The general real estate market for Long Island & Queens is going well for sellers, not so much for buyers. Many homes are being sold for over asking price and bidding wars are becoming common. Let's break it down area by area.
Queens is Queens, the market has been strong for years and will continue to be. Queens is basically like all real estate a story of supply and demand, and in Queens the supply is never enough so prices rise continuously, or so it seems. The outlook is great for sellers and bleak for buyers unless they have plenty of cash to burn.
Nassau County is also seeing tight inventory although not as severe as Queens. I expect prices to rise slowly but steadily through October in Nassau. If your considering selling list now, if you are considering buying now more than ever you should get a buyer's agent.
Suffolk has likewise seen low inventory and price rises. Homes selling over asking price are becoming a more common sight and buyers are having difficulty finding homes in their price ranges which were plentiful 6 months ago. If you are going to list your home do so ASAP as I expect the price rises in Suffolk to be more short lived than Nassau and Queens. By July Suffolk homes prices will probably start trending straight, if not down. If you are looking to buy a home you need a buyer's agent to navigate the current market conditions without being taken to the cleaners.
Thomas Brady SFR,
e-PRO, SRES, BPOR
Licensed Real Estate Associate Broker
Retired N.Y.P.D. Lt.