As Governor Cuomo commences the reopening of Long Island and residents of West Babylon and the surrounding areas return to work, many of our friends and neighbors will be paying close attention to the local housing market. There is good news all around. There will most definitely be real estate opportunities in West Babylon.
Although many homeowners who were planning on selling this spring were forced to put their plans on hold, recent data indicates that home buyers are still very actively looking to buy. What does this mean? Indications are that there will be real estate opportunities in West Babylon and the surrounding communities this summer and fall!
“Applications for home purchases continue to recover from April’s sizable drop and have now increased for five consecutive weeks…Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months.”
Joel Kan, Economist at The Mortgage Bankers Association (MBA) notes:
Serious home buyers are now increasing their online activities. Virtual home showings are on the rise. According to Google Trends, the search for real estate on line increased from 68 points in the week of March 15th to 92 points in 10 weeks. Buyers sense the real estate opportunities in West Babylon, New York, and the surrounding communities and are gearing up to accelerate their home buying plans.
Smart buyers are keeping their eyes on the mortgage rates and understand the need to take advantage of the current low rate situation. Even with a global pandemic, mortgage rates in the United States remain historically low. With the reopening of our local economy, buyers looking to purchase homes in areas such as West Babylon, New York, North Babylon, New York and Copiague, New York, realize the time is right to continue to pursue their dream of homeownership right here on Long Island. There is a sense that there are real estate opportunities…. and buyers are taking advantage of the current market presented to them.
“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic…As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago.” Sam Khater, Chief Economist at Freddie Mac.
For Home Sellers, Timing is Everything!
Homeowners whose plan to sell this spring was interrupted by COVID-19 are now faced with a market where there is a significant contraction of supply. This will be very favorable for those who are able to take advantage of the present situation…NOW!! For home sellers, timing is everything! Home sellers in towns like West Babylon, New York, Lindenhurst, New York and Wheatley Heights, New York are poised to benefit from this seller’s market. In fact, whether you live in Deer Park, New York, Babylon, New York or Bay Shore, New York, timing in this economic environment will be the key determining factor of how much and how quickly you will be able to sell your house. To show the contraction of the market, West Islip, New York had only 25 new listings in May, well below last May’s 44 new listings.
According to last week’s Weekly Economic and Housing Market Update
“Weekly Housing Inventory showed continued tightening. New Listings declined 28% compared with a year ago, as sellers grappled with uncertainty and hesitated bringing homes to market. Total Listings dropped 20% YoY, a faster rate than in prior weeks, leaving very few homes available for sale. As Time on Market was 15 days slower YoY, asking prices moved up 1.5% YoY.”
Here are the local numbers for West Babylon and the surrounding areas:
If COVID-19 delayed your plan to sell your West Babylon house or buy a home in West Babylon this spring, this summer will be an opportune time to get back on track. Buyers, you will be able to take advantage of the historically low mortgage rates. These low rates will determine how much you will pay over the life of the loan while low inventory will create an ideal opportunity for home sellers in West Babylon. Real estate opportunities in West Babylon and the surrounding areas will abound.
Whether you are buying or selling, you will need a qualified, experienced, real estate professional who is knowledgeable of the West Babylon market. An opportunity like this may not present itself again for a very long. Make the most of it.
I am an established real estate professional who brings my knowledge and local expertise to deliver an unmatched concierge service to all my clients. I sell houses in West Babylon and all the surrounding communities. Don’t wait. Contact me to discuss the possibilities and take advantage of the real estate opportunities in the West Babylon area.
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- Certified Probate Real Estate Specialist
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