Earlier this spring, the National Association of Realtors (NAR) settled a commission lawsuit, resulting in changes that have rippled throughout the real estate industry. While none of the changes are monumental, news of real estate commission restructuring has dominated the headlines in recent months. With new rules now set to go into effect this August, we’re breaking down what is (and isn’t) changing so you can be prepared when it comes time to sell your Long Island home or buy your next property.

What Long Island Home Sellers Need to Know

Home sellers in Long Island and across the country have always had the right to negotiate commission with their agent before signing a listing agreement. Similarly, they have always had a choice about whether to offer a commission to the buyer’s agent or not. Despite what you might have seen in the news, there isn’t a huge change happening here. What is changing is whether a buyer’s agent’s commission can be listed in the Multiple Listing Service (MLS). That answer is now no.

What does that mean if you’re thinking of selling your Long Island home this summer? Expect to potentially see the buyer’s agent commission negotiated in as part of the offers on your home. If you need to sell a home to buy another, you will now be signing a buyer’s representation agreement in addition to your listing agreement. The buyer representation agreement was a previously optional document you may or may not have seen before. It is now required as it explicitly outlines an agreed-upon commission between a buyer and their agent.

What Long Island Home Buyers Need to Know

Before you start the search for your next home on Long Island, it’s important to be clear on what the buyer’s representation agreement is and is not. It is not an agreement that is specific to a particular brokerage on Long Island or New York—people around the country will now be required to sign one if they want to use the services of an agent to purchase a property. It does not come with fixed commission. As always, commission between an agent and their client is negotiable.

It is, however, a legally binding document that in most cases will outline an agreed-upon commission amount that you, the buyer, will pay your agent in the event the seller of the home you’re buying is not offering “cooperating commission.” This is essentially the commission amount the seller pays to the agent who brings the buyer—the system we have now. The bottom-line result of the recent NAR ruling is that instead of the seller effectively offering commission to both sides, we may increasingly move to an “each pay their own” commission system.

For more on the commission settlement, check out this article from the National Association of Realtors themselves.

With two months still to go before the new rules are in effect, there may be additional changes to come in terms of implementation. One thing is for sure—if it’s the right time for you to make a move, don’t wait until the dust settles. The real estate industry is always evolving, and we at the Pesce-Lanzillotta Team are well-equipped to tackle any change while ensuring you receive the best representation possible. Please reach out with any questions or to take the next steps to buy or sell on Long Island this summer!

If you put your plans to buy or sell your Long Island home on hold in 2023, spring 2024 will be the key time to get back into the market. While last year offered some definite challenges for the housing industry, US real estate is expected to roar back stronger than ever. On Long Island, we’re already seeing signs of renewed interest from home buyers and new listings are hitting the market early. Overall, it’s shaping up to be a great spring for Long Island real estate!

Sell Your Long Island Home This Spring

Is your current home no longer suited for your needs? Too big, too small, or too far from where you want to be? If you’ve been considering moving but held off due to low inventory and higher interest rates, the spring market will offer new opportunities for Long Island sellers. Home prices will remain high this year, allowing you to net the most money possible for your home. In 2024, home prices are expected to grow modestly nationwide. In Long Island’s most desirable neighborhoods, we’ll likely see home price growth outstrip the projected national average of 2.5%.

Interest rates are also creeping down—at writing, they’re hovering around 7%. By year’s end, we could see them touch 6%. While no one can predict exactly where rates will be this spring, if you find a great home now, you can always refinance when rates drop.

While the outlook for the spring market is good, who you work with will matter more than ever. Our team has a proven track record of success representing some of the most significant luxury home sales in recent years, alongside first-time sellers and investors. No matter your price point, our team brings out-of-the-box marketing ideas and expert negotiation strategies to every transaction. Click here to check out some of our past sales and learn what we will do to get you great results, too.

Start Your Home Search Between January and April

Long Island buyers who begin their house hunt in January or even February of this year will benefit from reduced competition, increased inventory, and lower interest rates. As rates rise, more buyers will be tempted into the market. Although inventory is increasing (an 8% increase is predicted for 2024), it won’t be enough to keep up with projected demand. That means buyers will likely face multiple offers and increased competition for the most desirable Long Island homes. Expect buyer activity to ramp up as we get closer to summer. If you are thinking of taking advantage of lower interest rates, reach out to us to start your search now!

We are here to help with all your Long Island real estate needs in 2024, whether selling, buying, or investing. Our team has earned numerous distinctions and awards while consistently setting sales records. We would be honored to help you make a move this spring and take advantage of the opportunity available in today’s market.

2023 was another interesting year in Long Island real estate! The year started with robust predictions for the housing market that faltered under increased rate hikes as we headed toward summer, before picking up steam again to close the year right about where those expert predictions thought we’d land. As 2023 draws to a close, we’re now looking to 2024 and what’s ahead for the Long Island housing market.

What Long Island Home Sellers Can Expect in 2024

In 2023, home prices nationwide rose a modest 3.32%. In 2024, they’re expected to grow another 2.17%. While this might not seem like much, 2024 will continue a 5-year trend of overall home price growth, with prices rising higher in 2025, 2026, and 2027.

Does this mean you should wait until 2027 to sell your home? Not necessarily. The right time to sell your home is the right time for you to sell your home. Timing the market is difficult at best and frustrating at worst. What you can be assured of is that the housing market isn’t expected to crash anytime soon.

At the Pesce & Lanzillotta Team, we specialize in helping our clients get the maximum price for their homes, no matter the market conditions. Our proven experience, strategy, and innovative marketing techniques allow us to set neighborhood records year after year. Contact us to find out more about what we will do to get your home sold on your terms in 2024.

What Long Island Home Buyers Can Expect in 2024

In the last week, there have been rumblings that the Federal Reserve will cut interest rates in 2024—perhaps as much as 6 times over the course of the year! While only time will tell if that prediction bears out, Long Island home buyers should expect some relief in the New Year. Realtor.com is forecasting that the “average mortgage rate in 2024 is expected to be 6.8%, and the 30-year may fall to as low as 6.5% by the end of the year.” After a year where we saw rates touching 8%, this is great news for buyers who might have been priced out of the Long Island neighborhood they really wanted to be in and so sat on the sidelines to wait for things to change.

As far as inventory, some experts are predicting our already low inventory will decrease again while others expect overall home sales nationwide to tick up in 2024. No matter which way inventory lands, who you work with will be more important than ever. Our inventory on Long Island won’t drastically grow in 2024. Finding the perfect home means working with an agent who has the true pulse of the market and the network to get you in to see a property as soon as it’s listed. We’ve invested thousands in our digital marketing campaigns to create a database of over 100,000 potential Long Island buyers and sellers. We’re often able to matchmake a deal within our own contacts. If you’d like to learn more about being part of our network, click here to get in touch with us.

Whether you’re thinking of selling or buying in 2024, work with the #1 Berkshire Hathaway Team on Long Island and in the state of New York. From the Hamptons to Manhattan, and everywhere in between, our team will help you achieve success in 2024. Get in touch with us today to take the next steps!

Have you been holding off on selling your Long Island home due to low inventory? Need to make a change, but not sure you can find a new home that suits your needs? Don’t let the fear of the current market keep you from doing what’s best for you and your family. There are some great benefits of selling your Long Island home when inventory is low!

Long Island Homes Are in High Demand

Despite rising interest rates, homes are still in high demand across the country and especially here on Long Island. While rates for a 30-year-fixed-rate loan have recently crept up to 8%, most buyers don’t seem to be daunted. In the latest report from ShowingTime, home showing traffic was up more than 19.7% from last year. Although the market experiences a natural slowdown this time of year, there are no signs that buyers are planning to give up their search either now or in the New Year. If we look at the number of offers a typical home that is priced well and adequately prepared for the market receives on Long Island, we see signs that there are still more active buyers than available homes to buy. If you need to sell, your home is likely to be met with a lot of interest this fall.

Many Home Sellers Are Closing At or Over Asking Price

Several notable real estate and economic experts recently revised their end-of-year home appreciation predictions. The expected home price softening simply didn’t happen. Now experts believe we’ll see annual price gains of up to 6% by the end of 2023.

Why the change? High buyer demand and low inventory have continued to push prices. We saw the return of multiple offers here on Long Island this summer, with some sellers closing over asking price and setting new records in their respective communities. These aren’t the sky-high home sales we saw during the COVID years but compared to the last years of the “normal market” which were 2017-2019, most sellers are earning a great ROI on the sale of their homes right now.

Most Long Island Properties Are Selling Quickly

Another benefit of selling your Long Island home when inventory is low is that many homes are selling quickly. According to new data from the National Association of Realtors (NAR), 69% of listed homes sold in less than a month with the average home receiving 2.6 offers. The bottom line is that a home that is priced and marketed well is likely to receive a great offer quickly. Selling at this time of year also has the added benefit that most people want to be closed and moved in by the holidays, incentivizing all parties to get through escrow quickly.

Who you work with is everything. If you’ve seen homes that are sitting in your neighborhood, the issue is likely with the agent’s pricing, preparation, or marketing. Our team continues to set records for our clients and get their homes sold quickly. Reach out to find out what we do differently at the Pesce & Lanzillotta Team!

Whether you’re still on the fence about selling or are ready to move forward, we’re happy to answer any questions you have. As top real estate agents on Long Island, we have the pulse of the local housing market along with the winning strategies and proven results to ensure you have a smooth and successful home sale. Contact us today!

At the beginning of 2023, many experts predicted that home prices would dip at the end of the year. After months and months of sustained home price growth, it seemed inevitable that this would be the year where we’d see a small change in home prices.

However, 2023 hasn’t gone as predicted. With the Fed electing to raise the Federal Funds Rate four times already in 2023, mortgage interest rates have risen from about 6.5% at the beginning of the year to 7.5% at the time of writing for a 30-year fixed-rate loan. As a result of rising interest rates, many homeowners have decided to stay put, driving down inventory across the country. In markets like Long Island where inventory has been ultra-low since the start of the pandemic, it’s adding an extra challenge for buyers who still want and need to buy a home. For the most desirable properties, we’ve seen multiple offers and bidding wars return, which is continuing to push prices up, not down as experts predicted earlier in the year.

This scenario isn’t unique to Long Island. Now, leading real estate and economic experts have revised their national home price forecast for Q4 of 2023. Despite some differences in opinion, all are predicting that home prices will either hold steady or continue to grow through the end of the year! This is the official stance of Goldman Sachs, Morgan Stanley, and more. Zillow and the American Enterprise Institute are predicting the biggest gains in home price appreciation, with 5.5% and 6% respectively.

Where the Long Island Housing Market May Go from Here

While it’s still too soon for an official 2024 housing market forecast, there are a few different scenarios that could unfold to affect the Long Island housing market in the months to come.

The Federal Reserve is expected to meet three more times before the end of the year, with another meeting set for later in September. At the September meeting, the Fed is expected to raise rates again. That likely will bump mortgage rates just a little bit higher, though even a quarter percentage point change can make a difference for buyer affordability. It certainly won’t incentivize many sellers to list when they have a low mortgage rate locked in right now.

Still, other experts predict that we are nearing the Fed’s inflation target which has been what’s propelled them to keep raising the standard interest rate. Once we meet the target, the landscape will change. We could see interest rates start to drop a bit in 2024, though when is still unknown.

If interest rates come down, that might spur some homeowners into finally putting their homes on the market. More inventory would be a great thing for Long Island real estate. If inventory grows significantly, we also might see home prices come down in the next few years. However, any change is likely to be mild rather than drastic.

What does that mean if you’re a prospective seller or buyer on Long Island? As always, the right time for you to move is the right time to move. Right now, home prices are up so if you’re thinking of selling, you’ll likely get a great price for your property. For buyers, interest rates may be high right now, but you can always refinance in the future. In addition, as we move toward winter, there will be less competition for available homes which could make it easier to buy despite the tight inventory.

Whether buying, selling, or investing, the Pesce & Lanzillotta Team has the experience, negotiating skills, and record of proven success to help you make the most of today’s market conditions. Give us a call or reach out here to take the next steps.

The weeks after Labor Day traditionally bring a “second wave” of real estate to the Long Island market. Though with high interest rates, sustained inflation, and low inventory, can we expect to see the same trend hold true this fall?

Our team had sold more than a billion dollars in real estate combined. We’ve seen hot markets and slow markets. We’ve helped our clients navigate the challenges of the pandemic years. Though no one can predict the future, we can use market trends and data to make educated predictions about what will happen with Long Island real estate this fall.

Interest Rates Will Continue to Present Challenges

News broke over the weekend that interest rates had officially reached a twenty-year high. According to Realtor.com, mortgage rates averaged “7.09% for a 30-year fixed-rate home loan as of Aug. 17.” Realtor.com also reported that home prices have risen slightly compared to this time last year.

Although interest rates are high, they are far from the highest they’ve ever been. Still, it creates affordability challenges for many home buyers. When interest rates are higher, your purchase dollars don’t stretch as far. That can be the difference between getting a home in your dream neighborhood and settling for something you can afford.

In addition, many homeowners have previously locked an interest rate that is lower than today’s rate. Unless they have a good reason to sell, many prospective sellers will elect to stay where they are and maintain their current mortgage interest rate. This is a big factor in what’s keeping inventory low.

Though Home Buyers May See Some Relief This Fall

No matter what’s happening with the economy or interest rates, many people try to time their move to occur during the spring and summer months. Even people without children tend to move during the warmer months when the weather is favorable.

If you are a prospective buyer, continuing your home search through the months of September, October, and November could pay off. Competition for the low inventory of homes for sale over the summer helped fuel multiple offer scenarios and quick sale times. While buyers should still be prepared to move fast this fall, you’ll likely stand a better chance of securing a great property.

Our Predictions for Long Island

While this year’s “second wave of real estate” on Long Island likely won’t be as pronounced as in recent years, inventory has slowly increased over the past few months. With interest rates spiking again and less determined buyers putting their search on hold, we should see Long Island housing inventory increase relative to the number of buyers who are still actively looking. That’s good news for both buyers and sellers, presenting opportunities to make a fair deal and quick sale before year’s end.

Need to move between now and the end of the year? Whether buying or selling, the Pesce-Lanzillotta Team is here to help. Contact us to plan your next steps today!

Low inventory conditions persist in the Long Island housing market. If you've been thinking of moving this fall but aren't sure if it makes sense to sell your home, stay, or rent it out, we'll help you work through the potential upsides and downsides so you can make the best decision.

For more personalized help, reach out to us at the Pesce & Lanzillotta Team today!

Selling Your Long Island Home

Despite a lack of available homes, we've helped many sellers make a move this year already. Who you work with always matter, but in a market with few homes for sale you need an agent who is not only diligent and determined, but who has the network and contacts to find your next home opportunity. Our award-winning team is a leader in Long Island real estate, representing sellers and buyers from entry-level properties to luxury homes. We pride ourselves on the strong connections we've made with other agents, vendors, and community members. If you want to move but aren't sure if you can find a suitable replacement property, let us show you what we will do to make it happen!

Renting Your Long Island Home

Instead of selling your Long Island home, you might be thinking of renting it out for a year or two while you wait for the market to change. Renting your home can be a viable strategy, particularly if you think there's a chance your needs will change again in the future. Sometimes work or family call our clients away from Long Island, but when those obligations are done, it can be nice to know your dream home is still waiting for you.

However, renting does come with some downsides. You'll need to decide if you want to manage your rental yourself or hire a property management company, which comes with a management fee attached. In addition, you'll need to ensure you can rent your property at a high enough rate to offset your mortgage and upkeep expenses for that home while you secure a second property for yourself to live in.

Staying in Your Long Island Home

Not sure about selling your Long Island home, but don't want to rent it out either? If your property isn't meeting your current needs and you have some extra money to invest, you might think about remodeling your home instead of selling. Home additions are a popular choice for people who feel their home is too small. If your property is too much upkeep, you might think about changing your landscaping to more hardscape or other low-maintenance options. Hate that your principal bedroom is upstairs? A room conversion on the main level may be a great option to explore instead of selling your home.

If you need a referral for a local contractor, get in touch – we've worked with some great professionals in the Long Island market that we would be happy to recommend.

We are here to help you with all your Long Island real estate needs, whether selling, buying, or investing. If you're not sure what move makes the most strategic sense, let us help. Click here to contact us or give us a call anytime!

Summer has arrived on Long Island and when it comes to the housing market at least, things look quite a bit different than they did last year. Month after month of red-hot growth has noticeably cooled as inventory remains low and interest rates continue to impact affordability. Yet if you've been thinking of making a move, it's still a great to list your home on Long Island. In our conversations with our clients, we've discovered there are a few main reasons motivating people to put their homes on the market this summer. If any of these resonate with you, don't hesitate to reach out to our team to find out what the Pesce & Lanzillotta Team can do to help you get the most money possible for your property!

Your Lifestyle or Circumstances Have Changed

Did you recently celebrate a high school graduation? Maybe you welcomed a new baby into the family this spring. Perhaps your parents are getting older and you're thinking of bringing them to live with you. Maybe you're planning to retire next year and want to travel. Life is always changing, and the home that's been perfect for you for years can suddenly feel like the wrong fit. Whatever lies ahead for you and your family, your home should be a place of refuge rather than a stressor. If you need to make a change, click here to see what's on the market now or reach out to our team for personalized help to plan your next steps. 

You Want to Be Closer to Family or Friends

Many people moved during the height of the pandemic. Some people moved out of the city to properties with more space and more land on Long Island. Others decided to downsize out of the family home they've had for decades. Now that the pandemic has come to an end, maybe you're missing the community you had before or want to move closer to family and friends. If you're feeling disconnected in your current neighborhood, this summer might be the time to think about making a change. The Federal Reserve recently announced they are pausing interest rate hikes, so we can expect mortgage rates to stay stable this summer. Wondering what you can afford in today's market? Reach out – we'll put you in touch with one of our trusted lender partners.

You'd Like to Move into a Different School District

Many of the clients we work with during the summer are families looking to get settled into their next home before the school year starts. We have several excellent school districts on Long Island and even for people without kids, owning a home in a good school district is a smart idea. Whether your kids are just starting in the public school system, you're looking to switch high schools, or you've had your eye on a private school, we can help you find a great home inside your ideal school district.

You're Ready for a Change

We believe that the right time to sell your home is when the moment is right for you. Markets go up and down. Some favor sellers, some favor buyers. If you're feeling ready for something new, there's no reason to hold onto your home just to try and time it "right." We know how to help you maximize your sales potential in every market!

Check out some of our notable sales at the Pesce & Lanzillotta Team and then schedule an appointment with us to learn how we can help you this summer.

Spring and summer are usually some of the busiest seasons for the Long Island housing market. When the weather warms up and the school year draws to an end, many people make plans to move, whether it’s purchasing their dream home on the water, downsizing to a smaller property, or relocating to or from Long Island.

Rising interest rates and some economic uncertainty have continued to put stress on the housing market across the country. Q4 of 2022 presented a notable shift in a real estate market that had been red hot for months on end. On Long Island, this shift has created a particularly tight market with few properties available for purchase. Current interest rates sit at about 6.5% for a 30-year fixed-rate loan. Many homeowners however have a 2.5-3% interest rate on their property, owing to nearly a decade of low rates. For people who don’t absolutely have to move, today’s rates are definitely curbing home sales.

So, what can you expect from the Long Island housing market this summer? Here are our predictions of what the landscape will look like for both buyers and sellers.

Buyers Will Face a Competitive Market

Inflation is slowing down, which is the good news. However, the Fed isn’t expected to dial back its efforts to balance the economy. For home buyers, don’t expect interest rates to drop significantly, or at all, this summer. Six and seven percent interest rates appear to be the new normal. That means home buyers today have less buying power than they did a year ago. There are also fewer homes available at every price point. Multiple offer scenarios are possible for well-priced homes in the most desirable neighborhoods on Long Island.

Don’t let this scare you out of making a move though. We believe in educating our clients about the realities of the market and the potential challenges they’ll face. Now more than ever, who you work with matters. At the Pesce & Lanzillotta Team, we continue to set sales records and successfully close homes. We represent both buyers and sellers and know how to help you get to the finish line no matter the market.

Sellers Will Need to Make Choices

If you’ve been thinking of selling your Long Island home and purchasing something else, the reality is that you probably have a better interest rate on your current home. That said, there are still advantages to listing your home in today’s market.

First, buyer demand remains strong. We saw many buyers come back to the market at the tail end of winter and with few homes available, many serious buyers still haven’t purchased. Second, while home prices have decreased somewhat from last year at this time, they haven’t dropped significantly. If demand holds steady, home prices will likely hold steady as well. Long Island home prices may even rise as buyers compete for the few homes that are available. Third, you may have the option to use some of your equity and buy down the rate on your new home loan. This is a strategy available from some lenders and may be a great option for you. We can introduce you to a great lender to discuss – just reach out to us here. Fourth, Long Island traditionally experiences a “second wave of real estate” after Labor Day. While most markets around the country wind down significantly at the end of summer, we often see a spike in purchases and sales at the beginning of fall. If you’re not ready to list right now, selling later in the summer could still yield great results.

We would love to share what our team does differently to help our clients achieve their goals whether buying or selling a home on Long Island. Get in touch with us today to take the next steps!

Winter is fading, the seasons are changing, and we’re seeing more positive news for the Long Island spring 2023 real estate market! While Q4 of 2022 was sluggish and marked by economic uncertainty, Q1 of 2023 is heating up nicely. A drop in interest rates from highs of 7%+ to a more modest 5%+ have contributed to renewed buyer interest, the return of multiple offers, and home price stabilization across Long Island.

Selling in a Normalizing Market

All these positive signs point to the housing market returning to “normal” with normal being a pre-COVID market where sales were brisk, but not frenzied. COVID-19 sent the real estate market into hyperdrive as buyers who were stuck at home decided to make big moves to improve their quality of life. With record-low inventory, Long Island home prices soared between spring 2020 and the summer of 2022.

While we are seeing an overall growth in housing inventory, we still don’t have the numbers to meet buyer demand. As economic uncertainty has eased over the last quarter, along with drops in interest rates, there’s been an uptick in buyer activity in the form of open house traffic, showing requests, and offers. Homes that are priced right are again receiving lots of interest and sometimes multiple offers, though longer market times indicate that these multiple offer scenarios aren’t the norm.

If you are planning to sell your Long Island home this spring, partner with a team that has the proven strategies, tactics, and track record of success to help you sell your home for the most money possible. Our modern and versatile marketing strategies have helped many of our clients sell for record prices – give us a call to find out what the Pesce & Lanzillotta Team can do for you!

Strategies to Buy a Home Now

The recent drop in interest rates is great news if you’re thinking of making a change. The lower the interest rate, the further your dollar will stretch. Even a small change in rates can make a big difference!

While interest rates have recently dropped, don’t expect them to stay that way for the rest of the year. The Fed is still keen on controlling inflation and balancing the economy. Raising the benchmark interest rate is one of the primary ways that make that happen. An increase in the benchmark interest rate doesn’t automatically equal a jump in mortgage rates, but one tends to follow the other.

If you are at all thinking of buying this year, take advantage of today’s lower rates and start your search before the spring home buying season really kicks off. Click here to browse the latest homes for sale on Long Island or reach out to us for personalized help.

The recent drop in interest rates has given the Long Island spring 2023 real estate market a much needed kickstart. Just don’t expect the frenzy of activity from previous years. If you have questions about how you can take advantage of today’s market and sell or buy your next home on Long Island, reach out to get connected to one of our expert team members!