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
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
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.
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.
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.
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