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What’s Next for Long Island Real Estate?

By: Beverly Fortune
Sold Home For Sale Real Estate Sign In Front Of Beautiful New House.

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The wild ride that has been Long Island real estate continued through the summer with the twists and turns we’ve come to expect over the past few years. Home prices remained at their lofty levels and mortgage rates have been hitting heights we haven’t seen in years, while the overall number of home sales has dropped so far in 2022 compared with 2021. The only aspect that seemed predictable was the unpredictability.

As speculation abounds as to which direction the market will sway for future homebuyers and sellers alike, a gathering of local real estate experts welcome autumn with their predictions for the coming season. Time to polish those crystal balls…

Jill Brown
Associate Real Estate Broker, Daniel Gale Sotheby’s International Realty
Fall should be a busy time in real estate on Long Island. Buyers that were outbid during the crazy pandemic buying surge will have more buying opportunities now. We will see more inventory coming on the market, and although prices are still up, they should begin to decrease as we head into a more balanced market.

Richard Maltz
CEO, Maltz Auctions
With the continuation of mortgage interest rate hikes, home ownership affordability will continue to decline. To date, the lack of housing inventory has kept the market remarkably strong, but eventually this will come to an end, especially if inventory increases.

Leanna Visalli
Associate Real Estate Broker & Certified Buyer Representative, Daniel Gale Sotheby’s International Realty
In the next few months, the real estate market overall is still optimistic and showing movement if the home is priced correctly. Pricing in real estate is one of the most important factors when listing a home. Therefore, if a seller is of the understanding the market is not exactly the same as it was six months to a year ago, homes are still selling at really good numbers. That said, in general we are seeing homes showing longer days on the market than even a few months ago.

Kerri Passamenti
Licensed Real Estate Salesperson, RE/MAX Integrity Leaders
The slight market shift has provided balance and a healthy market for both sellers and buyers.

Cynthia Grimm
Licensed Real Estate Salesperson, Signature Premier Properties
We’re still in a very strong market, despite the doom and gloom you see on the news. Interest rates have stabilized and inventory is still low, so even though homes are no longer appreciating at the record 15% we saw in 2021, it is still a seller’s market. Home values are decelerating to correct for the prior frenzy, but they are still appreciating.

Sandi M. Polinsky
Broker/Owner, Goldilocks Real Estate
The market traditionally shows sign of slowing at the end of August. Buyers and sellers are gearing up for back to school, summer vacations, etc. We typically will see an uptick post-Labor Day into Thanksgiving. The 2022 market is somewhat different than previous markets due to the fluctuation in mortgage interest rates.

I have been asked by many people if I think the market will “crash.” The answer is a definite no! I think there is and will be a market adjustment. We are already seeing less traffic at open houses, but that too is typical at this time of the year. Most people don’t realize that the real estate spring market does not begin in April when the flowers break ground—it starts in February. The real buying push takes place from February through August, so buyers that are concerned about registering their children for school can time it out properly.

Miriam Hagendorn
Licensed Real Estate Salesperson, Serhant
The housing inventory on Long Island remains low and sellers are still in a great position to list their home in the fall and winter months. Buyers who have missed out on the spring and summer markets are still looking to buy a home and are very active and serious. Homes are still selling at a premium, as we are within close proximity to the city, the beaches, vineyards/wineries, theaters, music venues, nightlife, parks, museums and renowned restaurants all across the Island.  Long Island is a unique market—don’t let the national reports scare you away from making a move.