Long Island Market Update: The Roller Coaster We’re Riding 🏡🎢
Long Island Housing Market Update: The Roller Coaster We’re Navigating! 🏡🎢
With autumn leaves falling, we’re diving deep into another Long Island Housing Market Update. The real estate landscape is continuously evolving, and it’s essential to keep our fingers on the pulse. Let’s get into the nitty-gritty!
🚀 The High-Flying Mortgage Rates:
A year ago, we were reminiscing about the earlier times when 6.5% was the mortgage rate in October 2022. Flash forward, and we’re almost touching 8%. If you had set aside a $3,000 monthly budget last year, you’ve lost nearly $40,000 in purchasing power. A bitter pill to swallow, isn’t it?
🍂 Seasonal Insights:
Historically, autumn sees a slight slowdown in the housing market. With kids back in school and the holidays approaching, many families prefer to wait it out. But this year, with the current rates and market trends, it might be a different ballgame.
🏠 Silver Linings & Clouds:
Despite the skyward bound rates, there’s good news in our Long Island Housing Market Update. New listings increased by 3% in September. If you’ve been waiting for more variety, this is your moment. But remember, with great choices come great decisions, so keep that wishlist ready!
💵 Long Island Housing Market Update The Financial Scoop:
U.S. homes are currently selling at an average of $371,000 – a 3% uptick from last year. With mortgage rates and home prices both climbing, it’s no surprise many are reconsidering their buying plans.
📚 Tips for Buyers:
In this market, having a clear understanding of your financial position is crucial. Consider getting a mortgage pre-approval. It’ll give you a clear picture of what you can afford and show sellers you’re serious. if you’re looking for a home to purchase follow this link for the newest homes to hit the market.
🌟 For the Sellers:
It might be tempting to overprice your property, given the trends, but a competitively priced home can attract more genuine offers. A local realtor (like yours truly) can provide valuable insights into the perfect price point for your property. Discover the true value of your home today! Follow this link to get started: MyLIHousePrice.com. If you are closer to putting your home on the market, please contact me at 516-526-8077 or email John@Cordeira.com. I’ve serviced many homeowner who were very happy with their experience with me; click here to see for yourself
🤔 Deciphering Mortgage Rate Rise:
Several factors are affecting our current rates. Hints of potential interest-rate hikes from The Fed, strong job market data, and a little dash of political unrest are contributing to the roller coaster. Discover the best mortgage rates in real time. Click here to access them now and take the first step towards your dream home.
📊 Key Stats in Our Long Island Housing Market Update:
– Mortgage rate as of Oct. 4th: 7.7%. Wow, that’s something!
– Median sale price in early October: $370,900.
– Median days on the market: 31. If you’re selling, that’s roughly how long you might expect to wait.
🎯 Conclusion & What’s Next:
Much like life, the Long Island market update has its ups and downs. Knowledge is power, and staying updated will always put you in a better position, whether you’re buying or selling.
Stay connected for our next Long Island Housing Market Update, and in the meantime, if you’ve got questions or need advice, don’t be a stranger! Remember, home is where your story begins, and I’m here to help you start that chapter right.
The information is sourced from this article by Redfin.