If you've been shopping for houses you already know; the market is on fire in the vast majority of Queens (no big deal here, it seems the market is always on fire in Queens), Nassau and Suffolk. Buyers got spooked by the rising interest rates and have come out in force, meanwhile for whatever reason homeowners aren't looking to sell in the numbers needed to balance the market. The result is a market which hasn't been this hot since before the bubble burst.
Which brings me to my next point. I think we are in another bubble which will burst by the end of summer. The driving forces beyond this bubble are an overwhelming amount of almost hysterical buyers who feel they have to get something and quick or they won't be able to afford anything soon due to rising interest rates and rising prices (a self fulfilling prophesy). This has resulted in bidding wars on homes that couldn't get an offer a year ago. Many homes have multiple offers over asking price. Last year if you put in a full price offer you almost assuredly got the home, this year I've seen full price offers not even get you in the race.
If you are buying and can afford to wait until July, then wait. I strongly believe that the longer term trends are in your favor. If you are thinking about selling in the next year or so, move it up and list today or you may be on the wrong side of a burst bubble. I'm free all day today, call me and we can have you listed today.
Thomas Brady SFR,
e-PRO, SRES, BPOR
Licensed Real Estate Associate Broker
Retired N.Y.P.D. Lt.