If you’re a homeowner, an agent, or someone who’s thinking of selling their home in Suffolk County, New York– then this article will give you all you need to know. Suffolk County, the largest county in New York, covers 2,373 square miles and encompasses 10 towns. It’s also one of the most populous counties in all of America, with a population of over 1 million people.
The county boasts some very attractive features for its residents: on average it has lower property taxes than neighboring Nassau County– which means that homeowners can recover their losses incurred from paying higher mortgage rates through better property tax deductions.
The Suffolk County real estate market is one of the most dynamic in the Eastern United States. The median price of a single-family home is $347,790. Based on historical data from 2008 to the present, it was determined that approximately 85 percent of current properties listed for sale remain on the market for less than 100 days and sell above list price. To find success in selling your home, you need to know what the market looks like. What will it take for me to sell my house in Suffolk County, New York?
The Current Real Estate Market in Suffolk County
Suffolk County is the most densely populated county in New York State. With a population of 1,493,300 and an area of 838 square miles, it’s also one of the most populous counties in the country. In recent years Suffolk County has seen rapid growth due to its proximity to New York City and its affordability relative to neighboring Nassau County.
The real estate market in Suffolk County is very much alive with an accelerated market rate of transactions. The total number of homes sold in the county increased by 9.3% to 1,964 from 2016 to 2017 and the average sale price grew by 7.6% to $425,921 during this time period.
The latest reports show that there are more home listings than buyers currently which further suggests a healthy shift between supply and demand. This will drive prices further up as evidenced through sales data. Although the buyer profile has changed over the years due to shifts in demographics, most buyers are still first-timers but in smaller numbers, since they are now being outpaced by investors who account for 32 percent of all purchases.
The post-recession era has been good for homeownership in Suffolk County; however, there are many factors that go into predicting future trends when it comes to what homes sell where and for how much.
Future Real Estate Predictions in Suffolk County
If you’re a homeowner, real estate agent, investor, or house seller in Suffolk County, future market predictions will be of interest to you. The rise of the sharing economy has made it so that homeowners are no longer stuck with their properties if they want to move away from Suffolk County. With a population of over 1 million people, Suffolk County has undergone significant development since the 1960s. Will that change as time goes by?
The housing market has been rapidly shifting for over two years now. This means that it’s time for homeowners in Suffolk County to be proactive about getting their house on the market so they can take advantage of what’s happening in the market.
As with any major metropolitan area, people will continue to seek out urban centers as their populations grow. Some experts believe these predictions signal the end of suburbs, but no one knows for sure what will happen in the coming decades.
What Does a Changing Real Estate Market Mean for Selling Homes in Suffolk County?
The real estate market is changing. With the new tax reforms, people are looking for more affordable homes in areas that have less expensive and higher property taxes. This has led to a decrease in home sales.
The Suffolk County area is no exception to this trend with an 8% decline in home sales since January 2018. What might be happening behind closed doors? Are sellers worried about their ability to afford high property taxes? Do they want to get out of debt before making such a large purchase?
One thing is for sure, buyers have experienced a bit of sticker shock. In a recent poll conducted by Long Island Newsday and Saint Anselm College, 87% of home buyers deemed Suffolk County overpriced. But there seems to be light at the end of the tunnel: with mortgage rates expected to rise this year as well, it may make more sense financially for residents to purchase now rather than wait until 2021 or 2022 when interest rates are likely going up again.
One way to help sellers in these uncertain times is by getting on the market sooner rather than later. It’s important not to get impatient though; if you’re selling your home during peak season or making renovations, it will pay off, in the long run, to wait for the right time.
Selling Your Home In Suffolk County
If you are looking for a way to sell your home in Suffolk County, New York then you should know that there is a process known as cash buying. Cash buyers will purchase homes with no financing involved and they can close quickly on the sale of your property. It’s important to remember that sellers typically receive more money from selling their house to a cash buyer than they would if they were to try and get traditional financing through a bank or mortgage company.
Selling a home can be tough and it doesn’t matter if you’re an experienced real estate agent or not. If you’re looking for a company that will buy your house as-is with no inspection required, then Simple Sell Home Buyers is the company for you. We can make your sale a quick and easy experience.
The Simple Sell team has made it their mission to help people sell their homes with ease and affordability. They offer no-hassle cash offers, don’t require you to list or stage your home, and they always put their client’s interests first. With New York’s most trusted cash home buyers, Simple Sell will take care of everything for you!
Image Credits
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