Real Estate

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This four-bedroom, 2.5 bath home offers nine-foot-tall ceilings throughout the main level and a full walkout basement boasting eight-foot-tall ceilings. The spacious primary bedroom includes a walk-in closet and an ensuite bathroom plus space for an office. Three additional bedrooms offer ample space for family or guests. Still time to customize.

$899,999 | Web# 34535999

For more information click here

By Michael Ardolino

Michael Ardolino

Another year is coming to an end, and a new one is about to begin. It’s time to look back at the real estate trends of 2023 and what experts are predicting for 2024.

2023 in review

The real estate market in 2023 displayed some interesting dynamics, with fluctuations in mortgage rates and a continued appreciation of home values. Buyers are looking, and there aren’t enough homes on the market. 

As I mentioned in last month’s column, people are still moving to the suburbs, and there is solid evidence of that trend here on the North Shore of Suffolk County. What we’re seeing is more demand for homes than there are currently up for sale. It may not be the same as the previous couple of years; however, the demand is still there.

— From October to December, we experienced a 3% decrease of homes on the market in Suffolk County.

— Nearly 60% of homes in the county sold above the asking price.

— Suffolk County homes sold for over 3% higher than a year ago.

— Rates climbed to nearly 8% this year but dipped toward 7.5% recently for a 30-year mortgage.

 Looking forward to 2024

Predictions indicate a positive trajectory for home prices, a decrease in mortgage rates and potential interest rate cuts by the Federal Reserve in 2024. The Feds cutting interest rates, possibly multiple times in the coming year, would end 20 months of rate hikes.

In an article posted to the HousingWire website, Lawrence Yun, National Association of Realtors’ chief economist, said data shows inflation is easing, which could lead the Federal Reserve to cut rates.

“I think that the Federal Reserve will cut interest rates four times in 2024,” Yun said. “Inflation will be much calmer, [and] the abnormal spread between mortgage rates and the 10-year treasury [yield] will begin to normalize or narrow.” 

Some real estate experts have gone as far as predicting that home prices will continue to rise over the next five years. It’s difficult to predict that far out as real estate is inherently uncertain as it’s influenced by local economic and global factors. 

The one thing we know is that homes are appreciating right now and mortgage rates are currently decreasing. We don’t have a crystal ball to know what will happen over the next few years. We do know what’s going on now.

Advice to sell before more houses are listed in the spring aligns with the current market conditions and trends.

Spring ahead

If you’re thinking of selling, don’t make the mistake of waiting until the weather gets warmer. Now is the time to sit with a real estate professional and to prepare your home. Go through your house and donate the furnishings and items you don’t need and finally make those small repairs on your to-do list.

Takeaway

Potential sellers should stay informed about the latest market developments and consider consulting with real estate professionals for personalized advice.

So … let’s talk.

Michael Ardolino is the Founder/Owner Broker of Realty Connect USA

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The EIK features SS high end appliances, a huge island with granite counter top. There is a guest bedroom on the 1st floor. Second floor Master En Suite W/His & Hers full bathrooms, four additional bedrooms & a full bathroom. Full finished basement. Amenities of Belle Terre include access to a private beach steps away.

$999,999 | Web# 3490557

For more information click here

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Tremendous 1.3 Acre property with an open concept home taking advantage of the expansive views of Long Island Sound. The private primary bedroom, located on the 1st floor, is complete with en-suite bath. The full basement is partially finished with a legal studio apartment. DO NOT DRIVE UP DRIVEWAY OR WALK PROPERTY WITHOUT AN APPOINTMENT!)

$1,780,000 | ML#3511775

For more information click here

METRO photo

By Michael Ardolino

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. 

 Takeaway 

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