With the Fourth of July just around the corner, it’s officially summer on Long Island! If you’re planning to list your home in the next few months, understanding current market trends is imperative to help you set appropriate expectations and make the best decisions for your property.
The key metric we’re tracking this summer at the Pesce & Lanzillotta Team is interest rates. At the beginning of the year, it was predicted we’d see multiple rate cuts by now and that simply hasn’t happened for a variety of reasons. Chiefly, inflation remains stubbornly above the Federal Reserve (Fed) target. However, many buyers have accepted today’s rates as the new normal and remained in the market.
In June, the Fed met and decided to leave the standard interest rate unchanged. As a result, the average rate for a 30-year fixed rate mortgage continues to hover around 7% as we head into July. The Fed also revised their predictions for the rest of 2024, signaling we may now see just one rate cut. 2025 may come with more aggressive rate cuts after we inaugurate a new President.
Despite the lack of movement on the interest rate front, home prices nationwide are posting moderate growth with this trend expected to continue in the second half of the year. Inventory is also up substantially year-over-year; however, it remains low overall and isn’t outpacing buyer demand yet.
Selling Your Home on Long Island in Summer 2024
If you have plans to sell your Long Island home, listing in the next few months could offer a sweet spot to maximize your sale price before steady inventory growth provides buyers with a new negotiating edge. With an election on the horizon, buyers who haven’t found a home after Labor Day and who don’t absolutely have to move in the fall and winter will likely put their search on hold until 2025. Therefore, it makes sense to list your home sooner rather than later to reach the widest pool of potential Long Island home buyers.
Buying a Home on Long Island in Summer 2024
Is this summer the perfect time for you to make your move? If so, you’ll benefit from the increased inventory in many Long Island neighborhoods. Since early 2020, most prospective home buyers have had to deal with multiple offer scenarios and intense competition to secure the perfect home. While well-priced properties still attract the most attention, we’ve helped many buyers make an offer and get a home under contract with a minimum of stress.
Curious about homes for sale on Long Island? Click here to browse the latest listings.
As always, summer remains one of the most opportune times to sell your Long Island home and purchase your next property. If you’re ready to make a change before fall, get in touch with us to learn how we can help you take advantage of today’s current market trends to ensure a successful outcome! See why we are ranked as one of the top real estate teams on both Long Island and in the country!
The Pesce & Lanzillotta Team, at BHHS Laffey International Realty
Office: 516-888-9711
Email: info@pl-team.com
