The start of the holiday season always makes us stop and reflect on the work we’ve done throughout the year, and set our sights on the future. 

The real estate industry quickly rebounded in 2020, bringing unforeseen activity to the market. This year, more than ever, we’re grateful for our clients. Your trust enables us to do the work we love, in a community we’re proud to call home. 

Typically the start of the winter season marks a slowing down of the real estate market. We know, however, that this year will look different. Keep reading for what to expect through the winter on Long Island, whether you are a buyer or a seller. 

Sellers

With low inventory and active buyers, properties continue to move quickly on Long Island. Buyers, who have more flexibility due to remote work and schooling, have not slowed their search. 

Lawrence Yun, chief economist of the National Association of Realtors® said,

“This winter may be one of the best winters for sales activity. It won’t match summer or spring sales numbers, but on a winter-to-winter comparison, this could be one of the best breakout years just based on the fact that pending contracts are at such a higher level.”

In years past, many sellers waited for the spring market to sell their home. With active buyers currently searching, and a 20% increase in mortgage applications from this time last year, there is no need to wait to list your home.

Buyers

With properties moving quickly, serious buyers can continue to actively search throughout the end of the year. Mortgage rates remain low, providing a key benefit to buyers in this seller’s market. In many cases, buyers are locking in mortgage rates under 3%.

Be prepared to continue your search by ensuring your finances are in order, you are pre-approved for a mortgage, and you have a real estate agent who will help you make a competitive offer.  

As always, The Lenard Team is excited to provide 5-star service should you decide to buy or sell this winter. Contact us today to learn how we can help you!