Real Estate Blogs

The Island Wide Team



Good news for buyers today! Although it's still a seller's market, there seem to be more moderate sellers this year, which means bidding wars would be lighter. If you're curious to know the updates as you re-enter the market, here are some trends that might just be what you need:


Return of Contingencies


More buyers are realizing the importance of home inspection. According to the National Association of Realtors (NAR), only 27% of buyers have waived on contingency, compared to 30% to 32% last month:



More Sellers Accepting Offers


According to a survey by realtor.com conducted last month, more sellers are accepting offers.

On the infographic below, it shows that in the last 12 months, 20% of homeowners surveyed mentioned that they sold their homes. 34% of those were sold between the months of June and August, which are months that are usually considered the peak of the home buying season. On top of that, 23% of sellers closed a transaction during Spring (February to May), while the remainder sold their homes 6 months prior.


Willingness to Cover Closing Costs


When buying a home, closing costs usually range within 2% to 5%. Prior to the recent health crisis, most sellers would cover the buyer's closing costs just to make the deal more appealing. However, during the pandemic, the demand was so high that this was no longer necessary to do. On the other hand, with the current housing market situation, some sellers seem to bring back this practice.


Overall, today's housing market data shows that things are slowly coming into normalization. Now is a great time for buyers to get back, negotiate, and make strong offers. If you are curious about the home buying process, how to sell a home, or simply how your local housing market is doing, reach out to Realtor® Kyle Kelly or any member of The Island Wide Team to get things started.


Call or Text: 631-831-0912

FB Messenger: m.me/KKellyNY

Personal Email: KKellyNY@gmail.com

Team Email: islandwideteam@gmail.com

Instagram: @kkellyny @IslandWideTeam

Twitter: @kkellyny

TikTok: @therealdoublek

YouTube: youtube.com/agentkkelly

YouTube: The Island Wide Team

Website: islandwideteam.com

Website: kksells.com


Disclaimer: Views and information provided in this post are for general informational and educational purposes only and is not a substitute for professional advice. Before taking any action based upon such information, we encourage you to consult with the appropriate professionals. The use or reliance to any information contained on this site or mobile application is solely at your own risk.




The Reality


The shift in the real estate market shows that there is an inflection point in supply and demand. Active listings have increased approximately 26% versus last year, while showings have lessened by almost 17%, according to realtor.com and Showing Time. In the previous couple of years, there is more demand than supply, which caused the housing market craze.



Home Price Forecast


Most experts say that home appreciation will continue in 2023, only at a slower pace. There are six forecasters that have predicted that national home prices may increase about 2.5%, while only one forecaster thinks there will be home price depreciation.


Image source: Keeping Current Matters (KCM)


With the information available and experts watching the housing market closely, we can say that there is a real estate market slow down, but not a bubble burst. If you are looking for more insights about the Long Island housing market or your local real estate market, contact Realtor® Kyle Kelly of The Island Wide Team today!


Call or Text: 631-831-0912

FB Messenger: m.me/KKellyNY

Personal Email: KKellyNY@gmail.com

Team Email: islandwideteam@gmail.com

Instagram: @kkellyny @IslandWideTeam

Twitter: @kkellyny

TikTok: @therealdoublek

YouTube: youtube.com/agentkkelly

YouTube: The Island Wide Team

Website: islandwideteam.com

Website: kksells.com



Disclaimer: Views and information provided in this post are for general informational and educational purposes only and is not a substitute for professional advice. Before taking any action based upon such information, we encourage you to consult with the appropriate professionals. The use or reliance to any information contained on this site or mobile application is solely at your own risk.







According to the National Association of Realtors® (NAR), the monthly mortgage payment increased from $1265 to $1944 compared to last year, which is about a 53.71% increase.


Although this has discouraged some homebuyers from purchasing their first homes, there are still ways to make homeownership goals a reality. Here are 3 simple tips that you may look into when buying a home:


Expand Your Options


If you have been looking into one specific area for your home search, try checking other locations that could be more affordable. Considering other locations may open up more opportunities for you than you have imagined.


Look For Other Financing Options


A trusted mortgage lender may help you find the right kind of financing option that would best suit your needs. There are different mortgage products with varying eligibility requirements and down payment options out there. By talking to a professional lender ang getting the right loan, you may find a more affordable way to purchase your home.


Programs and Special Benefits


There are several down payment options that you can explore to secure the funding that you need. Non-profit organizations and local community groups may provide you more information on what grants, gift funds, and and loans are available for you. Teachers, veterans, doctors, nurses, and other professionals that are included in certain programs may seek other special benefits, too.


Overall, your dream of owning a home should not be impossible if you talk to the right people and find the right options. A real estate team such as The Island Wide Team may be able to walk you through the process and assist you through the various options that you can look into when buying a home.


Call or Text: 631-831-0912

FB Messenger: m.me/KKellyNY

Personal Email: KKellyNY@gmail.com

Team Email: islandwideteam@gmail.com

Instagram: @kkellyny @IslandWideTeam

Twitter: @kkellyny

TikTok: @therealdoublek

YouTube: youtube.com/agentkkelly

YouTube: The Island Wide Team

Website: islandwideteam.com

Website: kksells.com



Disclaimer: Views and information provided in this post are for general informational and educational purposes only and is not a substitute for professional advice. Before taking any action based upon such information, we encourage you to consult with the appropriate professionals. The use or reliance to any information contained on this site or mobile application is solely at your own risk.


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