Main floor primary bedroom (350 sq ft) with updated ensuite bath, 725 sq ft legal one bedroom accessory apartment with updated bath. Finished basement and large deck. CAC, Generator, walk-in attic, new roof (2021). Fenced yard (.97 acre) with room to park RV or boat. Room for pool.
$740,000 | MLS# 3406156
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Living Room with Propane Fireplace, Office with french doors. Work out area /playroom in garage area. Inground pool with large paver patio. Large Master bedroom with designed masterbath. 3 large bedrooms with updated bathroom w/tub. Three Village School District.
$715,000 | MLS# 3408540
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3 Bed, 3.5 Bath Condo. Gourmet Eik W/Custom Cherry Cabinetry, Granite Countertops, S.S Appliances, Mas. Suite on Main Flr. Large Brick Patio. 24 Hour Gated Community Offers Indoor/Outdoor Ig Pool, Tennis, Bocce, Playground, Club House W/Gym.
$699,000 | ML#3397681
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Almost 3 Acres Of Property with Stunning Views Of The LI Sound, 30 FT. Dock & Kayak Ramp. Spectacular Kitchen W/ Soapstone Counters, Wolf/Viking Appliances and Spacious Island. Master BR Suite On Main Level. LL Has Wine Cellar, Wet Bar, Gym, Family Rm and Theater.
$3,350,000 | ML# 3351291
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On a dead end block with a semi-circular graystone path to the front porch, a paver driveway to the garage, 6 ft. fencing on side and back yards. Family Room, Dining/Living Room with a gas fireplace. Updated Eat-In Kitchen. The Primary Bedroom has an updated Bath and the additional 2 Bedrooms share the 2nd updated bath.
$499,000. MLS #3402453
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By Michael Ardolino
According to Long Island housing statistics, the number of listings taken increased nearly 6% since April 2022. Total homes available is also approaching 10%.
As the number of homes on the market increases, it’s important for those thinking of selling to keep their eyes on the real estate market. Fortunately for sellers, things are still in their favor, and forecasters predict it will remain that way this summer and into the fall.
For buyers, this means more to choose from. If you are selling and haven’t purchased your new home yet, you’ll also benefit from inventory starting to inch up.
While other potential sellers may be contemplating the perfect time to put their home up for sale based on their personal plans, if you base your decision on when it’s right in the market, you’ll come out with a better return on your investment.
Heading toward possible stabilization?
A recent article in The Washington Post states, “while mortgage rates and home prices are not expected to drop, they are anticipated to somewhat stabilize.”
Some may wonder if the market stabilizes, how it will remain a seller’s market this summer. According to Shivani Peters, a mortgage advisor and expert, “We have no reason to believe that home prices will stop appreciating … When you own, it’s a gift.” After two record-breaking years, the slight climbs in mortgage rates and home prices aren’t bad news. Prices will still continue to appreciate through the stabilization.
A reminder
Interest rates continue to inch up to slow inflation — we’re seeing nearly 6% for some 30-year fixed rate mortgages — and savvy buyers want to stay ahead of rising interest rates. For example, a person who bought a home in 2019 valued at $370,000, who put 5% down with an interest rate of 2.87%, would have a mortgage payment of $1,457. Someone who bought a home valued the same in 2022 with interest rates at 5.25%, would now pay $1,940. If they wanted the same type of house that sold for $370,000 in 2019, they would now pay around $500,000 for that home, with 5% down and current interest rates, their mortgage payment is $2,623. Timing is everything!
Real estate and financial experts are keeping a careful eye on The Federal Reserve as the central bank announced a .75% percentage point rate hike on June 15. Jerome Powell, chair of The Federal Reserve, said the Feds may announce a similar rate hike again next month. As I discussed in a past article, just because the rates are going up doesn’t mean they are the highest they have been.
Takeaway
As mortgage rates rise, buyers are less likely to purchase a home at the same price they would have six months ago; mortgage rates are predicted to only continue increasing over the next six. While rates will still be historically low, the best time to sell or buy is now. So … let’s talk.
Michael Ardolino is the Founder/Owner-Broker of Realty Connect USA.
On a dead end block with a semi-circular graystone path to the front porch, a paver driveway to the garage, 6 ft. fencing on side and back yards. Family Room, Dining/Living Room with a gas fireplace. Updated Eat-In Kitchen. The Primary Bedroom has an updated Bath and the additional 2 Bedrooms share the 2nd updated bath.
$499,000 | MLS #3402453
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Just shy of an acre of Meticulously Maintained Property. Beautiful Views Of The Long Island Sound From Your Deck. Living Room, Eat In Kitchen, Family Room W/Fireplace, Four Seasons Room. 6 Bedrooms, 4 Full Baths. Semi InGround Pool with Trex Decking. Full Basement, Luxurious Cabana w/Shower and full bath.
$1,150,000 | MLS#3369966
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3 Bed, 3.5 Bath Condo. Gourmet Eik W/Custom Cherry Cabinetry, Granite Countertops, S.S Appliances, Mas. Suite on Main Flr. Large Brick Patio. 24 Hour Gated Community Offers Indoor/Outdoor Ig Pool, Tennis, Bocce, Playground, Club House W/Gym.
$699,000 | MLS#3397681
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Updated Kitchen With Generous Cabinetry Space, Granite Countertops, Stainless Appliances And Counter Seating. Bedroom On The 1st Floor. Upstairs Are 2 Sizable Bedrooms With Ample Storage. Mitsubishi Ductless HVAC Dual Zone, Vinyl Replacement Windows And Paver Patio.
$329,000 | MLS#3401695
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