City, and its chic reputation has grown since it has become a hot spot for jet setters and Hollywood stars.
However, now more than ever Long Island real estate is on fire! Houses are selling like hotcakes, and you can profit from this booming market if you keep in mind the following facts about the current situation.
1) Post COVID Boom
The Long Island real estate market has long been popular for summer homes or commuters. However, in 2020, the global coronavirus pandemic changed everything. People who had summer houses on the Island moved there full time, and people who did not own wanted to and were willing to pay sky-high prices to get it.
Inventory became harder to find than ever. People were buying houses sight unseen from ads on the Internet!
Only the most nimble realtors were able to pivot in this “new normal.” Those able to innovate and showhouses virtually, or work their networks, were the ones able to ride the wave to the top.
2) Year-Round Appeal
Long Island’s year-round appeal has skyrocketed. Even if people return to work in New York City, which is easily reachable by train, many families are choosing to stay year-round. There is a trend towards embracing a more rural life with lots of room for the children to play and the ability to spread out, away from possibly infectious crowds.
Long Island’s beautiful environment is a draw every season. Artists love its distinctive light every month of the year. More restaurants and shops are staying open after Labor Day to cater to the people who choose to linger long after the beaches close.
This has resulted in a year-round house-buying season. No longer do people put their houses on the market only in the spring aiming for summer buyers.
3) Hyper-Competitive
This explosive market has made things hyper-competitive for realtors. And just because the market is hot, that doesn’t necessarily make things easy for real estate agents to close the deal. They still need to handle recalcitrant clients, cluttered attics, and inaccurate valuations.
Realtors doing well this year are taking advantage of every technological innovation they can to get ahead of their competitors. They are updating their websites with state of the art platforms like MLSLI. They are using drones and videographers to create virtual tours and other workarounds in the pandemic era where it is harder to have that personal touch.
4) Great Schools
Another reason the real estate market on Long Island is so hot is because of the area’s schools. Long Island public schools in towns like Manhasset and Syosset are considered some of the best in the country.
Where New York City used to be the place where people sent their kids to some of the best private schools, now satellite versions of these elite academies are opening up in the Hamptons. This is a strong selling point for those high net worth families you are looking for.
5) Prestige
The great name recognition of a house on Long Island’s North Fork, Montauk, or Amagansett has its own value far beyond the land it is built on and the spectacular architecture it may boast. Remember, when you are selling property in this halcyon area, you are selling to an international audience. Anyone who is anyone wants a place on Long Island.
Long Island Real Estate: The Gold at the End of the Rainbow
Long Island real estate is in great demand, so you have to be at the top of your game when you are helping clients buy or sell this valuable property. Make sure you leverage every tactic you have to take the lead in this competitive market. You and your clients will be grateful!
For more on everything you need to know about real estate, keep checking back.
