Gorgeous Gourmet Chef’s Kitchen With Granite Countertops, Viking Appliances & Butcher Block Moldings. Living Room/Den With Fireplace, Sunroom Off The Kitchen. The Primary Bedroom/Bathroom Suite On Main Level With Two Additional Bedroom Suites On The Second Floor Along With A Full Bathroom. The Lower Level Is Complete With Kitchen, Den, Bedroom, Full Bathroom With Separate Entrance.
$1,450,000
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Spacious updated 4 BR 2 Bath Ranch, HW floors, Andersen windows, skylites, full basement partially finished, 3V schools, close to RR and Stony Brook Univ.
$950,000 | MLS# 3422211
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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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3 bedroom 2.5 Bath End Unit. Formal Dining rm opens to Living Rm, Anderson gliding doors to private Patio, updated EIK W/Granite counters tops and SS appliances. Second floor Master Bedroom Ensuite, 2 additional large bedrooms W/gorgeous updated bath. Three salt water Pools, two tennis courts, clubhouse, fitness center and playground.
$679,000 | MLS#3449427
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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
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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