Source: Long Island Press —
The Long Island real estate market has seen some tumult over the last few years. From a near-unprecedented surge to a stabilization due to a number of factors, one thing it hasn’t been is consistent. Yet, based on what we know about the market, we can make sense of what is going on in real estate and reassure both buyers and sellers that the answer to the question, “When is the best time to buy real estate?” is yes.
It is always a good time to invest in real estate as long as the expectations have been adjusted to meet the realities of the market. We know that mortgage rates are on the rise limiting the buying power of those looking to invest. It is critical to understand that buying power is not a true reflection of the real estate market.
So if a buyer was able to afford a monthly payment in 2020 of $4000 per month, which might have put them into a $600,000 home, that same payment today may only afford that family a $500,000 home. Does that mean that the Long Island real estate market is down? No. But it does mean that buyers need to accept this reality.
