Some news outlets are reporting that home sales crashed on Long Island in February. That is very misleading. Closings may have been down in February but buyers are out by the bushel full. Home sellers have been very slow getting listed while the recent interest rate raises have motivated buyers on the sidelines to jump in.
the combination has led to bidding wars and many homes selling for over asking price (and probably over the appraisal price as well). A familiar song but if you're buying and can wait a few months you'll see much better deals come July and august, if you are selling list today so as to take advantage of what is very likely a temporary surge in prices. Once things stabilize rising interest rates will hold down prices.
Thomas Brady SFR,
e-PRO, SRES, BPOR
Licensed Real Estate Associate Broker
Retired N.Y.P.D. Lt.