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 Low
It’s no secret that the Long Island housing market has struggled to keep up with buyer demand for the last several years and 2022 is shaping up to be no different. Both the time of year and the threat of the Omicron variant have kept many sellers from listing. As a result, we’ve seen a lot less homes coming on the market than we usually do in January and February. That means if you’re ready to take the next step, it could pay off to list your home sooner rather than later. We expect inventory to pick up as we move through spring and into summer, though it’s unlikely to keep up with ongoing buyer demand.
Interest Rates Are Starting to Creep Higher
As if buyers needed any more motivation to get out into the marketplace and start their home search, interest rates are rising and expected to end up around 4% by year’s end. Even a small change in interest rates can negatively impact a buyer’s purchasing power. In a market like Long Island, where home prices are up significantly from 2020, and most homes are selling for over asking price, every dollar counts. The clock is ticking, and buyers are more motivated than ever to secure a home on Long Island.
Long Island Home Prices Keep Breaking Records
Last year, home prices in Nassau County rose 9% while Suffolk County home sellers saw gains of more than 10%. Incredibly, home prices are still rising, fueled by low inventory and high buyer demand. How high will Long Island home prices go? Experts across the country expect we’ll see values grow another 5.7% nationwide by year’s end.
What the Spring Market Holds for You
Here’s the bottom line: if this is the year that it makes sense for you to sell, plan to list your home in March, April, May, or June. While we can’t predict the future, we can be reasonably sure that the next few months will offer exceptional opportunity for home sellers. With cutting-edge marketing and expert positioning, we can help you get the most money possible for your property. Last year, many of our clients broke records in their neighborhoods and communities. We’d love for you to be our next success story.
If you’re curious about what the Pesce & Lanzillotta Team can do for you, give us a call or click here to learn more about our seller services.
The Pesce & Lanzillotta Team, at BHHS Laffey International Realty
Office: 516-888-9711
Email: info@pl-team.com
