Source: Hedges —
A new year has arrived and we’re all hoping for a strong 2023 ahead, particularly when we’re talking about the economy and real estate. After an unprecedented few years, we’re curious (and maybe a little anxious) about what changes we can expect in the market going forward in the new year. We asked some of the top agents on Long Island: What are their predictions for the Island’s real estate market for the year ahead?
Peggy Moriarty
Daniel Gale Sotheby’s International Realty
Cold Spring Harbor
“The main problem affecting the Long Island market is the lack of inventory. I have a long and strong list of people who would buy tomorrow if the product was right for them. Pricewise, if there is a property under $1 million that is in good condition, it’s going to sell right away. People need to buy houses and will. While there is a dearth of inventory between $1 and $2 million, between Thanksgiving and Christmas I created five pending sales over $1.5 million. As for mortgage rates, buyers got spoiled by a false market of historically low rates that were unstainable. Today’s rates represent a more normal market and ultimately will not stop buyers. More importantly, there’s a market stalemate as people want to sell, but there’s no place to go. Younger people moving from the city don’t want two acres and have neither the time, vision, nor cash to renovate, but will roll updates into the mortgage. For a fixer-upper to sell, it has to be priced to sell. The market remains strong, but inventory must rise to meet the demand and keep it strong. It will be interesting to see what the new year brings.”
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