The question we are most often asked as Realtors right now is how is the real estate market? Of course the answer to that question requires clarification of the question.
Investors are out in force. There is an abundance of short sales and foreclosures for them to select from and they are anxious to buy at discount and can.
While interest rates are at historic lows qualifying for a mortgage has never been more difficult. This fact, when combined with declining prices has made the option of renting more attractive than ever and the rental market is explosive.
So how is the residential housing market doing here on Long Island? A recent MLS Real Estate Market Report shows the following:
The Median Sales Price in Nassau County is $394,750.00 up 0.4% from this time last year
The Median Pending Price in Nassau County is $405,000.00 down 1.7% from this time last year.
808 Homes sold in Nassau County in May 2012 which is a 23% increase over this time last year
The Median Property Taxes in Nassau County are $9,500.00 up from $9,200.00 in 2011
The Median Sales Price in Suffolk County is $304,750 down 2.5% from this time last year
The Median Pending Price in Suffolk County is $315,000.00 up 1.6% from this time last year
824 Homes sold in Suffolk County in May 2012 which is a 2.1% increase over this time last year
The Median Property Taxes in Suffolk County are $7624.00 up from $7167.00 in 2011
What you see as you look at these statistics is that the volume but the market values are still on a downward trend and the rising property taxes are negatively affecting each and every homeowner. As taxes rise the value of your property will fall.
If you are thinking of moving anytime within the next five years, my advice would be not to wait any longer than is necessary.
One group that could benefit from selling now is retirees. You are likely to sell your home today for more money than you could in the foreseeable future. If your time frame is longer you may benefit from waiting.
Move-up buyers are another group that could benefit the most from the current market situation. The percentage of price decline is greater the higher you go in price range. The number of buyers for these high-priced homes is smaller. For people who are moving up, the amount of home for the money is at an all-time high.
Every homeowner should be proactive in protecting the value of their property by doing everything in their power to reduce their property taxes. This of course includes their school taxes. As the value of your home diminishes so should your property taxes.
When it's time to vote... vote... when it's time to grieve your property taxes hire a professional to do so.
If you would like to know the current market value of your Long Island Real Estate please contact us.