The following report is based on the 3 month period ending April 30, 2020
Let us start by wishing you all health and safe travels during these uncertain times
God Bless America!
This month's report should come as no surprise to just about anyone with a pulse. The numbers of sales and contracts written in the last three months are down. If you read that statement and walk away from this report without reading more you'll miss the good news part. Yes, we believe there's good news coming.
Sometimes, maybe most times, hard data is not enough. Why are the numbers the way they are? What's happening behind the curtain in our real estate market. What does the future hold?
According to the governor's executive order and as it stands now real estate agents in NY may not physically show houses for sale. We can't meet in person with sellers, open doors for buyers, and basically we are not allowed to "facilitate" any part of an "in person" real estate appointment. There are however a couple different ways homes can be sold, one of which is "showing" a home through facetime, zoom, or virtual tours. Sufficed to say that's a very difficult way to sell a home.
Real estate agents have been included in the "phase two" of the re-opening of NY. There is no firm date yet and we can only hope that it will be sooner than later. In the meantime we are seeing lots of action in the form of internet searches and viewings on our listings and taking many buyer inquiries over the phone. There is a lot of pent up frustration on the part of real buyers who can't get into most homes. We have had many conversations with buyers from the NYC area who have been on the fence about purchasing but are now ready to go. Mortgage rates are incredibly low and banks are looking to do business. We firmly believe that when we get the green light to start showing the sales will come.
"Is this a good time to sell your Eastport home?" Today might not be the perfect time but if our instincts are right that time is coming in the very near future. There are lots of approved buyers just waiting to purchase a home. There will always be people that need to buy or sell for reasons that are important to them. If you happen to be one of those people, give us a call and we will share with you how to prepare ahead of time, by taking advantage of this pause and do all those small jobs you have been meaning to do to make your home aesthetically pleasing so you can distance yourself and your home from the competition and get sold quickly for the highest price possible.
Market Statistics for Eastport, NY January 31 through April 30, 2020
New Listings- There were 6 new listings taken
Current Inventory- There are 10 single family homes on market (Eastport Homes For Sale)
In Contract- There is 1 single family home in contract
Closed Sales- There was 1 single family home sold
Median Ask Price- $649,000.00
-Median Sold Price- $509,000.00
See why we love Eastport in this short video
Call 631-241-8168 or email me at Bill.Carroll@Corcoran.com or 631-879-2069 or email Letticia at Letticia.Lettieri@corcoran.com with questions or to arrange a confidential comparative home value analysis
And always remember- "In Real Estate, Representation Is Everything"!