An increase in home buyers shopping for properties on Long Island and limited supply in the region has turned the climate into a seller’s market, local real estate experts say.
That was the takeaway from The Real Deal: Moving to Long Island, a virtual panel discussion hosted Tuesday by Schneps Media, the parent company of the Long Island Press. The panel was sponsored by Daniel Gale Sotherby’s International Realty.
“We’re in a very aggressive sellers market,” said panelist Chris Jelani, an associate broker for Daniel Gale Sotherby’s International Realty. “But that does not mean that there aren’t any buying opportunities. There are some fantastic buying opportunities.”
Real estate is among the many businesses affected by the coronavirus pandemic, which has triggered a massive shift to online services. Electronically signing documents, virtual open houses, and remote meetings have become a customary part of the real estate industry.
“This is our new norm and we have to figure out a different way of doing business,” said Jelani.
Rounding out the panel was Jeanne Posillico-Leonard, an associate Brokers for Daniel Gale Sotherby’s International Realty, Nataly Goldstein, an attorney from the law firm Pardalis & Nohavicka, and Director of Sales at Contour Mortgage Danny Pisani.
The group recommended potential Long Island home buyers from New York City beware of the real estate market differences. Chief among those differences are the taxes on LI are generally higher than in the city, but buyers get more property for their money on the Island.
Another difference is the preliminary requirements to purchase a home. The title search, which is basically a search on the seller, purchaser and property itself, is more in depth for buying a home in Long Island than it would be for buying a co-op or condo in the city.
The four pros also shared some helpful advice for those looking to explore the real estate market. Pisani advised sellers and buyers to make sure their finances are in place. Buyers should talk to a mortgage broker to figure out what they can be approved for and what they’re comfortable spending.
“People just have to be very prepared,” said Posillico-Leonard.
She said her best advice for a seller is to make sure they price their property well because it is a very price-sensitive market. She suggested buyers be aware that if they’re in a competitive price range they will be competing with other buyers.
Jelani added that having a team of professionals and experts is essential. This team should include a real estate broker and attorney. Pisani agreed and stressed the importance of qualified and experienced professionals with an analogy.
“I have a very good friend of mine who’s a neurosurgeon, but if I break my toe, I’m not going to him,” he said, adding that he’d go to the specialist who does that kind of work regularly and is less likely to overlook major issues.
Goldstein urged purchasers to educate themselves.
“Know what you’re getting yourself into, know what the market looks like, know who you’re dealing with, do an inspection, and just take the necessary steps,” she said.
It seems this increased demand for homes on LI will become part of the new normal.
“The virus has impacted the way we spend money, the way we shop, and definitely the way where we want to live,” said Jelani.