Has the Long Island housing market bottomed out?
There is no doubt that the Long Island real estate market is heading in a much more positive direction. Sales of existing homes, pending sales of existing homes and sales of new construction are all up. The media headlines are now mentioning and, in some cases, are exclaiming that we have reached a bottom. However, let’s not lose track of the real data behind the headlines.
Things are better. But, we still have a long way to go. For example, though it is true that nationally new construction sales shot up 11% in June, June has historically always been the best month of the year for this category. And, in actual units delivered, this June was the worst June since 1982! I am not trying to play the role of the pessimist just as I wasn’t playing the role of the optimist this past winter when I said the market wasn’t as bad as the media was reporting. I try to be a realist. What is reality telling me right now? All our hard work over the last twelve months is starting to pay off. Let’s remain diligent in the pricing of Long Island real estate to ensure we keep the present momentum going.
Now might be the time to pull the trigger on that Long Island real estate purchase. According to this year’s National Housing Pulse Survey from the National Association of Realtors:
83% of Americans still believe buying a home is a good financial decision.
75% of those surveyed also believe now is a good time to buy a home, a number that has increased steadily the past two years.
33% of renters are thinking more about buying a home than they were a year ago.
If you have any questions about whether it is the right time to buy or sell Long Island real estate feel free to contact me, Erik Reilly by cell/text 516.984.0789 or email reillyerik@aol.com