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Tom McGiveron at Vylla Home

Home Selling

E49 – Buyer’s Market or Seller’s Market – March 2023 Update

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Back in November 2022, I answered this question.

Fast forward to today and what we see is…in the podcast. Give it a whirl.

Watch the YouTube video I did that demonstrates the shift in the market

What This Podcast Info Means To You

Home Buyers

Pay close attention to the shift in the market. Click here for homebuying tips in 2023. .

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

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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

Selling In A Buyer’s Market

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Even though we are not yet in a buyer’s market, the mindset of homeowners looking to sell, has to change and adjust in order to come out ahead in this current housing market.

Due to quickly accelerating mortgage rates in 2022, the next 1 to 2 years will be challenging – for both buyers and sellers. However, this podcast will give sellers 5 key strategies for selling in this market and getting top dollar for the sale of their home. 

Don’t forget, every single month, I am breaking down the housing market for Long Island and the podcast will feature Strategy #3 for buyers looking to buy in this market now!

Feel free to contact me to help you in your next move (631)831-9048.

Is The Housing Market Going To Crash?

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I google-searched, “is the housing market going to crash” and I was left with a lot of information-overload.

However, this piece of information from Lawrence Yun, posted on his LinkedIn, shared some great insight into the comparisons of the current housing market and the last actual housing crash.

I think so many homebuyers are waiting for “the market to go down”. I hear it when I speak with folks and I cringe, literally.

Let’s look at a few things.

In 2008-2009, home prices went down 30%. The foundation of that market was built on weak “pilings” of absolute crappy mortgages and a very shaky national employment rate.

If you haven’t seen the movie, The Big Short, I highly recommend.

During that period and run-up to 2008, prices had previously skyrocketed from 2003 to 2007 with repeated year-over-year home price increases of as much as 20+%.

During that time, subprime mortgage (mortgages that allowed folks with poor credit, low (or no) down payment and low income/assets) were very common.

Millions of people got mortgage loans that ultimately, should not have gotten them.

Mr. Yun’s article on LinkedIn, does a great comparison of these different markets.

Housing inventory, which is the number of homes/condos for sale, was astronomically high and rose quickly throughout 2008-2012.

We are in the exact opposite situation, where inventory levels still remain low here on Long Island.

Mortgage delinquencies remain much lower than in 2008. So people aren’t losing their homes to foreclosure nearly as much as they were back then.

We do not have the same pressures on the housing market, that we do now.

However, the pressure on the market today is different, coming from the Federal Reserve, raising rates. This may have a very adverse effect on new houses/condos coming to the market in the future – check out my Youtube video on this (especially if you’re “waiting for the market to go down.”)

Now if you’re not following me on Youtube or Instagram, please subcribe/follow as I’m doing a ton of updates every week on both of these platforms.

To get the latest update on the housing market and strategies for buying the new market, listen to the Housing Expert’s Podcast on Apple or Spotify.

Call or text if you want to buy or sell a house (631)831-9048.

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