Is it still a seller’s market today in Long Island? As experts in the Long Island real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in Long Island NY
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a ton of demand in the market for certain areas, while other areas can seem like ghost towns.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, low taxes, great schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Long Island, but seem to be rebounding as the rental market increases.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Brentwood market in interesting ways.
Overall, those people in a position to pay liquid cash for houses have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t make sense.
Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not unusual for approved buyers to get their loans pulled right before closing escrow and cause the deal to fall through, although it’s getting better than it was just a couple of years ago.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot going on in the US economy, and the markets are moving fast in lots of directions at once. It can be very unpredictable.
We’re investing in Long Island because we believe in the community and the people here.
If you need to sell a house near Long Island, we can help you.
We buy houses like yours from people who need to sell fast.