The real estate market has calmed down from the hectic early spring sales period, but no “crash” appears in sight according to all the experts. The market appears to be normalizing with more homes and apartments coming on the market for sale, but there is still strong demand driven by historically low interest rates combined with the impact of the Millenial generation ready to become homeowners. This will help flatten price appreciation to a more sustainable single-digit yearly appreciation rate from what’s been double digit price increases year over year.
The predictions for next year include a continuing of The Great Reshuffling” as more employees learn how often they’ll have to be at their workplace – or make a job change to gain that flexibility. It is expected that remote work will be a significant driver of housing demand for years to come according to Zillow’s recent report.
Queens inventory levels have increased slightly to 5.6 months from 5.4 months for last month. Six months represents a balanced market of equal number of buyers and sellers, while under six equates to a sellers’ market and over 6 a buyers’ market with more inventory for sale than buyer demand. Nassau and Suffolk Counties on Long Island still have very low levels of homes for sale – 2 months for Suffolk and 2.5 months supply for Nassau – definitely strong sellers’ markets.
Each location and category of property needs a specific analysis to determine pricing and best strategy to gain top dollar when marketing. Reach us for a free Equity Update of your home’s current value, which will help with your wealth-building plans and for insurance purposes.