Long Island offers many wonderful communities to live in. Many potential Homeowners often ask us what is the best Long Island Neighborhood to live in. With its vast diversity, Long Island offers its residents almost every amenity possible. With over 300 Miles of pristine Shoreline, Long Island has many Boating communities. Many Home seekers will enjoy the many different neighborhoods to choose from here, as well as the variety of houses, condos and town-homes available. Depending on where you settle, you could be right downtown, next to a popular community park or near top-rated schools.
If I were to use one word for the 2022 Long Island Real Estate Market, it would be unpredictable. Winding down from a very strong 2021, we entered the new year with energy and excitement for sellers who were receiving significant premiums for their homes due to the inventory shortage. Many believe this was a result of the pandemic, however, my experience was that the shortage of houses for sale coupled with the pandemic (the cherry on top) is what created the perfect storm for sellers to receive these premiums.
While many sellers were making a big profit on their homes without having to make repairs or meet any demands regarding the time frame, many buyers found themselves in a brutal situation. From 2020 through the present time, it was becoming customary (yet unadvised) for buyers to waive home inspections and appraisal contingencies. This was pretty much mandatory if you wanted your offer to be considered. The concept of a repair list was not something heard of during this time.
In the second quarter of 2022, we saw a significant interest rate hike, and then a few after that. Since it took such a long time for buyers to secure housing, many of the same buyers who started with a rate of 2.99% were now seeing their rates up to 5-6% or more.