If you put your plans to buy or sell your Long Island home on hold in 2023, spring 2024 will be the key time to get back into the market. While last year offered some definite challenges for the housing industry, US real estate is expected to roar back stronger than ever. On Long Island, we’re already seeing signs of renewed interest from home buyers and new listings are hitting the market early. Overall, it’s shaping up to be a great spring for Long Island real estate!
Sell Your Long Island Home This Spring
Is your current home no longer suited for your needs? Too big, too small, or too far from where you want to be? If you’ve been considering moving but held off due to low inventory and higher interest rates, the spring market will offer new opportunities for Long Island sellers. Home prices will remain high this year, allowing you to net the most money possible for your home. In 2024, home prices are expected to grow modestly nationwide. In Long Island’s most desirable neighborhoods, we’ll likely see home price growth outstrip the projected national average of 2.5%.
Interest rates are also creeping down—at writing, they’re hovering around 7%. By year’s end, we could see them touch 6%. While no one can predict exactly where rates will be this spring, if you find a great home now, you can always refinance when rates drop.
While the outlook for the spring market is good, who you work with will matter more than ever. Our team has a proven track record of success representing some of the most significant luxury home sales in recent years, alongside first-time sellers and investors. No matter your price point, our team brings out-of-the-box marketing ideas and expert negotiation strategies to every transaction. Click here to check out some of our past sales and learn what we will do to get you great results, too.
Start Your Home Search Between January and April
Long Island buyers who begin their house hunt in January or even February of this year will benefit from reduced competition, increased inventory, and lower interest rates. As rates rise, more buyers will be tempted into the market. Although inventory is increasing (an 8% increase is predicted for 2024), it won’t be enough to keep up with projected demand. That means buyers will likely face multiple offers and increased competition for the most desirable Long Island homes. Expect buyer activity to ramp up as we get closer to summer. If you are thinking of taking advantage of lower interest rates, reach out to us to start your search now!
We are here to help with all your Long Island real estate needs in 2024, whether selling, buying, or investing. Our team has earned numerous distinctions and awards while consistently setting sales records. We would be honored to help you make a move this spring and take advantage of the opportunity available in today’s market.
The Pesce & Lanzillotta Team, at BHHS Laffey International Realty
Office: 516-888-9711
Email: info@pl-team.com
