Long Island Sees Home Sales Plummeting

Blog December 2, 2021 By Admin

NY suburban home sales have been taking a nose dive according to the latest report from Bloomberg. What’s coming next, and what does it mean for your property taxes?

In contrast to places like Southwest Florida where property prices have been spiking by close to 40% over the past year, NY has seen very slow house price growth.

This may be no surprise in Manhattan given the pandemic and rising crime. Though Bloomberg reports that this has now been extending out to the suburbs, and Long Island, where home sales volume is now down by double digits this year. That’s after attempting a rebound following the initial COVID lockdowns and dip in house prices. Even the Hamptons have seen sales falling.

Pending home sales are also down substantially, acting as a leading indicator for what we can expect next.

While many are blaming a lack of properties for a lack of sales. However, given the massive shift in the economy, workplace, shopping, crime, and where people want to live, and what they need in their housing, it seems quite likely that we may have seen this peak in prices for this cycle of the housing market.

This trend may be compounded by more distressed property sales. Zillow itself says that it is folding its home buying efforts, and is going to have to fire sale 7,000 properties for less than it paid for them. This may be quite a common theme among other big funds over the next year. As well as individuals finally running out of stimulus, and having to sell their own homes.

Lower property prices mean that your home’s property tax assessment should go down. Property tax rates may still go up, but are multiplied by your tax assessed value.

Since Nassau County, NY recently used peak values to hike property taxes throughout the county, do not expect them to revise them to help local businesses and homeowners to save thousands each year voluntarily.

The good news is that you can still file an appeal with the help of Property Tax Adjusters, Ltd. This will enable you to correct your tax assessment which is often already flawed in many ways, as well as to reduce your overall annual property tax bill, and create a lower basis for ongoing tax bills each year. Make sure you get this help while it is available, and stop overpaying each year.