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Home sellers are getting anxious. They feel like they missed the height of the market and these shifts aren’t sitting well with those seeking top-dollar for their homes. We are seeing less people out there looking to buy because they are priced out of the market and they have lost buying power with the recent run on interest rates.

Additionally, we are starting to see price reductions but most of those price improvements are on properties that were priced too aggressively to begin with. The latest wave of sellers include certain late-to-the-party home owners who tried to capitalize on the the housing boom only to find out that the recent string of rate hikes has abruptly altered the housing market trajectory.

That said, each house serves a different purpose in our lives. Some houses are meant to be our home base for a lifetime, and others are meant only to serve us and keep us cozy for a few years, and that’s okay too. Sometimes life plans change, opportunities take us in different directions than we envisioned, or we simply outgrow the space and crave different scenery. Whatever the case may be, if your lifestyle has changed recently and you’re ready to make a move, taking advantage of today’s home values might be just the answer.

View the entire report HERE.

3Q 2022 Long Island Real Estate Market Update

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