If you have been reading the paper, you have probably heard that the market is hot. Although the real estate market is hot, there are certain caveats you should be aware of.
Let’s say you want to know what the weather is like. If you want to know what the temperature is for any area on Long Island, you don’t go to the national news to see what’s going on. You don’t look at Suffolk County news to see how hot it will be when you step outside.
Just like the weather, the condition of the real estate market is very specific to the area. If you want to know what your home is worth, you wouldn’t see how the market is doing in Suffolk County. Real estate is hyperlocal, so you need to know what’s going on in your specific area.
For example, homes are selling briskly in Smithtown. We will hold an open house, get an offer here or there, and they are selling fairly quickly. In places like Wantagh or Merrick, though, our buyer’s agent has seen many buyers wind up in bidding wars. In fact, there are multiple offers on almost every house for sale in those areas.
We are not seeing that kind of hot seller’s market in Smithtown quite yet, although there are starting to be multiple offer situations in lower price points. That trend probably will move into higher price points as time moves on.
If you want to know about how your home will perform in the current market, you need to pay attention to price range, neighborhood, and location. These are all factors that determine whether or not your home is a hot commodity.
If you want to know the temperature of your specific market, give us a call or send us an email. We can let you know exactly what is going on in your zip code. We look forward to hearing from you!