The current real estate market has low inventory and high prices. When pricing your property, look at what similar homes have sold for in the last 3-6 months. Don’t price too high and scare off potential buyers, but don’t price too low and miss out on potential profits.
KCM provides helpful graphs and surveys of real estate trends, based on expert opinions. However, the Long Island area has unique challenges, with an aging population and limited land. Some move-up buyers struggle to find suitable homes for various reasons.
Governor Cuomo is trying to attract businesses to New York State by offering tax incentives, but more people are leaving than relocating. Proper pricing and understanding market trends are key to success in the real estate industry.
According to the KCM graphs and surveys conducted in the second quarter of 2015, the real estate market was heading in a positive direction. However, on Long Island, the aging population tends to stay in place and make their homes handicap accessible, making it difficult for move-up buyers to find the next place to call home. Additionally, there is limited land available, so the number of existing homes is fixed.
Despite the challenges, pricing your property correctly is key to attracting potential buyers. To determine the right price, look at what similar homes have sold for within the last 3-6 months. Pricing too high may scare off potential buyers, while pricing too low may result in losing money.
Ultimately, the real estate market can be unpredictable, but with the right research and accurate information, you can make informed decisions about pricing your property and navigating the market.