Despite being in what should be peak home buyer and rental season, Long Island home prices, and even luxury rental prices are coming down.
This could be great news if you hope to summer closer to home this year. Though you should also be demanding your property tax bill goes down too. Which could give you the extra spending money you need to enjoy a break in the coming months.
Long Island Home Sales Fall By Over 22%
Homes contracted for sale in Suffolk and Nassau County are now down by over 22% according to the MLS. That makes 22 months of consecutive declines.
Home sales prices in Nassau County are beginning to follow suit. Expect property values to catch up to the pace of declining sales as this plays out, and due to the below mentioned crash in rental property values.
Hamptons Rental Prices See 50% Drops
According to local brokers commenting on the market via the post, prices for summer rentals in the Hamptons are down by as much as 50% from last year. With real estate agents spending half of their days fielding calls from panicking owners asking if they should lower their prices.
This seems to be due to a combination of mass layoffs and bonuses being cut by more than 25% this year, as well as rising inflation, too many rentals on the market, and more New Yorkers choosing to summer abroad this year instead.
That’s great if you’ve been eager to find an affordable summer rental on Long Island for this year. Not so great if you own local rentals.
As with every other market, expect this to continue to over-correct until we hit the bottom.
Property Taxes
The great news is that if your property value is nose diving, then your property tax assessment, and annual tax bill should be lowered accordingly as well.
The bad news is that this is not just going to voluntarily show up in your mailbox. You must file an appeal to have your bill appropriately reduced.
Get in touch with Property Tax Adjusters today, or use our online application to start the process, and get saving now.