NORTH FORK MARKET ASSESSMENT

What’s up with this real estate market?  I am asked that question by buyers, sellers, other realtors, and most people I talk with on the phone, almost every day! It’s not just the North Fork. Most of Long Island, suburban Connecticut and New Jersey and Upstate New York are seeing a surge in sales and rentals primarily due to the COVID-19 escape from the city.

As schools remain closed, with the added uncertainty as to when and how they will open, many families have decided to buy or rent and work from home in more spacious homes, with room for schooling at home, and outdoor space for children and their parents to play! Also, some large corporations, like Google,  are already telling their employees to continue to work from home well into 2021!

The demand created is exacerbated by the low inventory we have been experiencing over the past few years.  The result, many buyers are struggling to find something to ride out the rest of the year, and for some, to change their lifestyle completely – move to suburban or urban areas, work from home or eventually work closer to home and give up the city apartments. In addition, most of our second homeowners are here for the duration of the pandemic, while hoping for a return “someday” to life in the city.

Right now, as homes come on the market, there is a frenzy of activity and often multiple offers, similar to the height of the market in 2005-2007. Unfortunately, many people who truly over-paid then, experienced significant loses when they sold several years later. 

That’s why it’s important to do your homework before you make an offer. Don’t get caught up in a “bidding frenzy.”  Remember the advice from country western singer, Kenny Rogers, “know when to hold ‘em, know when to fold ‘em, know when to walk away and know when to run!” 

Ask your realtor, to help you understand the market, evaluate the value of the home or property you are considering and exercise due diligence before buying.  The absolute worst thing you can do is to bid a property up, win the bid, regret or reconsider, and pull out.  All parties are negatively affected financially and emotionally spent. 

We’re here to help you through this challenging time.  And with many years of experience on the North Fork, we know what to do. Kindly call Lee or me at 631 765 5333.