Let’s Talk Real Estate: Unicorn years — what’s that?

By Michael Ardolino

‘Unicorn’ Years

There’s no room for fairy tales in real estate. Many headlines have occurred because many articles compare today’s real estate market with the last few years, which experts have dubbed the “unicorn” years where home prices reached unsustainable record highs.

A few years ago, a frenzy in the market began. We saw record high sale prices and incredible opportunities for both buyers and sellers. Sellers sold above top dollar and buyers had the lowest mortgage rate at their fingertips. The market seemed too good to be true but it all really happened. As we return to a more normal market you may ask yourself “Did I miss out on selling my home for a great price? The answer is “No! You haven’t missed out on selling your home for top dollar!” Inventory is still so low that there is not much competition for sellers.

Inventory has been low for a long time, and plenty of potential buyers remain on the market. The lack of inventory has maintained a market that favors sellers and buyers.

Homeowners thinking of selling would be wise to get their houses on the market. With a lack of inventory and a great amount of buyers, there is still competition for homes on the market.

“When supply is so low, your house is going to be in the spotlight. That’s why sellers are seeing their homes sell a little faster and get more offers right now. If you’ve thought about selling, now’s the time to make a move.” – Keeping Current Matters

Takeaway

Overall inventory is very low. Sellers are still selling for top dollar and buyers are still lining up to buy homes on Long Island. If you’re thinking of selling in the near future,  Autumn is the ideal time to take care of minor maintenance around your home. You’ll want to have your furnace inspected, change the air filters, inspect chimneys, trim trees and clean the gutters. For sellers, the time is right.  So … let’s talk.

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