With home values at historic highs, many homeowners are rushing to put their houses on the market to take advantage of the increase in their equity. But our real estate agents want to caution sellers that hasty decisions can mean necessary repairs can go unidentified and delay closing the sale. A pre-inspection can be a worthwhile investment and reveal issues that can be resolved before listing.
The holiday season always brings plenty of opportunities to run on Long Island! With lots of great holiday 5k walks and runs coming up, our real estate agents are excited to share some of their favorites.
And if you're looking for someplace to get in shape for your next big race, then you're in luck. Long Island is also home to some great trails and greenways where you can practice. So lace up your shoes, and get ready to hit the pavement in Nassau and Suffolk counties.
Over the past two years, the substantial imbalance of low housing supply and high buyer demand pushed home sales and buyer competition to new heights. But this year, things are shifting as supply and demand reach an inflection point.
The graph below helps tell the story of just how different things are today.
This year, buyer demand has eased as higher mortgage rates and mounting economic uncertainty moderated the market. This slowdown in demand is clear when you look at the red bar on the graph. It uses the latest data from ShowingTime to illustrate how showings (an indicator of buyer demand) have softened by just over 12% compared to the same time last year.
Now for a look at how housing supply has changed, turn to the green bar. It uses data from realtor.com to show active listings are up nearly 27% compared to last year. That's because the moderation of demand allowed housing inventory to increase in 2022.
If you're thinking of buying a home, you'll have less competition and more options than you would have had last year. Enjoy having more homes to choose from in your home search and lean on a trusted real estate professional to understand how the increase in supply has also increased your negotiation power. That professional can talk you through the opportunities and challenges buyers face in today's shifting market. You may be surprised to find they're different than they were a year ago.
If you're looking to sell your house, know that inventory is still low overall. That means, if you work with an agent to price your house based on current market value, it will still sell despite the inventory gains and moderating buyer demand this year. That's because there are still buyers out there who want to move, and your house may be exactly what they're looking for.
If you're thinking of buying or selling a home, the best place to turn to for information on today's supply and demand is a trusted real estate professional. Let's connect so you know what's happening in our local market and what that means for you.
Did you know that October 22 is National Make a Difference Day? The idea behind Make a Difference Day is that every small bit of support can make a difference in someone's life and that everyone can do their part. This is the 30th Make a Difference Day since it was originally established in 1992, presenting the perfect opportunity to show your support to some of the many non-profit organizations on Long Island that make a difference in the lives of others every day. Our real estate agents have the details on five Long Island non-profit organizations to consider for Make a Difference Day this year.
If you're craving a home overhaul, you may hesitate to go through a demolition's time, expense, upheaval, and mess. You can still make your home more beautiful and functional with a renovation project that avoids many of the negatives associated with a demo.
Our real estate agents suggest 10 tips for a successful "no-demo" reno project.