Q: What is the current state of the Long Island market?
A: Right now the market is shifting. It is important to educate sellers on the state of the current market and not what is portrayed in the media, which is a little slower to respond. The city is back in full swing after COVID vaccines have been distributed and the New York City market affects our market. The buying frenzy has cooled a bit and it is important to price new listings appropriately. The biggest change I see in the market is there is less of a sense of urgency from buyers. In the current market, buyers are getting smarter and saying even though it is a seller’s market, they don’t want to overpay.
Q: What advice can you offer sellers in Long Island? What are the most effective tools for selling to keep in mind when preparing to list?
A: The right broker makes a difference! Your choice of agent is critical as countless decisions arise during the marketing process; having an experienced and smart agent who holds your interests paramount makes a meaningful difference in the final outcome at the closing table. Social media is a critical marketing tool that I use to provide important lifestyle and listing information to current and prospective clients. Interview brokers and ask what they can do for you and how they vary from the competition.
Q: What advice can you offer buyers?
A: Demand is stronger than available inventory. All cash goes a long way but sometimes that’s not realistic. Get pre-approval before you start bidding. I always tell buyers to revise the pre-approval letter to the current bid, never a higher amount. Put as much information as possible in your offer. If you think you will have a commitment letter in 30 days, let the sellers know how highly qualified you are. I also tell my buyers that if they don’t have to be in the home by a certain date, let the seller know you are flexible. A longer closing can be very valuable to an overwhelmed seller. Definitely have your ducks in a row and your attorney on standby!