This episode of the Housing Expert’s Podcast focuses on the major differences between what the market was like vs what home buyers (and sellers) will experience in 2023.
We are not in a buyers market just yet. Listen in to the latest on the market.
Long Island Home Prices Jan 2023
In my previous article about Long Island home prices, I discuss how prices may not go down too much in 2023.
Get The Scoop on Long Island Home Prices
Listen On Apple | Spotify | Amazon Music
Podcast Highlights
- Available inventory is well below seasonal norms in all 3 counties
- Average home price in Suffolk County is flat (no longer increasing)
- Pace of contracts is way down
What This Podcast Info Means To You
Home Buyers
I’m going to be going into a deep dive on the difference between buying a home in 2021-2022 vs buying in 2023. The market has shifted and even though prices aren’t going down, they’re no longer going up.
So many changes, tune into my My Youtube Shorts to get the latest updates and insights on the housing market!
Homeowners
Contact me for a full and complete market analysis of your home value now so you can compare it to if/when you decide to sell.
If you have any plans to sell within the next 1-2 years, knowing where prices are now and being able to compare them to when you actually make the move, will help you understand the market dynamic in the future.
Also, continue listening to the podcast for monthly updates. If you’d like a Monthly Market Activity report emailed to you, please feel free to sign up.
Investors
The key to continuing to do deals is making sure your costs are competitive and you can continue to get deals as more investors pay higher prices due to continuing low inventory.
Also, your comps can’t be general so while you are reading about Long Island home prices, that may not be helpful when you’re comping a home in a specific town.
Contact me if you need numbers on a deal you’re looking at now. Text (631)831-9048.
Thanks so much for listening to the podcast. Feel free to share this information with a friend!
If you’d like – book an appointment online with me or call/text me at (631)831-9048.
Follow me at Linktr.ee/TomMcGiveron – Thanks.
Long Island Home Prices December 2022
In my previous article about Long Island home prices, I discuss how prices may not go down too much in 2023.
The Scoop on Long Island Home Prices
Listen On Apple | Spotify | Amazon Music
Housing prices seem to be stable as lower inventory levels continue to support closing prices.
Of course, there is a lag on closing price data so what is closing in November are homes that went into contract in August or September, as it takes an average of 60 days to close.
Of course, with the hack of the Suffolk County website and data in late August, things are slower also so it’s taking longer to close transactions across the board – in Suffolk.
What This Podcast Info Means To You
Home Buyers
Just pay attention to the market updates and get more comfortable with the idea that the more you know, the less you may fear buying a home on your timeline as opposed to what anyone else says, especially the news.
My Youtube Shorts cover daily updates and insights on housing activity so check it out. Text or call me if you want to set up an appointment.
Homeowners
The window of the historic sellers market of the last 2 years is gone. That doesn’t mean you’re home can’t sell for a lot of money.
I’m starting to think that by mid-2023, Long Island home prices could actually start to increase again, especially if rates rise into the high 8’s/9’s and then dip later in 2023 as some experts have indicated. The low inventory will be the saving grace of home values, for now, both locally and nationally.
Know what your home value is now so that if and when you decide to sell, you can at least compare and know where you stand as time moves forward and the market changes.
Investors
The key to continuing to do deals is making sure your costs are competitive and you can continue to get deals as more investors pay higher prices due to continuing low inventory.
Also, your comps can’t be general so while you are reading about Long Island home prices, that may not be helpful when you’re comping a home in a specific town.
Contact me if you need numbers on a deal you’re looking at now. Text (631)831-9048.
Thanks so much for listening to the podcast. Feel free to share this information with a friend!
If you’d like – book an appointment online with me or call/text me at (631)831-9048.
Follow me at Linktr.ee/TomMcGiveron – Thanks.
Long Island Home Prices
If you search Long Island home prices on the internet, you’re going to get a bunch of websites that key on that phrase and spam the term – Long Island home prices. At the same time, they’re going to site basic statistics about homes for sale on Long Island.
Now, I live on Long Island, and I’ve been selling homes on Long Island since 2007. I host the Housing Expert’s Podcast and in my last Long Island housing update, I discussed a few key statistics that you aren’t going to hear anywhere else.
- The pace of homes sales on Long Island is slowing
- Month Over Month sales prices are declining
- Less homes on Long Island are going into contract
What I find really comical is how websites and other companies, who aren’t local or licensed to sell real estate, spam up their articles so they get ranked above the content of hard-working, knowledgeable, and experienced Licensed Real Estate agents, like myself.
However, I just keep plugging away, producing more relevant content, filled with information and data that people won’t get on these other websites that basically just know how to spam the search engines in the meta-data and keywords (sorry that’s all techy stuff you don’t care about).
Back to the topic of Long Island home prices in 2023.
On my Instagram and Facebook account, I host short 1-2 minute videos about home prices on Long Island and other information that relates to the housing market on Long Island.
Basically, I do 3 to 5 videos every week, so if you miss something on a Monday, you’ll get more information on a Wednesday and Thursday.
Here’s a great article about what home prices are going to do on in 2023.
To be very clear, one of the things you’ll need to realize is that Long Island home prices will remain relatively flat, but don’t expect them to drop down too much. The current lack of available homes for sale on Long Island is definitely going to help maintain home prices at their current levels.
I’m not saying they won’t go down, but home prices most likely will not drop 10-20% like some very wishful homebuyers out there.
Thanks for reading this article. If you’d like to discuss buying or selling a home, please book an appointment online with me or call/text me at (631)831-9048. I also write a pretty easy-to-read monthly newsletter about the housing market each month for my current and past clients and anyone who signs up for it.
So feel free to enter your email address to receive the monthly newsletter. Thanks!
Follow me at Linktr.ee/TomMcGiveron
E42 – Homebuyer Advantages In 2023
This podcast episode will help you if you are buying a home in 2023 or if you’re scared to (but you really want to buy your own place).
2020 through Spring of 2022 are gone and it’s time the homebuyer starts getting some wins – big ones!
What This Podcast Info Means To You
Home Buyers
Here’s the most important bullet points:
- FHA (low down payment) is BACK!
- Sellers generally will be more flexible
- Listings will sit longer on the market (price adjustments) – I actually didn’t mention this in the podcast but I’m putting it here (bonus material for my buyer clients!)
- Less competition from other buyers
- You – a qualified buyer – are going to be like GOLD in 2023 (not a dime a dozen like in 2020-2021)
This is what I live for in my profession. Giving incredible information and insight to folks. I’m super energized to help anyone out who wants to buy a home in 2023. Text me right now the word Energized to (631)831-9048 and let’s start your home search together!
The link I mentioned for the basic information on mortgage financing is – The Mortgage Center.
Homeowners
The window of the historic sellers market of the last 2 years is gone. That doesn’t mean you’re going to have to give your home away.
However, you will need to shift focus – listen to the last podcast where I talk about selling in this changed market.
Investors
You have to roll with the times. FHA buyers will be out and you better do your renovations to code and make sure you have all the certificates of occupancy and everything else – completely squared away.
Do not ask too much for the houses you’re trying to sell.
Lastly, make sure you do not cut corners. Do not listen to the contractor who tells you not to replace the old crappy windows or the burner because “they still work”. If it’s a rehab, it’s a rehab – do not use the motto “if it ain’t broke…”
It’s a rehab. Everything is “broke” – you don’t want to be broke so fix stuff right.
Thanks for listening to this podcast and reading the blog post. Here’s the link to the 1 minute updates on the housing and financing market on Youtube that I mentioned in the podcast.
If you’d like – book an appointment online with me or call/text me at (631)831-9048.
Follow me at Linktr.ee/TomMcGiveron – Thanks.
Buying A Fixer Upper Or Distressed Property
In this 15 minute episode of The Housing Expert’s Podcast, Tom McGiveron introduces the third installment of Homebuyer Strategies in the New Market.
This podcast series features strategies for home buyers to get into the market, regardless of high mortgage rates and fear of buying a home because of home price volatility. This episode covers the opportunities, financing, and estimate tools for fixer uppers and distressed properties.
Links:
https://linktr.ee/tommcgiveron
https://www.nerdwallet.com/article/mortgages/estimate-the-cost-of-your-home-renovation
If you’d like – book an appointment online with me or call/text me at (631)831-9048.
Follow me at Linktr.ee/TomMcGiveron – Thanks.
