Homeowners who have been left on the sidelines are entering the home selling market, according to a Long Island brokerage team.
WOODBURY, NY, USA, Aug 11, 2021 /EINPresswire.com/ – The number of homes for sale on Long Island is increasing as the wave of home searches in late summer and early summer increases. Fall is starting and soaring home prices may have peaked, according to executives of a leading brokerage team, the Pesce & Lanzillotta team of Berkshire Hathaway HomeServices Laffey International Realty.
Behind the changes, team leaders Mike Pesce and Ron Lanzilotta say rising home prices have prompted potential sellers to pull out.
“After months of rising home prices, including record sales across Long Island, some sellers have been tempted to see what they can get for their own properties,” Pesce said. “This temptation to list and cash in a hot market contributed to an 11% increase in the number of homes listed nationally in June. While inventories are still down over 40% from a year ago, it is encouraging to see a significant increase month over month. July market data is not final, but the number of new homes for sale on Long Island has increased markedly in recent weeks. “
But, warns Lanzillotta, “There is a cap for every market and we may have finally hit it on Long Island. Homes are only worth what a buyer is willing to pay for them. If prices go up too high and too fast, buyers won’t buy. It’s that simple. If buyers don’t buy, that means sellers will have to consider price reductions. The total number of days on the market will increase accordingly.
Despite the change, Long Island sellers continue to charge high prices for their homes, the duo noted.
Another factor behind the increase in inventory of homes for sale is the post-pandemic economic recovery that has encouraged some people to move out and put their homes up for sale, they said /
With unemployment rates at pre-pandemic levels and the expressed confidence of the Federal Reserve in the forward dynamics of the economy. The result: a growing number of people who have decided to seek other opportunities that allow them to either telecommute or involve less travel to the office. In addition, others, encouraged by the strength of the economy, are looking for higher wages and more career opportunities.
“In the first half of 2021, the Long Island housing market was a flurry of eager buyers and determined agents trying to secure homes for their clients.” Pesce noted.
“Bidding wars became commonplace and buyers were willing to pay far more than the asking price for their dream home. Some people have waived their possibility of inspection and even paid the seller’s closing costs on top of their own, ”Lanzillotta added. “This type of market just can’t go on forever. Now we see this change.
The two brokers suggest that the housing market is more relaxed now than in the first half of the year, perhaps because people got tired of fighting to get a house or maybe put their summer travel plans on hold.
Even so, they say. “There are always more interested buyers than homes for sale and although many properties receive multiple offers rather than asking, buyers are acting a little more rationally. They are willing to pull out if the demands are too high or the price is too high, which puts pressure on unrealistic sellers, ”Pesce said,
These changes, however, present an opportunity.
“After months of such a strong seller’s market, there is some hope for potential home buyers,” Lanzillotta said. “If you are thinking about selling or have to sell because your home no longer meets your needs, now is a great time to list it. “
About the Pesce & Lanzillotta team
Pesce and Lanzillotta are the leaders of Team Pesce & Lanzillotta, the # 1 real estate production team in Long Island, Brooklyn, Queens and the Hamptons. Operating out of the Woodbury, NY office of Berkshire Hathaway HomeServices Laffey International, the team ranks in the top half of one percent of real estate agents nationwide with 2020 home sales totaling over $ 50 million. dollars. For more information on Pesce and Lanzillotta and their listings, visit www.thepescelanzillottateam.com.
write us here