Tags Posts tagged with "buying a home"

buying a home

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Buying a house should not be a pipe dream, but it has become more and more unrealistic for Long Island residents.

Even if extra houses and apartments are built, one issue has become painfully clear — home properties are too expensive for many Long Island residents. According to OneKey MLS, the median sales price of a home in Suffolk County in January 2024 was $600,000, an annual increase of 9.1%.

This leaves many different residents with the difficult question of whether or not to leave their beloved hometowns to move to a more affordable place, or even try to buy a home here in the first place.

If young couples cannot afford to start a family here, then there is a potential that school districts are impacted, whether losing funds due to lack of enrollment or having to shutter their doors completely.

Naturally, this problem doesn’t just end at school districts. Our small businesses need the local population to not just shop, but to work. Yet the state minimum wage of $16 per hour does not even come close to being high enough for people to realistically afford a mortgage or rent payments. According to the MIT Living Wage Calculator, two working adults would need to make $19.85 an hour each in order to have a living wage — and that’s before having one child, which would then bring it up to $29.60 with both working. The required annual income before taxes, with both adults working, is $82,580, rising to $123,139 with one child. 

This is why programs, such as Suffolk County’s Down Payment Assistance Program, are necessary to secure the future of our towns. The program could provide eligible first-time homebuyers with up to $30,000 for a down payment for a single-family residence that they must live in for at least 10 years. 

While this may just be for the down payment, it can potentially still help couples from falling into the trap of becoming “house poor,” a situation in which a large amount of a person’s income has to go to paying bills covering their home, not leaving them enough money for other obligations and needs.

Furthermore, it is important to remember that young couples are not the only ones who are impacted by Long Island’s unaffordability. Adults aged 60 and over account for roughly 20 percent of Suffolk County’s population according to a 2022 report from the Suffolk County Office for the Aging. Many find themselves having to retire elsewhere, forcing them to leave behind decades of relationships and memories in exchange for more affordable prices.

Overall, the Down Payment Assistance Program is a great step toward keeping Long Island affordable, but a systemic change seems increasingly necessary to stop everyone, across all age demographics, from being forced to choose between affordable housing and a neighborhood they love.

By Michael Ardolino

Michael Ardolino

It’s a great time to sell/buy.

While there are more options, your home is still in high demand. Graph 1 in our advertisement on page B9 shows inventory still is not keeping up with demand, maintaining a seller’s market. The National Association of Realtors’ (NAR) data shows sellers are still receiving many offers.

Mortgage rates are still historically low, and rates have increased approximately 3% in the last nine months. Buyers are becoming less likely to get into bidding wars and are more cautious. The rush of over-bidding and waiving inspections or appraisals is decreasing.

Let’s go

Put your home on the market while inventory is low, and buyers compete for the best offer. Buyers are understanding the adjusting market and know they can still secure a low mortgage rate.

Since April we’ve seen an incline of month’s supply of homes for sale. In August, the month’s supply went from 2.9 to 2.0 months, dipping further back into a seller’s market. We’re still experiencing the effects of low inventory and high demand.

CoreLogic states “Annual home price growth slowed for the third consecutive month in July and remained historically elevated at 15.8%.” Home price appreciation is slowing— a deceleration not depreciation.

CoreLogic expects to see a more balanced housing market with year-over-year appreciation slowing to 3.8% by July 2023. The home price appreciation we’ve experienced are unsustainable and are expected to return to normal in the next year.

Take advantage of the timing and get a great price for your home now.

Your next move

A recent article from CNET explains: “Homeownership is still considered one of the most reliable ways to build wealth… You’re building equity in your home…”. Home values have appreciated so much over the last few years, you can now cash in on all the built-up equity. Once your home is sold, you’ll have access to funds to use for a sizable down payment or an all-cash purchase. Sellers are becoming more flexible and willing to negotiate, especially if your offer has a higher down payment or no mortgage contingency. You’ll know your budget and can secure the home and location you’re moving to, especially with more homes on the market. 


Timing is everything. It’s a great time to sell/buy, and as always in real estate, consult with a professional and make the best decision for you and your family.

So … let’s talk.

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