By Michael Ardolino
One trend remains from the “unicorn years” — people continue to move away from dense areas and are attracted to Suffolk County’s North Shore. The allure of suburban living continues to grow as potential buyers reinvent their lives with less traffic and fewer crowds than in the city.
Inventory low, appreciation high
Buyers attracted to our towns and villages need houses to buy, and yours could be one of them.
Suffolk County experienced a slight increase of .6% in the number of homes on the market from September to October. While the norm during colder months is a decrease in inventory, after a few years of a sellers market, the recent increase isn’t enough to satisfy demand.
Last month, Suffolk County homes sold for 3.6% more than they did last year at the same time. In October, nearly 60% of homes sold for over the asking price, providing a golden opportunity for potential sellers to sell now.
Listing before 2023 ends or early in the new year while competition is still low can result in higher demand for your home and, possibly, a more lucrative offer.
Potential sellers who have paid a good percentage of their mortgage — especially if they are downsizing or retiring to a less expensive area — can pay off a new home or most of it, avoiding high mortgage rates. Rates can be refinanced in the future, and if they continue to increase, with a fixed mortgage rate, you’re locked in.
Before you list
Selling a home requires careful consideration and planning. Here are some key steps:
◆ Meet with a real estate professional and get all the facts to make an educated and confident decision about selling.
◆ Before you choose a broker, ask how many homes an agent has sold in the past year.
◆ Visit your dream town to see if it meets your expectations and how the market is doing there.
◆ Just flirting with the idea of selling? Start making repairs on your home.
◆ Remodeling? Consider who today’s average buyer is and what they would look for in a home.
Make an informed decision. Selling or buying a home is a financial investment and a lifestyle choice. Sit down with a trusted real estate professional to make the best of today’s market and the wisest decision for you and your family.
So … let’s talk.
Michael Ardolino is the Founder/Owner Broker of Realty Connect USA