Gains in Suffolk County NY Home Prices Bringing Out More Sellers
Soaring Suffolk County NY home prices are leaving fewer homeowners owing more money than their properties are worth, bringing them off the sidelines of the surging Suffolk County NY housing market and offering relief to buyers who are frustrated by bidding wars. As more homes are put up for sale, price increases are expected to moderate.
Increasing Suffolk County NY Home Prices Unlocking More Supply
The fact that Suffolk County NY home prices have increased so dramatically has unlocked a lot of the pent-up supply that demand has been screaming for.
At the end of March, 19.8 percent of the nation's mortgaged homes were underwater, down from 23.7 percent a year earlier and 25 percent during the same period of 2011, according to CoreLogic. Gains spread across the country, though regions that rose high and crashed hard remained saddled with homeowners who bought near the peak.
Housing inventories are still unusually low around the Suffolk County NY area. There was a 5.2-month supply of existing, single-family homes for sale in May, compared to 6.4 months a year earlier, according to the National Association of Realtors. This is still well below the six months that is considered a balanced market.
Economists expect many Suffolk County NY homeowners will continue to resist selling because they think they can profit more by waiting.
Meanwhile, buyers who need to use conventional financing to be able to afford to buy now are finding it tough to compete with the all cash buyers. Some buyers are even writing personal letters to sellers when making an offer hoping to make a personal connection with the seller.
Suffolk County NY home prices are expected to continue to increase for the foreseeable future, and interest rates have already moved up from the record lows reached earlier this year. So waiting to buy a home could cost you a lot more. Call us today to discuss your options while Suffolk County NY home prices are still affordable.