Ask any of your realtor friends about the current state of the local housing market and they will tell you that buyers are out in full force, however finding a home to fit their needs has been challenging to say the least.
Residential home inventory levels are down 18% in Nassau county and a whopping 25% in Suffolk county when compared to the same time last year according to MLSLI data. Bidding wars are the new norm for properties that are in excellent condition AND priced properly. In fact at one of our open houses this past weekend there were seventy five visitors that came to preview a property and eight offers were made on the spot. Needless to say this frenzy of buyer activity drove up the price and the property is selling for above the asking price.
So what is fueling this fire? Spring is historically a very busy time for real estate with buyers looking to find a home and close before kids go back to school in September. Couple this with very low housing inventory and an increase in interest rates (and projected future increases) and you have a “perfect storm” of events happening.
Home prices are going up! The 2017 Median price for homes placed under contract in Nassau is $465,000 which represents an increase of almost 8% from 2016 while Suffolk county has seen a 4% jump in under contract price with a Median under contract price of $330,000.
If you are a homeowner that has been thinking about selling, NOW is the time to take advantage of the current market conditions. Your Signature Premier Properties agent is an expert in your local market and will share with you their knowledge and expertise to position your property to net you the most money for your home.