Clubhouse with gym & rec room, Tennis & salt-water Pool plus all Port Jefferson Village amenities! Living room features gas fireplace, kitchen has granite counters and breakfast area. Spacious landing leads to primary en suite with bath, then to the 2 additional bedrooms and shared bath.
$749,000 | MLS# 3438663
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New 200 amp electric service, new boiler, new CAC, all new Pella windows, all new flooring throughout and freshly painted. New kitchen with white cabinets, quartz countertops and stainless steel appliances. All new bathrooms including private master bath.
$658,800 | MLS# 3415458
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On a beautifully landscaped 1+ acre, the home features Custom Built-In Shelves & Cabinets, Sun-filled EIK, Updated Bathrooms, Separate Guest Quarters with private entrance, Central Air Conditioning, Gunite Pool, and a Slate Patio with a Pergola.
$875,000 | MLS#3452845
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Panoramic water views with stairs to the beach. This 6,000 sq.ft. residence is on 1.22 acres. Designed for today’s “open concept” lifestyle, public rooms feature built-ins, art frame television, 2 fireplaces, 2 primary en suites, one on each floor, state-of-the-art kitchen. Pergola covered patio with fireplace.
$4,850,000 | MLS#3431141
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Gracious Living Space With Large Principal Rooms. Oversized Gourmet Kitchen, Stunning Great Room With Soaring 20 Foot Ceilings and A Stone Wall Fireplace As Well As A Spacious Primary Bedroom Suite On The Main Level. Second Floor Loft Balcony, 30 Foot Bonus Room, and Guest Quarters. Backyard Oasis Includes An L-Shaped, Roman Entry, Mountain Lake Pool, Deck, Expansive Lawn And Backed By A Serene Nature Preserve.
$1,649,000 | ML#3421184
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By Michael Ardolino
So far, there is much less inventory on the market for the first quarter of the new year than originally predicted. What this means for sellers is less competition than previously anticipated and a higher chance of selling your home for top dollar. Inventory is not easily predicted accurately, so sellers should continuously watch inventory levels and make decisions based on current facts and statistics.
As for buyers, it’s also savvy to focus on mortgage rates. The year 2022 showed a clear positive correlation — meaning variables or values that travel in the same direction — between inventory and mortgage rates. When mortgage rates changed, so did inventory. Rates are nearly double what they were this time last year, and it’s clear that has affected inventory. (See graph above). The great news is these rates are still very low (especially compared to rates in the 7% range last October), competition is softer among buyers versus January 2022, and there are still options to buy.
According to Mike Simonsen at Altos Research, “the data doesn’t say ‘wait for an influx of homes.” He goes on to explain there is more inventory than this time last year, so buyers now have more options. There is no concrete evidence that supports the idea that a sudden wave of inventory is hitting the market. With fluctuating mortgage rates, taking advantage of the current market is strongly recommended.
Job market affects housing market
According to The New York Times’ December Job Report, several fields, such as medical, retail, construction, etc., generated job growth. “Employers added 223,000 jobs in December, the Labor Department reported.” Unemployment stands at 3.5%, proving stability and a healthy workforce.
Lydia DePillis at The New York Times states, “layoffs and initial claims for unemployment insurance have remained extremely low, while the gap between the number of available workers and listed jobs is far larger than its historical average,” meaning less available, or unemployed workers in a time of high employee demand. Jobs added to the market and current decrease in unemployment will lead to more potential homebuyers, especially with many looking to buy instead of rent.
I’ve mentioned in previous articles the “shining star” of real estate is equity. Property ownership is one of the greatest hedges against inflation and can be tapped into in cases of emergencies. Since data of our local real estate market does not show price depreciation in the near future, purchasing a home now will build your equity and will provide a sizable return on investment (ROI) when you resell.
Takeaway
Right now is still an excellent opportunity to put your home on the market, and things are looking up for buyers as well. Sellers should take advantage of the current low inventory levels, and both sellers and buyers should take advantage of historically low mortgage rates and a strong job market. Equity in real estate is an excellent financial hedge, and locally appreciating homes will increase your ROI in a future resale. So … let’s talk.
Michael Ardolino is the Founder/Owner-Broker of Realty Connect USA
Gina Marie Bettenhauser was installed as the 2023 President of Long Island Board of Realtors (LIBOR) during the Association’s Installation and Awards event at Oheka Castle in Huntington on Jan. 5. The event also included the installation of LIBOR Executive Committee, Board of Directors, and Young Professionals Network for 2023.
Bettenhauser will serve as the 82nd President of LIBOR, a leading regional realtor trade association that serves 30,000 real estate professionals throughout Queens, Nassau, and Suffolk Counties. She is joined on LIBOR’s Executive Committee by President-Elect, Kevin Leatherman Secretary/Treasurer, Mary Alice Ruppert.
As a real estate professional for over three decades, Bettenhauser has found the opportunity to join her life’s passions: real estate and advocacy, and has invested in her career and industry by earning a plethora of National Association of Realtors (NAR) designations and certifications. She is currently an Associate Real Estate Broker at Coldwell Banker Distinctive Homes in Shoreham
In the spirit of volunteerism and raising awareness for the real estate industry, Bettenhauser has served as a director at LIBOR. She is an adept leader and possesses a gift for spearheading various committees and task forces. She has served as LIBOR Education Committee Chairperson in 2017 and Grievance Chairperson in 2019 and is a graduate of NYSAR’s Leadership Academy Class of 2022.
Additionally, Bettenhauser is involved in New York State Association of REALTORS® (NYSAR), and NAR, where she advocates for the protection and promotion of the real estate industry through her work with government affairs and RPAC.
Bettenhauser is also extremely vested in her community of Shoreham-Wading River, where she is a member of the Shoreham and Wading River Civic Associations; has served as Chairperson on the school district’s Legislative, and Space and Facilities committees; and is a major donor to the district’s Athletic Booster Club where she currently serves as President.
The secluded, flat shy 2-acre parcel offers an expansive pool, loaded pool house, multiple entertainment areas and a lush sprawling yard. The Primary Suite offers over 1000 sqft of luxury. Each of the other 4 suites is complete with a private radiant heated bath and walk-in closets.
$3,700,000 | ML#3159555
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Beautiful 5 Br 1 1/2 Bath Colonial Large Eik With Granite Counter Tops and SS Appliances FLR/Den FDR Hard wood FLs 2 x 6 Construction 200 Amp Service 2 Zone Heat 8 Zone Sprinklers Fully Fenced IGP with 1 Year old Liner 1 Car Garage.
$649,999 | Web#3445024
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4 bedrooms, 2 full bathrooms, beautiful hardwood floors in living room and hallway. Second floor offers New Anderson windows, 2 skylights, and extensive storage. First floor offers an expanded Primary bedroom or family room/office. Gas at the end of the street, ready for conversion.
$579,000 | ML#3438862
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