Sept. 17, 2020

Long Island’s “Second Wave” of Real Estate: Fall 2020

September 22nd marks the official beginning of fall and that means it’s time to prepare for Long Island’s traditional “Second Wave” of real estate. As longtime Realtors on Long Island, we know that the fall always brings a second surge in the real estate market as people come back from summer vacation and realize their current home no longer fits their needs.

 

This year, thanks to COVID-19, Long Island experienced a crazy summer in real estate. In our last blog, we talked in-depth about the specific factors driving this surge, but it’s safe to say that those same factors are still very much in play this fall.

 

In New York at least, things have progressed since this spring’s total lockdown. We’ve entered Phase 4, which is the final phase of the reopening plan. However, many people are still leaving New York City and moving out to the suburbs. Long Island, with its close proximity to the city, is the ideal choice for those who desire a bit more space between them and their neighbors. Many of these buyers can afford to snap up luxury homes (those properties listed at $1 million or more) which helped drive a year-over-year increase in luxury home sales on Long Island of 151%!

 

Not all buyers are relocating from New York City though. Just like every fall, there’s a number of people who’ve realized their current Long Island home just isn’t a good fit as they try to navigate home schooling or distance learning alongside working from home. Thanks to record-low interest rates, people are motivated to make a move now rather than waiting to see what happens with schools and jobs next spring or summer.

 

Despite the flurry of activity in the Long Island real estate market this summer, we still have very low inventory. This coupled with increased buyer demand means that many homes are receiving multiple offers and selling for a great price! In both Nassau and Suffolk counties, we’ve seen a year-over-year increase in prices for single family homes, condos, and townhomes in most price brackets across the board. Click here to check out the latest market reports for both counties.

 

If you’re thinking of buying or selling this fall, it’s a great time to make a move. For buyers, you’ll probably lock in a great rate which means you’ll be able to stretch your dollar further to purchase a bit more home. For sellers, you’ll likely be able to sell your home quickly and at the price you want.

 

No matter what side of the table you’re sitting on, fall 2020 offers tremendous opportunity for Long Island real estate. If you’re looking to take advantage of our current market conditions, reach out to us. We’d be happy to represent you whether you’re selling, buying, or both!

Aug. 13, 2020

Luxury Homes Sales Surge on Long Island

The coronavirus has changed life as we know it. For Long Island real estate though, that’s actually been a good thing. A recent article from Newsday reported that the sale of luxury homes on Long Island (homes listed at $1 million or more) surged last month, up 151% from a year ago!

 

What’s driving this sudden demand for high-end homes in the midst of a global pandemic? A few reasons – and all of them tied to the effects of the coronavirus.

 

First, in the wake of New York City’s lockdown earlier this year, many people are fleeing the city for the suburbs. That includes wealthy New Yorkers who are snapping up some of the market’s priciest homes. After the city spent several weeks as the epicenter of the coronavirus in the United States, people realized that living in a densely populated city might not be for them. Long Island’s proximity to the city makes it the ideal choice for those who still need or want to be near New York City.

 

Second, with most US companies moving to remote or virtual work indefinitely, some people are taking advantage of their newfound location freedom to move out of the city. They’re banking on the fact that their jobs might stay totally remote in the future or include greater flexibility to work from home. Even if that’s not the case and these new Long Island residents have to go back to office life in the future, Long Island is an ideal choice for those who need to commute to the city.

 

Third, low interest rates are incentivizing people to buy. Some Long Island luxury home buyers might have been contemplating making a move to the area for years. With interest rates near historic lows, there’s never been a better time to make that dream a reality. Though taxes on Long Island are a bit higher than in the city, most buyers are going to be able to get more property for their money. Not to mention a change of pace and different lifestyle.

 

Fourth, with people spending even more time at home, many Long Island residents have realized their home isn’t really working for their needs anymore. Maybe the home is too small for their growing family or the street is too noisy. Maybe they’ve been dreaming of buying a home with a big backyard and a pool for a while now. Whatever their motivation, many people have emerged from the coronavirus lockdown inspired to move up from their current home.

 

What does this sudden uptick in luxury home purchases mean for the Long Island market going forward? If you’re a seller and thinking of selling your home, now is the time to list! Even if your home doesn’t come with a luxury price tag, Newsday reported that the Long Island housing market saw an increase in the number of sales in all price ranges across the board, except for homes priced at $199,999 or less. We’re also facing low inventory conditions on Long Island, which means there are more buyers than homes available. Again, this is great news if you’re selling because you’ll likely snag a great price for your home.

 

On the buyer side, while the market is competitive, it’s not impossible. We’ve helped many of our clients secure a new home this summer. Working with the right team that knows how to put a strong offer together is the key to landing the home of your dreams.

 

Want to know more about how the market is doing in your neighborhood or zip code? Thinking of selling or buying soon? Reach out to us and let’s get started!

July 14, 2020

Summer on Long Island 2020: What to Do This Summer

While summer on Long Island looks a bit different this year, there are still plenty of things you can do to get outside, enjoy the gorgeous summer weather, and make memories with your family safely. We’ve compiled a list of sixteen of our favorite Long Island summer activities that you can still do while New York moves forward with reopening.

 

 

Hit the Beach

 

Beat the heat and spend some time in the sun by planning a trip to one of the many wonderful beaches on Long Island! Kids can swim in the waves, build sandcastles on the beach, and make memories for a lifetime. Arrive early to stake out a spot and consider visiting a less popular beach to ensure you can maintain adequate social distance from other people. Check out this list of the 25 best beaches for families on Long Island.

 

 

Go Berry Picking at Lewin Farms

 

Berry picking is a Long Island tradition! Spend the day exploring the berry fields and picking plump, ripe blueberries, raspberries, blackberries, and more. We recommend visiting Lewin Farms in Calverton, Long Island’s first pick-your-own farm, but there are many other berry farms open now. You’ll want to call ahead to find out what fruit is in season and to ask about their current COVID-19 guidelines.

 

 

Have a Picnic

 

While you might have had plans for an epic summer vacation this year, you can still enjoy a little change of scenery close to home! Bring a picnic lunch, a blanket, and some sunblock to enjoy a day outside with the family at one of Long Island’s many picturesque neighborhood and state parks. Need some inspiration or want to visit a new-to-you park? Check out this list of the top picnic spots on Long Island.

 

 

Sea Kayak at Levy Park

 

Want to head out on an adventure? Plan a day of sea kayaking! Levy Park in the town of Hempstead is a popular place to kayak. There’s a launch area at the park, which is ideal for those who already have their own kayaks. Tours are also offered with Levy Park Rangers. Learn more about kayaking at Levy Park here.

 

 

Take a Trip to Fire Island

 

No Long Island summer is complete without a trip to Fire Island! One of the most beautiful places on the Atlantic coast, take the ferry over to the island and go sailing, bike riding, beachcombing, hiking, and more.  While the Fire Island Lighthouse is still closed, you can explore the grounds around the lighthouse and visit the gift shop! To plan your visit to Fire Island and see what’s open, click here.

 

 

Explore Old Westbury Gardens

 

With over 200 acres to explore, Old Westbury Gardens is the perfect place to take the family and allow the kids to run off some of their energy. While the Westbury House is still closed for renovation, there’s plenty to see and explore at the site. Both members and general admission will need to buy tickets in advance – click here to learn more.

 

 

Enjoy Waterfront Dining Outdoors

 

Plan a date night or special family outing at a waterfront restaurant with patio seating! Take the night off of cooking and relax with views of the water. It’s the perfect way to end a day spent exploring a new beachside town or to refuel after a hike. 

 

 

Visit Montauk

 

With most overseas or out of state trips cancelled the summer, use your time at home to explore all of Long Island! We recommend driving out to the Hamptons and visiting beautiful Montauk. Spend the day at the beach or explore this historic seaside town. Montauk’s iconic lighthouse tower is temporarily closed, but you can still explore the museum and grounds. Make sure to take a family photo in front of the lighthouse!

 

 

Catch a Movie at the Drive-In

 

With movie theatres closed, drive-in movies are popping up all over Long Island! Many of these pop-up events are staging just a movie or two though some have plans to run a longer series. Watch a movie from the comfort of your own car and spend time with your family this summer doing something different and unique. Click here to find a pop up drive-in theatre location near you.

 

 

Book a Staycation

 

Sometimes the best vacation is one that doesn’t require you to travel. Book a staycation rental in your town or just clear your schedule and vacation at home! Staycations are a great way to give yourself a little R&R while ensuring you’re staying safe and minimizing your risk for COVID-19.

 

 

Take a Drive-Thru Farm Tour

 

Do your kids love animals? Take them to a drive-thru farm tour on Long Island! In response to the pandemic, both Spirit’s Promise and North Shore Horse Rescue have added a unique way for visitors to see their facilities and support these non-profits.  Ticket sales support food and medication for the rescue animals and also go towards the organization’s equine therapy programs. Click here to learn more and buy tickets.

 

 

Go Boating on the Great South Bay

 

Love to sail? Take a boat out on the Great South Bay! With calm waters and panoramic views, it’s the ideal place to enjoy some water recreation and relax under the sun.

 

 

Visit the Long Island Aquarium

 

The Long Island Aquarium is open for summer with new COVID-19 regulations in place. Take the family for an educational day exploring the indoor and outdoor exhibits at the aquarium. While many of the more interactive offerings are on hold due to the virus, you can still book a ride on the Atlantis Explorer Tour Boat. Click here to purchase tickets to the aquarium and see what’s open now.

 

 

Go Camping in Your Own Backyard

 

Want to get the camping experience this summer without leaving home? Pitch a tent in your own backyard or just roll out the sleeping bags to spend the night under the stars. Make s’mores in the oven, play outdoor games, tell scary stories around a backyard fire pit, and make it a night to remember!

 

 

Hike or Bike the Long Island Trails

 

Make sure your family is getting their exercise by planning regular walks, hikes, or bike rides this summer around Long Island! With miles of winding trails, there’s something for every skill level. Discover a new trail by checking out this list of some of Long Island’s best hiking trails.

 

 

Take the Kids to a Petting Zoo

 

Is there anything cuter than kids and farm animals? Luckily, many Long Island petting zoos and farms are open this summer! Make sure to call your local farm to verify their hours and COVID-19 regulations, but planning a day on the farm is sure to be a blast for the whole family. Find a farm near you here.

 

 

If all this time at home has left you dreaming of making a move, we’re here to help! Browse the latest homes for sale on Long Island or contact us to get started with the buying or selling process.

June 10, 2020

What Will Be the Effects of the Coronavirus Bailout Packages on Long Island Real Estate?

The coronavirus radically altered the trajectory of 2020 for nearly every business and industry in the United States. Faced with a large-scale shutdown and millions of people out of work (peak numbers show that 42.6 million people or more than a quarter of the labor force filed for unemployment this spring) the government reacted by passing a series of bailout packages and stimulus items. Altogether, more than $3 trillion dollars was promised to help the American people get through the worst months of the crisis.

With states reopening and some people already getting back to work (recent reports indicated 2.5 million jobs were added during the month of May), it’s time to start thinking about what the legacy of the coronavirus bailout packages will be and how it will impact both the economy and the housing market.

 

Where Did All the Money Go?

Most business sectors and private citizens received some level of benefit from the $3 trillion worth of aid money this spring. Under the Paycheck Protection Program (PPP) and Economic Disaster Loan program, most businesses that applied received some form of assistance. The Paycheck Protection Program alone put more than $500 billion dollars into the hands of small business owners. According to CNN, another “$500 billion was given to the Federal Reserve so that it could design lending programs for struggling companies.” This $500 billion is aimed at assisting corporations and large industries that were devastated by the shutdown, like airline companies. Most working individuals qualified for and already received their $1,200 stimulus checks in the mail or as direct deposits to their bank accounts. This accounted for almost $270 billion worth of the original $3 trillion. Another $90 billion was used to expand unemployment benefits, of which one in four American workers filed for this spring. Finally, hospitals, state and local governments, farmers, and schools also received portions of the $3 trillion in aid.

 

What Lasting Impacts Can We Expect for the Housing Market?

While the US housing market remained remarkably resilient in the face of the pandemic, as the real estate industry swiftly adapted to new and changing regulations in order to keep transactions moving, we expect the biggest industry impacts are still to come.

People are going back to work – but how many will get their old jobs back remains to be seen. Some people may be forced to find new employment altogether or take a pay cut as individual industries struggle to recover from the pandemic. In addition, the introduction of $3 trillion dollars into the economy could lead to hyperinflation and rising costs of living across the country. All these concerns could lead to an increase in short sales and foreclosures as homeowners struggle to keep up with their bills and pay their mortgages.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed this spring and as of late May, 4.76 million homeowners were in forbearance programs. The CARES Act offered two key relief options for homeowners:

 

1) It put foreclosures on pause. That 60-day moratorium began on March 18th, 2020 and ended on May 17th, 2020.

 

2) It also allowed homeowners to request forbearance for up to 180 days and then additionally granted individuals the right to request an extension for another 180 days beyond that. Forbearance means that a homeowner could essentially pause their mortgage payments for a specific amount of time. However, it does not erase those payments. They must still be repaid, though what that repayment looks like differs from person to person. It’s this later piece that has real estate industry experts most on guard. Homeowners who requested forbearance may have agreed to terms of repayment that will be extremely difficult, if not impossible, for them to meet depending on their employment and economic status at the time those payments come due.

 

We had predicted earlier this year that the spring 2020 real estate market would be especially busy in Long Island and the coronavirus appears to have only put most people’s buying and selling plans on hold until summer. While we are seeing quite a bit of buyer demand in our Long Island real estate market and new homes coming on the market as restrictions ease, only time will tell how the rest of 2020 and 2021 will bear out. With the memory of the 2008 housing crisis still fresh in people’s minds, it can be disheartening to hear that short sales and foreclosures may be coming back. However, the conditions that led to the 2008 housing crisis are dramatically different than what we are experiencing now. This leads us to conclude that the predicted uptick in distressed sales as a result of the coronavirus pandemic may not be nearly as bad.

 

As always, if you have any questions about how the market in your neighborhood or zip code is doing, reach out to us to request a personalized market report. We would also be glad to provide you with a free estimate of your home’s current value.

May 6, 2020

Coronavirus: A New Normal for Buying and Selling Real Estate on Long Island

Nearly six weeks after New York locked down in an effort to control the spread of the novel coronavirus and provide some relief to hospitals, residents of Long Island and New York State have seen the first cautious glimmers that life might be returning to normal or at least a new version of normal.

On April 28th, Governor Andrew Cuomo released his most detailed reopening plan yet. Currently New York has a stay-at-home order in place until May 15th. After that, Governor Cuomo indicated that businesses in upstate New York and industries with lower exposure risks for workers might begin to return to work towards middle to late May.

Governor Cuomo, like most of the leadership around the country, is considering a phased reopening schedule, with more essential jobs that present relatively low risk to workers returning to work ahead of jobs that are less essential and present higher risk of exposure. In particular, manufacturing and construction were highlighted as two sectors that may be returning to work sooner rather than later.

Of course, a return to work is not a return to life as we knew it. With no vaccine available and necessary supplies for treating coronavirus patients running low, social distancing, masks, and limited gatherings are likely to be features of our daily life for the foreseeable future. Precautionary measures are our best defense against an invisible enemy, particularly in more densely populated areas like New York City.

Real estate is currently considered an essential business, though showings and open houses need to be conducted virtually. As we move forward into our new normal, we can expect these restrictions to relax somewhat. Looking at other states as a model for how we might do business in a less controlled environment, here’s what we think buyers and sellers can expect for the months ahead:

Masks and Gloves Will Be Required for All Showings and Inspections

Whether or not masks continue to be mandated in public places, we can expect that most sellers will ask that buyers not tour a home unless they’re wearing a mask and gloves. Similarly, we can expect that individual companies will require their workers to don similar protective gear both to limit their own exposure and to reduce risk for the customer. This would include people like home inspectors, plumbers, contractors, photographers, videographers, home stagers, and more. 

Virtual and Private Tours Will Increase

Even if we get the official nod to begin holding open houses again, we expect that virtual and individual viewings will become much more of the norm in the months ahead. It’s not unreasonable to think that sellers will require interested buyers to view their video walkthrough or 3-D tour before booking an in-person showing to ensure that the only buyers who are coming into the home are the ones that are serious about buying it.

Buyers Will Increasingly Need Pre-Approval Letters to See Homes

Though requiring a buyer to furnish a pre-approval letter before touring a home is much more common in the luxury market, we can imagine that many sellers at all price points will ask for that pre-approval before letting buyers into their properties. This would be done in an effort to reduce foot traffic from casual browsers and those who are not qualified to buy the home.

Increased Sanitation Procedures Will Be Needed

We know that the coronavirus can linger on surfaces for hours or days so we expect that sellers and listing agents will enact new sanitization protocols. Things like spreading out showing appointments to allow time for the home to be cleaned and sanitized in between viewings or before the seller’s family returns to the property. Scheduling staging, photography, inspections and repair work on different days to decrease risk to all parties involved. In addition to the masks and gloves we mentioned above, we can also expect to see agents providing their clients with hand sanitizer and disinfecting wipes alongside informational sheets about the homes they’re touring.

Social Distancing Will Be Observed in All Facets of the Transaction

Most people have gotten the hang of staying six feet away from each other and we can expect this rule to become the new normal of the real estate world. No more shaking hands, hugging, or touching each other. Limiting the number of people inside a home, room, or office at any given time. Staying away from each other unless completely healthy. We have learned to effectively social distance and we will continue to do so until the threat of the coronavirus is over.

We are all learning a new way to live and conduct business. But the real estate industry is adaptable and we will all adjust to this new normalt if it means we can continue to help people buy and sell homes. Even as the worst of the pandemic raged in New York this spring, the housing market on Long Island kept moving. As life begins to move back to normal, we expect the spring and summer housing market to pick up again. People still need a place to live no matter what.

If you’re thinking of making a move this year, reach out to us. We’ll be happy to share what we at The Pesce Lanzillotta Team are doing to help make our buyers and sellers comfortable during this unprecedented time.   

April 16, 2020

The $2 Trillion Stimulus Package and What it Means for US Real Estate

On March 27th, President Donald Trump signed a $2 trillion stimulus package into law. The stimulus package is designed to provide relief for Americans who are struggling under the weight of the countrywide shutdown over concerns about the spread of the novel coronavirus.

 

While $2 trillion dollars is a lot of money, it’s important to know where that money is actually going to go, the impact it will have on the average American citizen, and how it will affect US real estate in the months to come.

 

What’s in the $2 Trillion Stimulus Package?

 

As of writing, the $2 trillion stimulus package is the largest aid measure in US history. It provides support for American citizens and businesses in a few notable ways:

 

-90% of Americans Will Receive a Check From the Government:

 

The most talked about part of the stimulus package is the checks Americans will receive in the coming months from the government. With 90% of Americans eligible to receive these checks, individuals could see up to $1,200 deposited in their bank accounts. Click here to see a full breakdown of the check payments based on income and marital status. 

 

-Unemployment Benefits and Insurance Have Expanded

 

With businesses across the US forced to temporarily halt and suspend their operations, many people have suddenly found themselves unemployed. In an effort to aid the millions of workers who suddenly have no income, unemployed workers can now potentially receive up to 39 weeks of unemployment benefits. The expansions in this area have also allowed groups like freelancers and gig workers to also claim unemployment.

 

-Small Businesses Are Eligible for New Loan Programs

 

Another key part of the stimulus package was the creation of new loan programs that small businesses can apply for. The Economic Injury Disaster Loan program is set to provide businesses with a loan of up to $10,000 that would be fully forgiven so long as the businesses continued to pay their employees and all necessary terms were met. Another new loan program, the Paycheck Protection Program (PPP) also allows businesses to apply for loans to help keep their employees on payroll. These loans will need to be partially repaid under the terms of the loan. Click here to see a breakdown of these two programs.

 

-Some Big Companies Will Receive Cash Loans

 

Along with benefits for small businesses, the stimulus package included cash for industry-specific loans for big businesses. Most notably, airlines and hotels will stand to benefit from these provisions. 

 

-Increased Aid for Struggling Hospitals

 

Aid dollars for the beleaguered healthcare system were a critical part of this stimulus package. As news outlets continue to carry reports that hospitals lack the necessary supplies to treat coronavirus patients, like ventilators and personal protective equipment (PPE), this funding is an important step in winning the fight against the virus.

 

 

Who Will Benefit from the Signing of the Stimulus Package?

 

The $2 trillion stimulus package is comprehensive in its provisions and as stated above, 90% of Americans are expected to qualify for checks from the government. Though with a population of over 300 million American people and nearly 17 million out of work, it may not be enough to take the sting out of the crisis.

 

How Will the $2 Trillion Stimulus Package Affect US Real Estate?

 

While the recent stimulus package doesn’t include any direct provisions for real estate directly, the fact that so many people will receive aid from the government is a positive. $1,200 per person may not be a huge amount, but for some it could be the difference between making ends meet or not at all.

 

We don’t know how long the country will continue to be shut down and how many small and large businesses will ultimately go under as a result of this crisis. But this initial support from the government for the average worker and the small business owner could go a long way to ensuring people can keep up with their mortgage payments and those who were looking to buy a home this year can keep moving forward with their plans. We believe that the housing market as a whole, and particularly here on Long Island, was in a great place before the outbreak of the coronavirus pandemic. This coupled with the governmental support we’re seeing leads us to conclude that while the housing market may experience an understandable downshift in the months to come, we believe it will bounce back quickly to pre-pandemic levels once the country goes back to work.

 

 

Looking for specific information about how the Long Island housing market is doing in your neighborhood? Reach out to us to receive a custom market report, click here to see the latest data for Nassau and Suffolk counties, or request your free online home valuation report here.

March 24, 2020

Coronavirus and the Long Island Real Estate Market

Coronavirus: it’s on everyone’s mind these days. Amid the fears of transmission rates and actually falling ill with the virus are very real concerns about how this pandemic will affect the economy and the housing market. There are plenty of people already saying we’re headed for a recession and that the real estate market will plunge back to the dark days of 2008 and 2009.

 

While we can’t predict the future, we can share what we’re seeing and experiencing here on Long Island as Realtors living in and serving this community. We’ve been forced to dramatically adjust our business amidst sweeping regulations and directives from the national and local government, the CDC, and the real estate governing body, the National Association of Realtors (NAR). However, the real estate market has not come to a grinding halt. Far from it.

 

Long Island Real Estate and the Coronavirus

 

As of writing, there are 9,351 active listings on the market right now in both Nassau and Suffolk County. 478 properties have gone under contract in the last week. On the closing side, 259 homes have closed in the last seven days in Nassau and Suffolk Counties. You can view specific market activity in your own neighborhood on our website here or reach out to us.

 

While the Executive Order by New York Governor Andrew Cuomo limits real estate agents to only the work we can do from home, necessity is the mother of invention and where there is a will, there’s a way. Property showings over FaceTime, 3-D virtual tours, and other creative solutions from sellers, buyers, agents, and other industry professionals have helped keep deals moving.

 

Outside of sales, there has also been a huge demand for rental properties on Long Island as people are leaving New York City to wait out the pandemic elsewhere. People with properties available for short-term rentals are finding themselves able to command higher prices as a result of increased demand. Some people have been able to rent their properties at peak summer prices now.

 

Predictions for Late 2020 and Beyond

 

While it’s too soon to say how home prices will be directly impacted, one thing we do know is that the Long Island real estate market started the year strong and all indications pointed to a busy spring and summer. When this crisis is over, we expect many buyers who may have temporarily suspended their home search to return to the market. Similarly, many sellers will still need to sell their homes – and may be even more motivated to do so quickly.

 

Compared to what was happening in the housing market in late 2008, not everyone is being severely affected financially by this crisis. Many industries are still doing quite well and some scrappy business owners have already pivoted their offerings to keep the lights on. It’s not unreasonable to believe that many people will emerge from the current crisis without significant financial damage and ready to move on with their real estate transactions.

 

Finally, there has already been an uptick in investor interest in US real estate. As in all financially uncertain times, investors with the means to do so often move their money out of stocks and bonds and into assets like real estate. Residential real estate investments represent a relatively safe investment option as their value will never go to zero and people will always need a place to live, no matter what’s happening in the world. Overseas investors are already used to buying properties sight-unseen, so the current limitations on in-person showings in New York and beyond do not present much of a problem at all. We expect that domestic and foreign investors will continue to purchase homes in the months to come, even if the average family finds themselves holding back.

 

 

If you are thinking of selling or buying a home in Long Island this year, let’s talk. We’ll help you create a strategy that fits both your goals and the current state of the housing market in your community. We are working hard to help our clients through this historic time and will do the same for you.

Feb. 28, 2020

Best Places to Buy a House in Nassau County, NY

Nassau County is a great place to live for those who want to be close to New York City without actually living the city life. The second-most populous county in New York, Nassau County is known for its great suburban neighborhoods, excellent public schools, rich history, and easy commute to the city.

Looking to move to Long Island? Check out our list of the 7 best places to buy a house in Nassau County, NY!

 

Great Neck Gardens, NY

Located on Long Island’s North Shore, Great Neck Gardens is a neighborhood within the larger community of Great Neck. Great Neck Gardens is the perfect choice for those who commute to New York City. Manhattan’s Penn station is only about half an hour away by train and residents of Great Neck Gardens also have access to public bus transportation.

Many people choose to purchase a home in Great Neck Gardens because of the excellent local schools. Niche.com rated the Great Neck School District the best public school district in New York in 2019. Great Neck Gardens was also ranked #2 on Niche.com’s lists of the best places to raise a family in New York. Most people that live in Great Neck Gardens own their own homes, rather than rent. If you’re looking to buy in this community, click here to start browsing available properties.

 

Syosset, NY

In 2019 Niche.com ranked Syosset the fourth best place to raise a family in New York. This charming village is located in the town of Oyster Bay and offers residents access to great public schools, parks, restaurants, and local attractions like the Cultural Arts Playhouse. Only about thirty miles from Manhattan, Syosset is a great place to consider calling home if you frequently commute into New York City. The city is accessible via the Long Island Rail Road (LIRR), public bus, or car.

If you’re looking to buy a home in Syosset, you’ll find plenty of single family homes, townhomes, and condos on the market at a variety of price points. Looking for a home of a certain age or architectural style? Start your search here.

 

East Hills, NY

East Hills is a village on the North Shore of Long Island that is part of the Greater Roslyn area. Roslyn itself was settled in the seventeenth century and was once known as Hempstead Harbor. Home to a top twenty public high school, East Hills is known for its fantastic local schools and great community. Convenient to Roslyn Harbor, Old Westbury, and other Long Island neighborhoods, East Hills is about twenty-five miles from Manhattan.

East Hills was once an enclave for the wealthy. Today it features diverse properties from estate homes to townhomes and even condos. Click here to explore homes for sale in East Hills, NY.

 

Manhasset, NY

In 2005, The Wall Street Journal named Manhasset the best town for raising a family in New York. Situated on Long Island’s North Shore, the hamlet of Manhasset continues to top numerous “best of” lists. In 2019, Niche.com ranked it #11 on its list of the best suburbs to raise a family in New York and #5 on its list of the best places to retire. Just twenty miles from midtown Manhattan, Manhasset is a great choice for families and retirees looking to own a home in a wonderful community close to the city with great local schools. In particular, Manhasset High School is one of the best public high schools in the nation.

Looking to buy a home in Manhasset? Manhasset has many gorgeous luxury estate homes for sale, as well as more affordable single family homes. Prices reflect the size, style, and desirability of this community. Check out current listings of Manhasset homes for sale here.

 

Garden City, NY

In 1927, Charles Lindbergh departed from Roosevelt Field in Garden City on his famous solo transatlantic flight. Though the airfield no longer remains, the Garden City Cradle of Aviation Museum marks the area’s contributions to American aviation history. The museum sits on the grounds of the former Mitchel Air Force Base. Today, Garden City is a thriving suburban community close to the borough of Queens that boasts excellent schools, an abundance of local industry, and convenient access to New York City via LIRR.   

Garden City’s inventory of properties for sale includes condos, townhomes, co-ops, and single family homes. Browse all homes for sale in Garden City now.

 

Plainview, NY

Plainview is one of the most popular neighborhoods in the town of Oyster Bay. Located on Long Island’s North Shore, Plainview’s history dates back to the seventeenth century. Once a farming community, after World War II the area underwent massive development as people moved from the city to more rural Long Island.

Plainview is ranked 17th on Niche.com’s list of the best suburbs in New York. Prospective buyers choose this neighborhood for the excellent local schools, abundance of beautiful parks like the Plainview-Old Bethpage Community Park, and easy access to the city. Start your search for homes in Plainview now – click here to browse available listings!

 

Jericho, NY

Once part of an area known as the “Gold Coast,” Jericho, NY is a top choice for prospective homebuyers. Situated on Long Island’s North Shore, this wonderful community is home to the famous NYCB Theatre at Westbury, great dining options, and fantastic local schools. In 2019, Niche.com ranked Jericho #1 on three separate lists: best places to raise a family in New York, best suburb in New York, and community with the best public schools in New York.

Jericho, NY also boasts some of the most beautiful real estate on Long Island. If you’re thinking of buying in this community, you can browse available homes in Jericho now.

 

Not sure which Nassau County neighborhood is right for you? Reach out to us – we can help you narrow down a list of prospective communities based on your needs. Click here to contact us or call (516) 888-9711 today!    

Feb. 12, 2020

Long Island Real Estate Market Outlook for Spring 2020

Thinking of buying or selling a home on Long Island this year? While it’s still February on the calendar, our mild winter weather and low interest rates have propelled the spring real estate market forward a few months.  

We began the year with low interest rates and this week, average rates for fixed mortgages dropped again to a three-year low. Good news for both buyers and sellers! When mortgage rates are low, buyers can afford to buy more expensive homes. Increased affordability for buyers helps home values increase. When there are more buyers who can afford to buy your home, it increases the chances you’ll receive offers at or over asking price as buyers compete to get their offer accepted. As interest rates edge up, it cuts into what a buyer can afford and pushes home values down.

Current low interest rates have driven people into the market. We’re seeing many buyers out in the market looking for homes, especially at the non-luxury price points (under $850,000). However, housing inventory is currently low and there are not many homes on the market for them to buy, which means many properties are selling quickly and over asking price.

At the other end of the price spectrum, the luxury market is moving a bit slower. While prices are still strong overall, they have softened a little over the last year. Homes are also spending more time on the market.

Below you’ll find current market reports for both Nassau and Suffolk Counties, along with our predictions for where the spring real estate market is headed. To request a custom report for your neighborhood or ZIP code, contact us.

Spring 2020 Market Outlook for Nassau County

In January, the median price for a single-family home in Nassau County was $550,000. That’s up 1.8% from last year at this time. Condos and co-ops also posted strong price gains. The median price for a condo was $545,000, an increase of 4.8% over last year. However co-ops experienced the largest price jump, increasing 10.1% to $258,750! Click here to view our in-depth January market report for Nassau County.

With lots of buyers in the marketplace and interest rates not predicted to significantly increase, we expect to see home prices continue to post year-over-year gains through the spring.

Spring 2020 Market Outlook for Suffolk County

As in Nassau County, properties in Suffolk County posted year-over-year gains in January. The median price for a single-family home increased 5.4% to $410,000. For condos, the median price was $324,000. This is an increase of 6.2% from last year. Finally, co-op prices jumped 7.7% to $145,500! Click here to view our January market report for Suffolk County.

As in Nassau County, low interest rates, low inventory, and plenty of buyers are all indicators that prices will remain strong through the spring months.

Long Island Luxury Real Estate Market Spring Report

We define luxury real estate as those properties listed at or above $850,000. As mentioned above, the Long Island luxury real estate market is off to a slow start for 2020. In Nassau County, the median price for a single-family home was down 0.4% to $1,145,000. The median price for a condo also fell 0.3% to $1,146,351. In Suffolk County, the median price for a single-family home was actually up 4.5% to $1,150,000, but condos fell 0.5% to $950,000. Click here to view individual reports for luxury real estate in Nassau County and Suffolk County.

While the Long Island luxury market likely will remain lukewarm this spring, home prices overall should remain strong.

 

Start your home search here – we have all properties listed for sale in the Long Island area. If you’re a seller, we offer free home valuations. Just click here to request your online valuation or reach out to us for a custom report. With millions of dollars in Long Island real estate sold, we are your trusted resource whether buying or selling!  

May 15, 2019

Is it a Good Time to Buy? or Sell?

How’s the market, is it a good time to buy or sell a home? This is a question that I am constantly asked when speaking to almost anyone about the current state of the real estate market, and if I am being honest – I would prefer not to give a straight answer.  The reason being is that, I can in good conscious give you a reasonable argument in any direction.

“Of course it’s a good time to buy.  Interest rates are at historic lows and borrowing money is cheap.  You should buy now and lock in a low interest rate!”  On the other hand, interest rates and asset prices have an inverse relationship.  Consequently, (among other factors), home prices are so high because interest rates are so low.  “If you wait until rates go up a little, then asset prices will drop and you can purchase your home at a cheaper price.”

Well what about selling, is it a good time to sell? Again, it can go either way.  “Yes! You should absolutely sell now.  We have been in a 10 year bull market and a period of economic expansion since the 2008 mortgage crisis.  If you look back at history, the economy goes through cycles of expansion and contraction to one extent or another every 5-7 years.  Therefore, if history is any indicator then we are due for some degree of a correction and you should cash out now while we are at the peak!”

But wait…What about the other side of the coin? Well new constructions are selling like hotcakes, however if you have a home that is older and outdated, then maybe you shouldn’t sell now.  For the most part the overwhelming majority of today’s buyers want a home that is new or newly renovated - turnkey, with the white kitchen, quartzite counter tops, the light neutral paint colors, new or refinished hardwood floors, and fresh moldings throughout.  So, if you have an older home then buyers are going to want a very steep discount.  First, they will take into account the cost of the work to be done.  Which unfortunately, labor and material costs are very high right now.  Second, in today’s world where usually both spouses/parents are working, many buyers simply don’t want to deal with the hassle of renovating a home.  As a result, you can take an extra chunk off the purchase price simply because a buyer doesn’t want to deal with a “fixer upper”.  It is an inconvenience for them, and time is money so if they can’t get it at a steep discount then they will most likely pass.  In conclusion, if you have an outdated home, unless you’re willing to sell it at a discount then maybe you should wait, or consider renovating first. 

The point I am trying to make here is that there are so many variables that come into play when deciding if now is the right time to buy or sell a home, that it’s really not a question that can be given a straight answer.  Yes, there are a few truths that are undeniable and have a big impact on the decision.  Inventory is relatively low, interest rates are as well, and it is more of a seller’s market.  Yet, the fact remains that no one has a crystal ball and we are in a time where there is so much economic and political uncertainty that who knows what the future holds.  Trying to time the purchase or sale or your home is like trying to time the stock market.  No one knows what the future holds and there are too many variables to accurately assess, analyze and understand the cause and effect relationship between that it’s simply not practical for the majority of consumers to be able to consistently time a residential purchase correctly.  For instance, one minute trade talks with China are going very well, and the market is up.  The next day trade talks are deteriorating and the market is down.  One day the fed is going to hike rates, the next there will be not rate hikes for all of 2019, and the next day there is a good chance of a rate reduction before the end of the year. 

Thus, how do you correctly answer the question – is it the right time to buy or sell?

Well, if someone wants a generic answer then I would say, generally speaking it is a good time to sell.  Interest rates are historically low, housing inventory is also relatively low - while buyer demand remains strong, we have been in a period of economic expansion for 10 years, and based on history we should soon be due for some type of correction, contraction, or even recession.  However, that of course is not a 100% guarantee and our economy could remain strong for the next 6 years.  Conversely, if you want to buy, then for all of the reasons just mentioned you may benefit from sitting on the sidelines for a while longer, seeing if “history repeats itself”, and then swoop in to buy at a significantly reduced price.  Once again however, there remains the possibility that the economy remains strong for another 6 years and you’ve now pushed off your purchase (and potentially your’ life) for an unreasonable amount of time, while continuing to throw money away on rent.

…And so, all of this brings me to the point I have been wanting to make all along.  My preferred way to answer the question of, “is it a good time to buy or sell a home?” is to ask more questions; because like most things in life, the answer is not black and white.  It is gray and situational.  The reason being is that most times a home purchase or sale is due to a life event – you just got married, you are having your first kid, you are having your third kid, you got a divorce, all of your kids have now moved out, you are re-locating for work, etc.  The right way to answer this question, is to understand the motivation for buying/selling, discussing the persons finances, talking through the alternative options, and knowing how long a person would plan on staying in there next place.  Only until you get a full scope of the picture can you accurately advise someone on whether or not a home purchase or sale would be a wise move at a particular point in time.