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 Market
All 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 sent the real estate market into hyperdrive as buyers who were stuck at home decided to make big moves to improve their quality of life. With record-low inventory, Long Island home prices soared between spring 2020 and the summer of 2022.
While we are seeing an overall growth in housing inventory, we still don’t have the numbers to meet buyer demand. As economic uncertainty has eased over the last quarter, along with drops in interest rates, there’s been an uptick in buyer activity in the form of open house traffic, showing requests, and offers. Homes that are priced right are again receiving lots of interest and sometimes multiple offers, though longer market times indicate that these multiple offer scenarios aren’t the norm.
If you are planning to sell your Long Island home this spring, partner with a team that has the proven strategies, tactics, and track record of success to help you sell your home for the most money possible. Our modern and versatile marketing strategies have helped many of our clients sell for record prices – give us a call to find out what the Pesce & Lanzillotta Team can do for you!
Strategies to Buy a Home Now
The recent drop in interest rates is great news if you’re thinking of making a change. The lower the interest rate, the further your dollar will stretch. Even a small change in rates can make a big difference!
While interest rates have recently dropped, don’t expect them to stay that way for the rest of the year. The Fed is still keen on controlling inflation and balancing the economy. Raising the benchmark interest rate is one of the primary ways that make that happen. An increase in the benchmark interest rate doesn’t automatically equal a jump in mortgage rates, but one tends to follow the other.
If you are at all thinking of buying this year, take advantage of today’s lower rates and start your search before the spring home buying season really kicks off. Click here to browse the latest homes for sale on Long Island or reach out to us for personalized help.
The recent drop in interest rates has given the Long Island spring 2023 real estate market a much needed kickstart. Just don’t expect the frenzy of activity from previous years. If you have questions about how you can take advantage of today’s market and sell or buy your next home on Long Island, reach out to get connected to one of our expert team members!
The Pesce & Lanzillotta Team, at BHHS Laffey International Realty
Office: 516-888-9711
Email: info@pl-team.com
