Our real estate agents know that deciding precisely when to sell your house can be a real challenge.
Whether it's a buyer's or seller's market, conditions never stay the same for very long. It's up to sellers to time their transaction for the greatest advantage, then get the right help from a real estate agent. However, there can be a lot of conflicting information to sort through.
With interest rates rising, many sellers have concluded that they "missed the boat."
For those who feel that way, it may mean waiting months or even years for another chance to sell. But, before committing to the long wait, it's important to remember that market conditions can be very different from one place to another—and that's especially true here on Long Island.
- Higher Interest Rates Won't Slow Down Demand for Long Island Properties
The idea that the housing market will soon slow down is based on rising interest rates. But these rates have the biggest impact on first-time homebuyers and those with low or moderate income. As a rule, this makes up a very small sliver of the buyers looking at Long Island property.
In fact, a great number of would-be Long Island buyers are investors. They come ready with cash and expect to make much more money than they put in. Since their finances are already set in stone, they are not affected by interest rates that make conventional loans less attractive.
With this in mind, Long Island property owners have less to worry about than those in many other areas. Yes, you may see fewer offers—or you might not. It is still possible to find qualified buyers with cash in hand. If you are especially lucky, you could still end up at the center of a lucrative bidding war.
- The Beginning of May Is Often Preferred for New Listings, But This Can Vary
When listing your house, one of the biggest goals is to finish a sale within about 30 days. The longer a home is listed, the more likely it is would-be buyers may think something is wrong with it. If a home doesn't attract a buyer for 60 days, it is a warning sign for all involved. If a property is still listed at the 90-day mark, it will usually need to be pulled off the market and re-listed later.
Early May is often considered the best time to have a home on the market, but the summer buying frenzy extends through late August. And even if you are listing at a different time of the year, your home's marketing can take that into account and turn it into an advantage.
- Your Real Estate Agent Is Here to Protect Your Interests Throughout the Process
No matter where you are or when you decide to launch your listing, it's crucial to ensure you have the right real estate agent on your side. Your agent does all the necessary research to ensure a home is truly priced to sell—based on recent, successful sales in the local area.
Likewise, your agent will work overtime to ensure your property is marketed to all the right buyers. That means an excellent listing with interactive features and compelling real estate photography. More buyers are looking for on-site home tours again, and your agent can coordinate these guests.
There's never a wrong time to list in Long Island—with the right expertise and advice.
Contact us at Laffey Real Estate to find out more.