Spring typically marks the beginning of the busy season for Long Island’s housing market. But this year, things will be a little different. With unprecedented economic conditions leading to new buyer behaviors, an influx of remote workers, and a surge in demand for outdoor space, the housing market is transforming before our very eyes. In this blog, we’ll break down some of the biggest changes we’re seeing and how they might impact your homebuying journey.
- Virtual homebuying has become the norm
With social distancing measures still in place, virtual homebuying has exploded in popularity. Many homebuyers are now relying on 3D virtual tours, video walkthroughs, and online open houses to view potential homes. This trend is expected to continue throughout the spring and beyond, as buyers increasingly prioritize their health and safety in the homebuying process. If you’re currently in the market for a home, it’s important to work with your real estate agent to ensure virtual showings are available for properties you’re interested in.
- Outdoor space is in high demand
The pandemic has also led to a surge in demand for outdoor space. With more people spending time at home, and the desire for fresh air and exercise, homes with yards, patios, and balconies are more appealing than ever. This trend is expected to continue through the spring and summer, with many homebuyers now prioritizing the availability of outdoor space over other amenities. If you’re looking for a home this spring, be prepared to pay a premium for outdoor space.
- Remote work is influencing buyer behavior
The pandemic has led to an increase in remote work, and many people no longer need to commute into a physical office every day. As a result, some homebuyers are expanding their search to areas outside of major cities or closer to family. This trend is expected to continue as remote work becomes more normalized. If you’re considering a move, think about how your remote work situation may impact your homebuying decisions.
- Inventory continues to be a challenge for buyers
One trend that remains unchanged is the low inventory of available homes on Long Island. Despite the recent surge in demand, inventory remains tight, and many homes are selling quickly. This makes it challenging for homebuyers to find the right property at the right price. It’s important to work with a knowledgeable real estate agent who can help you navigate this challenging market.
- Interest rates remain historically low
Finally, it’s worth noting that interest rates remain historically low, making it an excellent time to borrow for a home purchase. These low rates have helped offset some of the rising prices caused by the surge in demand. However, it’s important to act quickly as rates may rise in the coming months.
This spring, the Long Island housing market is undergoing significant changes due to the pandemic. As a homebuyer, it’s important to be aware of these shifts and how they may impact your homebuying journey. Work with a skilled and experienced real estate agent to help you navigate the challenges of the current market, and you’ll be well on your way to finding your dream home.
