Sorry for the lack of a blog post in a while I had a death in the family but I'm back on track now. The Spring market is picking up where we left off i.e. a seller's market. Lack of inventory more so than excessive demand is fueling this market. I expect April to even the amount of buyers and sellers somewhat. Currently you have many homes receiving multiple offers and selling for over asking price, however many home owners have taken the seller's market too literally and are way overpriced to the point that they get few showings and no offers.
Looking forward I believe the Long Island housing bubble will be crashing towards the end of the summer. The double whammy of increasing interest rates and the coming of the new tax laws will prove too much to overcome. I think you'll see a correction of between 10- 20% by the end of 2018, let's hope I'm wrong.
Action plan for buyers: jump on listings the day they come out if they look fairly priced and fir your needs. Many buyers will see a listing on Monday, make an appointment for the weekend with their agent and it's already gone; buyers are not in the driver's seat right now. Just as important for buyers, know what you want to pay for a home and don't get caught up in bidding fever and be in an underwater home in a few months.
Action plan for sellers: list TODAY. Many home owners are waiting for April to list their homes, get a jump on them and list today while the imbalance of sellers to buyers is greatest. We offer a full service listing package for only 4%.
Thomas Brady SFR, e-PRO, SRES, BPOR
Licensed Associate Real Estate Broker
Notary Public, Retired N.Y.P.D. Lt., U.S. Air Force Veteran
HomeSmart Premier Living Realty