Scott Schoen, Realtor

Suburban home inventory is depleted, but demand rages as prices soar across the tri-state area. For most realtors, January is typically the slowest month a chance to take a breath before diving into the year ahead. Not this year. The usual seasonal down time is non existent. A year into the pandemic, New Yorkers are continuing to flood into the tri-state area, looking to move into larger residences or scoop up second homes, as remote work continues indefinitely.... The pandemic has been a savior for home sales in parts of the region that have lagged the market in recent years. Initially, renters rushed to escape the city. Some became buyers, accelerating their plans to move out of the city or deciding to add a residence, at times in unusual places. People in New York who bought secondary homes in the tri-state area, some of them quite substantial, are using them as a hybrid. They want to spend more time out there, but they still are going to be working and coming into New York regularly. Agents have been faced with an impossible task: fulfilling exuberant demand with little to no supply. In Westchester County, listing inventory has fallen 9.2 percent year-over-year. In Greenwich, supply diminished 32 percent, according to the Miller market report. On Long Island, supply plummeted 65 percent. The lack of inventory has resulted in bidding wars and caused prices to skyrocket. Average home costs jumped 18 percent in Westchester, 31 percent in Greenwich and 32 percent on Long Island. A number of customers have said, ‘The market’s too hard, we’re gonna wait. But, in truth, ‘What are they going to wait for? The market is driven by supply and demand. And the demand is still there. But with vaccines arriving and a return to normalcy coming into view, will the market simmer down? With mortgage rates hovering near historic lows, most are hesitant to say yes. Life is cyclical, and things tend to eventually plateau, but Is it going to turn back overnight? I don’t think so. In the Hamptons, the pandemic has created a new year-round community. Though that may change if commuting returns, but expect interest to only increase when summer comes. There is a whole new audience out there that’s never really gotten to experience it or enjoy it before and that’s going to lead to a lot more people wanting places out there. Others believe an end to the pandemic won’t reverse all the changes. This has forced people to rethink how they live, and what their relationship is with metropolitan areas, When will it stop? It will stop when interest rates go up and the buyer pool becomes priced out of various markets because of the rising home costs. Let me know when you are ready! Scott Schoen [email protected] (631) 434.5033

Who you work with matters. A Real Estate Relationship you can count on... 20 plus years of business experience, your local Long Island Expert in a Global Market! I Real Estate and look forward to working with you! https://scottschoen.realtyconnectusa.com/

#longislandrealestate #MLKDay