long island realtor: 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 realtor: A Look at 2024: Long Island Housing Market Predictions - 12/04/23 01:03 PM
2023 was another interesting year in Long Island real estate! The year started with robust predictions for the housing market that faltered under increased rate hikes as we headed toward summer, before picking up steam again to close the year right about where those expert predictions thought we’d land. As 2023 draws to a close, we’re now looking to 2024 and what’s ahead for the Long Island housing market.
 
What Long Island Home Sellers Can Expect in 2024In 2023, home prices nationwide rose a modest 3.32%. In 2024, they’re expected to grow another 2.17%. While this might not seem like much, 2024 … (1 comments)

long island realtor: 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 realtor: 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 realtor: 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 realtor: 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 realtor: 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 realtor: What to Expect From the Long Island Housing Market This Summer - 05/02/23 11:23 AM
Spring and summer are usually some of the busiest seasons for the Long Island housing market. When the weather warms up and the school year draws to an end, many people make plans to move, whether it’s purchasing their dream home on the water, downsizing to a smaller property, or relocating to or from Long Island.
Rising interest rates and some economic uncertainty have continued to put stress on the housing market across the country. Q4 of 2022 presented a notable shift in a real estate market that had been red hot for months on end. On Long Island, this shift has … (1 comments)

long island realtor: 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 realtor: 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 realtor: 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 realtor: 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 realtor: 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 realtor: 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 realtor: 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 realtor: 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 realtor: 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)

long island realtor: Long Island’s “Second Wave” of Real Estate: Fall 2020 - 09/17/20 08:26 AM
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 … (0 comments)

long island realtor: Luxury Homes Sales Surge on Long Island - 08/13/20 07:16 PM
The coronavirus has changed life as we know it. For Long Island real estate though, that’s actually been a good thing. A recent article from Newsday reported that the sale of luxury homes on Long Island (homes listed at $1 million or more) surged last month, up 151% from a year ago!
 
What’s driving this sudden demand for high-end homes in the midst of a global pandemic? A few reasons – and all of them tied to the effects of the coronavirus.
 
First, in the wake of New York City’s lockdown earlier this year, many people are fleeing the city for the suburbs. … (1 comments)

long island realtor: Summer on Long Island 2020: What to Do This Summer - 07/14/20 07:02 PM
While summer on Long Island looks a bit different this year, there are still plenty of things you can do to get outside, enjoy the gorgeous summer weather, and make memories with your family safely. We’ve compiled a list of sixteen of our favorite Long Island summer activities that you can still do while New York moves forward with reopening.
  
Hit the Beach
Beat the heat and spend some time in the sun by planning a trip to one of the many wonderful beaches on Long Island! Kids can swim in the waves, build sandcastles on the beach, and make memories for a … (0 comments)