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Is Long Island Real Estate in Season of Change?

11/02/2021
Housing Market Change

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For Sale…Pending. For Sale…In Contract. For Sale…Sold. The signs in front of homes across Long Island seem to be telling a story we’ve been used to for quite some time, while also begging the question, is the real estate market showing any signs of slowing down? Through Nassau and Suffolk, where inventory remains low and prices are at impressive highs in many areas, we are still seeing numerous sellers getting above asking price, buyers still trying to be the first to see a listing and getting into bidding wars, and properties continuing to move quickly. But for all that, some winds of change, or at least a slight breeze, may be starting to blow.

“From my experience, the buyer frenzy is starting to quiet down a bit, for sure,” says Molly Deegan of Branch Real Estate Group in Sea Cliff. “Obviously, we had COVID, we had a lot of impulse buys, buys where people were just rushing out of the city and paying over ask, and some people are regretting that decision now.

Molly Deegan Branch Real Estate Group

Molly Deegan, Branch Real Estate GroupCourtesy Branch Real Estate Group

“It’s still obviously a seller’s market, because there’s low inventory, and buyer demand is certainly there,” she continues, “but it’s not as heightened, it’s not as frenzied. So I think that people are willing to wait, they’re not necessarily rushing into a decision.

“They want to take their time, they want to see if things are going to be coming on, but on the same note I think that they still are keeping a close eye on the inventory that is there, because it may work within their parameters. That’s what I feel is happening right now. But then there’s the flip side of that.”

Deegan has not only a honed sense of the ebb and flow of the market, but an understanding that these ups, downs and sideways movements do not have the same impact on the behaviors of all buyers and sellers.

“My buyers…they are starting to percolate again,” she says. “There was this quiet little period in August and September, but now I’m starting to get calls. People saying, did you check out this house, or what do you think about this? So I think people are starting to come alive—maybe it’s because they know we’re entering into fall and we’ve got this two-month window, if you will, before we go into snow and winter.”

As a lifelong Long Islander, Deegen well knows the way certain aspects of life slow down here come winter. And as a real estate pro, she questions the logic of those who think the selling season ends once the calendar flips from autumn, especially in this current climate.

“I think that winter, quite honestly, gets a bat rap,” she notes. “Why wouldn’t you sell your house in the winter? I think that, as a seller, that would be an opportune time to do it, especially given that there’s low inventory. Because the second anybody, realtors and buyers alike, they’re just walking around with their phones, waiting for something to come on, that’s an opportunity for a seller to get a maximum price on their home.”

Learn more about Molly Deegan and Branch Real Estate Group at branchreg.com.