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Now what’s stopping you from buying a house?

By
Real Estate Agent with Century 21 American Homes

The mantra in long island real estate for the last 18 months has been “there is no inventory to sell”.  The snow in January and February certainly did nothing to correct that situation as real estate stayed in the deep freeze. By the end of May we have a clearer idea of the market on Long Island.  Now it’s not the buyers saying “there is nothing to buy” but saying “there is nothing I want to buy right now”.  As of May 31st houses newly listed on the market surged 21% past last year’s pace in Nassau County and 32% past last year’s pace in Suffolk County.  Under contracts in the same period lagged 9% below last year’s pace in Nassau and just less than 4% in Suffolk. In Syosset the story is the same. An increase of listings put on the market by 29% and a decrease in contracts written of 11%.   If we are to see the market continue to make progress from the dark years of 2010-2012 the buyers will need to step up and give the market a boost.  The sellers have joined the party and are waiting, interest rates have co-operated very nicely but the buyers need to get off the fence.  Still plenty of time since it is only the 2nd week of June but by the second of week of August we’ll have to go back to the drawing board and figure out what kind of market we are having this year.