For Buyers: – Don’t Miss Out On This Fall’s Opportunity! For Homeowners: What’s Your Best Move – Renovate or Relocate? During the fall season we normally see fewer homes come on the market. This fall we are seeing more homes come on the market and a slight rise in inventory for sale throughout Queens and Long Island. Many sellers are feeling more confident in the market and have reevaluated their work, family and lifestyle plans.
Queens supply of homes for sale has reached the 6 month average indicating a balance between buyer demand and number of homes for sale. Although Nassau and Suffolk Counties on Long Island have seen their inventory levels increase slightly since last month, there is still 3 months or less of inventory of homes for sale , continuing with what’s been a strong sellers’ market.
With the buying frenzy of the first quarter of 2021 calming down and less competition, there is a better opportunity for buyers to find a home at today’s still historically low interest rates. Also it’s important to note that Zillow’s recent prediction is that property values will increase by 11.7% in 2022, so the cost of waiting to purchase is real.
For homeowners it’s good to have an update on your current equity position – a Professional Equity Assessment Report (PEAR). This analysis will let you see exactly how much equity you have in your home, especially after these past years of double-digit appreciation. With this information you can make better decisions on whether to use the funds added to renovate your current home or use instead as a downpayment for another larger home or second home – especially with today’s new hybrid work situations.
If you’ve ever considered selling, with low inventory for sale and record high prices – now might be the perfect time! For those with investment properties that have waited until the market was right, that time may be now before inventories increase in the future. For those realizing they are in a larger home that no longer fits their needs, now may be the time to maximize on the sale of the family home and downsize. For those who we would call “mobile opportunists” who can work anywhere, making a move to a more affordable location may make sense.
Reach us for a free PEAR – Professional Equity Assessment Report!
Helen Keit, Broker,
Keller Williams Realty Landmark,
Stats from One Key MLS
If you would like to find out more about what we discussed today or if you are looking to find out more about real estate in today’s climate you will find some sources below
Helen Keit | Licensed Real Estate Broker
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