our predictions for the Long Island spring real estate market. While no one could have predicted what would happen just a month later with everyone going into lockdown and real estate sales effectively coming to a halt until June 2020, the housing market on Long Island quickly rebounded during the second half of the year.
This year, things are shaping up to be a bit more normal. We’ve already been busy helping sellers and buyers make early moves in 2021, ahead of the usual selling season. With spring just around the corner, here are … (1 comments)

long island real estate: How a Repeal of the SALT Cap Would Help Long Island Homeowners - 02/16/21 07:45 AM
A new administration in the White House means a new opportunity for New York lawmakers to push for a repeal of the SALT cap. With President Biden sworn in and changes to the makeup of the House and Senate, conversation about the SALT cap has renewed with support from Governor Andrew Cuomo, Senate Majority Leader Chuck Schumer, and Congressman Tom Suozzi, among others. Both Schumer and Suozzi introduced legislation in late January to the newly Democratic-controlled House and Senate.
The SALT cap was enacted in 2017 by former President Trump as part of his tax reform package, the Tax Cuts and Jobs … (0 comments)

long island real estate: 2021 Long Island Real Estate Outlook: What a Biden Presidency Means - 01/11/21 10:35 AM
With the start of a new year and about ten days to inauguration day for President-elect Joe Biden, you may be wondering what 2021 holds for the Long Island real estate market. 2020 was a fantastic year for the housing market, despite the challenges presented by the COVID-19 pandemic. Low inventory, high buyer demand, and low interest rates contributed to record home prices in our local market. However, with a new administration on the way, let’s look at whether we can expect the good times to last or if 2021 will bring significant change.
 
Low Interest Rates Will Continue
Presidents don’t set interest … (1 comments)

long island real estate: Will Raising Taxes in New York Cause the Wealthy to Leave the State? - 11/09/20 10:37 AM
The question of raising taxes is always a contentious issue, whether it’s talk about raising taxes across the board or just for the wealthy. With the COVID-19 pandemic affecting revenues not only for businesses, but also local government, New York legislators have renewed discussions about raising taxes for high earners.
 
In a state like New York where there is a high concentration of millionaires and billionaires, such proposals don’t exactly fly under the radar. Even Democratic Governor Andrew Cuomo has come out in opposition of a tax hike on the wealthy, citing concerns that it “would only cause them to flee to … (0 comments)