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When inventory is low, it means that homes are not very plentiful in our Long Island real estate market. When there aren’t enough homes available, sellers benefit and buyers will have a tough time finding a good deal on a home.
We’re currently seeing low inventory in Long Island, so all homeowners should know that their properties will be in demand if they decide to list them for sale. When homes are in demand, they sell quicker and for more money. Sellers can also get away with not improving every aspect of their home. Buyers will have to settle for a home that’s not landscaped if homes are in high demand.
This is great news for sellers, but buyers need to prepare for a competitive market. You need to know what you want to buy, and you need to act on your impulses when you see something that you like.
One thing that is working in the favor of buyers is that we are still seeing historically low interest rates. You can save thousands of dollars over the lifetime of your loan with these extremely low rates. The longer you wait, the more expensive it will become to buy a home. Interest rates are only set to keep rising.
If you need help crafting a winning home offer for a seller, please don’t hesitate to reach out to us. We look forward to hearing from you!
