National Real Estate Market Mirrored in Long Island

Across the country, buyers trying to enter or change homes in the current real estate market are feeling like roadblocks have been thrown up. Inventory has been decreasing, home prices have been increasing and mortgage interest rates are up and threatening to go higher. Research shows that since November 2021, home prices may have started to plateau, and if prices start to rise again, experts predict that the increases will not be as dramatic as last year. Supply chain and labor shortage issues have contributed to the low inventory levels. As these issues are resolved, more housing inventory should come on the market and help address the inadequate supply.

The Long Island Real Estate Situation

If you are planning to buy or sell a home on Long Island, Lynx Mortgage Bank LLC in Westbury is a mortgage lending company that you can depend on. Not only do we know the Island real estate, but we also live here, too. Just as in the rest of the country, after substantial increases in home prices in the first half of 2021, prices are hinting at leveling off in Suffolk and Nassau Counties. Unfortunately for buyers, the inventory of homes for sale has continued to drop in the early months of 2022. The most desirable homes often have multiple offers above the asking price.

Steps to Take if You Are Buying on Long Island

Even though there may be roadblocks to navigate in this market, it is still a good time to make your move and purchase a Long Island home. Get pre-approved. Plan to make as large a down payment as you possibly can. Look for homes that have been on the market for 20 days or more because these owners may be more willing to negotiate the home price down to your advantage. Shop for a home in a neighborhood you may not have considered in the past.

Long Island has some neighborhoods that are still considered to be very affordable. With the possibility of home prices and mortgage rates rising and the uncertainty of when the supply and demand issue will be back in balance, securing your residence may be an important step for you to take right now.

Lynx Mortgage Bank LLC in Westbury has many mortgage products to help you purchase your Long Island home, including 30- and 15-year mortgages, fixed-rate mortgages, adjustable-rate mortgages, VHA and FHA loans, mixed-use mortgages and home equity loans. Give us a call at 877-599-LYNX today.