Whether you are buying or selling, you’ve probably heard This Market is HOT! But what does that actually mean??
The North Fork has always been a special place that attracts new people every year. Since COVID hit and work from home become a new normal, more people have decided the North Fork is where they want to “work from home”. With many of our former vacationers looking to become permanent residents, our market is BUSY to say the least. When you hear “people are leaving New York City”- this is where they are coming. These are unprecedented times.
Part of a broker’s job is to constantly monitor the inventory for availability and pricing. Recently, we have seen a trend of an extremely low number of houses for sale. So I looked back to this same point last year and there were 153 available properties on the North Fork (single family residence). As of this writing, less than half that at 63. Inventory is extremely low.
In our small community, imagine that active agents typically have 5+ buyers they are working with at any time. This simple math equates to hundreds of potential buyers for every listing. We are seeing a record number of showings and record number of offers. Demand is extremely high.
Unprecedented times + Extremely low inventory + Insane demand = HOT MARKET
So this means if you own then you need to sell, and if you are looking buy, you shouldn’t, right? Definitely not.
If you are a buyer, and you NEED to be on the North Fork, be prepared to pay. You are not likely to find an off-market steal, just accept that. But don’t worry, if you’ve been watching the North Fork over the last 20 years, you know the trajectory is up. Getting in now at the top of the market is still better than getting in a few years from now at the new top.
If you have been thinking about selling, now is the time to ensure you will get the maximum dollar for your property. We have no crystal ball to know where the “top” of the market will be, but if you wait for the top, you may miss it. Take comfort knowing that at this exact moment, your house is worth more than it has ever been.
Right now is an easy time to be a listing agent, and a tough one to be a buyer’s agent. You need to make sure you work with a Realtor that gives you clear and transparent guidance to make sure you are in the best possible position, whichever side you are one.
As a buyer, you need to present yourself as the strongest candidate in the big field and be ready to move quickly. Make sure your docs are in order, you lead with your best offer, and have an understanding of your risk tolerance when it comes to potential defects.
As a seller, it is absolutely critical, now more than ever, that you are priced correctly. If you underprice, you could be leaving money on the table without ever even knowing. If you overprice, your buyer pool will be “on to the next” and before you’ll know it you’ll be trying to explain why you eventually had to drop your price.
At North Fork Real Estate, we have always prided ourselves on knowing the market and conditions inside and out. Rather than focusing on volume like many agencies, we are a boutique agency with a team approach that is focused on YOU. Getting you the best deal for your sale or purchase is our sole focus and priority. Whether you are buying or selling, the best time is always now. Contact us today for further guidance during these exciting times!