Have you ever wanted something so badly and yet you can't have it simply because so many people are trying to have the same thing? That seemed to be the case in the past years and months when it comes to the home market.
Today, the real estate market is slowly starting to shift and many are asking, is the real estate world going to crash? People are in panic when they see the headlines and it can be really daunting if you don't know the ins and outs of the business.
The good thing is, it's not a bubble and it's not going to crash. The past year or so was the high and right now, the market is beginning to normalize bit by bit.
Among the things that can be noticed in this shifting market is how it is becoming a buyers market. From about 20 to 30 offers per home, it has become approximately 3 to 5 offers per home. For those who don't know how the real estate market on Long Island or any other state works, this may sound alarming. In reality, this shouldn't be a huge concern because it's still a great market. Even before the pandemic hit, there are instances when sellers would be happy with at least 1 or 2 offers.
Here's an infographic from Keeping Current Matters (KCM), with data sourced from the National Association of Realtors® (NAR) and GlobalNewsWire, indicating 3 Reasons To Buy a Home in Today's Shifting Market:
If you are a buyer who has been looking into homes for a long time, but couldn't land on anything because most homes are almost gone the moment they are listed, this could be your time. Right now, since there are lesser offers, the competition is has relaxed in a way, which gives you more chances of landing a home that you like.
Now that you know the good news and you are 100% committed to buy your home in Patchogue, or any other property, the question is, are you ready for The Shift?
In this video from Kyle Kelly - a local Realtor® from Long Island, NY, gives a great insight about The Shift in Real Estate and what to watch out for. Of course, not everyone is aware what it really means and what needs to be done about it.
Remember, not all licensed real estate agents are the same. In a rough estimate, about 20% might be out of business in more or less 2 years, since licensees from the past couple of years didn't know what it's like to sell homes in the real world, to real people. They only had to put up signs in front of homes! Also, no one has a crystal ball, so no one can tell how long things will be this way, especially in the real estate world. External factors may be unpredictable. The good thing is, a full-time local Realtor® with ample experience, trusted connections, and dedication can do a lot in ensuring you get into the closing table with minimal or no headaches at all.
Today may be the moment you've been waiting for to own a home. Connect with The Island Wide Team and start the homebuying process today!
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