Deirdre O’Connell
CEO
Daniel Gale Sotheby’s International Realty
I’m optimistic that the New Year will bring renewed momentum to the housing market. Historically, the housing market tends to perform well after a presidential election, no matter who takes office. Currently, we are seeing steady market activity across all price ranges. The long-awaited increase in available home for sale could finally begin to happen this year.
Buyers have adapted to higher interest rates and are poised to buy when the right home comes to market. Many sellers, although hesitant to let go of their favorable low-interest mortgages, are beginning to get impatient and want to move on, which will assist in increasing inventory.
On Long Island, the high tax burden is prompting some homeowners to relocate or downsize to more manageable properties. At the same time, those who moved off-Island during the pandemic for remote work are now returning as in-office work resumes. Additionally, Millennials and Gen Z buyers are seeking larger spaces to accommodate growing families.
One thing remains clear: Long Island’s unmatched appeal—from its proximity to New York City and scenic coastlines to its excellent schools, diverse housing options, and quality of life—continues to attract residents of all ages who want to make it their home.
Courtesy: Long Island BusinessNews
Leave A Comment