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 Demand
Despite 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 to 8%, most buyers don’t seem to be daunted. In the latest report from ShowingTime, home showing traffic was up more than 19.7% from last year. Although the market experiences a natural slowdown this time of year, there are no signs that buyers are planning to give up their search either now or in the New Year. If we look at the number of offers a typical home that is priced well and adequately prepared for the market receives on Long Island, we see signs that there are still more active buyers than available homes to buy. If you need to sell, your home is likely to be met with a lot of interest this fall.
Many Home Sellers Are Closing At or Over Asking Price
Several notable real estate and economic experts recently revised their end-of-year home appreciation predictions. The expected home price softening simply didn’t happen. Now experts believe we’ll see annual price gains of up to 6% by the end of 2023.
Why the change? High buyer demand and low inventory have continued to push prices. We saw the return of multiple offers here on Long Island this summer, with some sellers closing over asking price and setting new records in their respective communities. These aren’t the sky-high home sales we saw during the COVID years but compared to the last years of the “normal market” which were 2017-2019, most sellers are earning a great ROI on the sale of their homes right now.
Most Long Island Properties Are Selling Quickly
Another benefit of selling your Long Island home when inventory is low is that many homes are selling quickly. According to new data from the National Association of Realtors (NAR), 69% of listed homes sold in less than a month with the average home receiving 2.6 offers. The bottom line is that a home that is priced and marketed well is likely to receive a great offer quickly. Selling at this time of year also has the added benefit that most people want to be closed and moved in by the holidays, incentivizing all parties to get through escrow quickly.
Who you work with is everything. If you’ve seen homes that are sitting in your neighborhood, the issue is likely with the agent’s pricing, preparation, or marketing. Our team continues to set records for our clients and get their homes sold quickly. Reach out to find out what we do differently at the Pesce & Lanzillotta Team!
Whether you’re still on the fence about selling or are ready to move forward, we’re happy to answer any questions you have. As top real estate agents on Long Island, we have the pulse of the local housing market along with the winning strategies and proven results to ensure you have a smooth and successful home sale. Contact us today!
The Pesce & Lanzillotta Team, at BHHS Laffey International Realty
Office: 516-888-9711
Email: info@pl-team.com
