Have you seen a market change since the unofficial end of summer? There has been a flurry of homes that have gone into contract as of late. Why do you think that is? And, what do you predict for the fall selling season ahead?
Chris Ritchey
THE HUDSON ADVISORY TEAM
COMPASS
EAST HAMPTON
I’d attribute the post-Labor Day surge in contracts to homes that were either being used by sellers for the summer or were rented out. My own clients went into contract back in July, but the closing was delayed so the sellers could enjoy one last summer in the house. With that in mind, I expect to see a wave of new listings this fall. Now that tenants are out, sellers have the time to prepare their homes for an October listing date.
For the Real Estate Roundtable from the Hamptons edition, click here.
Kelly DiJorio
DANIEL GALE SOTHEBY’S INTERNATIONAL REALTY
WESTHAMPTON BEACH
The Hamptons market has seen a noticeable increase in activity since the unofficial end of summer. One reason is many buyers start to reassess their housing needs when their summer schedule slows down, especially if they spent time out here during the season. Some of my clients that have rented the past few years, now want to find a spot to call home. The end of summer also marks the realization that they want to secure a second home before the holidays or next season. Additionally, with interest rates steadily declining, buyers who rented or were sitting on the sideline are starting to re-enter the market. The fall selling season in the Hamptons often presents a mix of motivated buyers and sellers. Sellers may want to close deals before the end of the year for tax purposes, while buyers may look for opportunities to purchase properties before the market slows during the winter months. I predict that while we’ll see steady demand, especially for turn-key and wellpriced homes, inventory could remain tight. This could drive competitive offers for prime properties, making the fall market an opportune time for both sellers and buyers looking for their perfect Hamptons retreat.
Molly Deegan
BRANCH REAL ESTATE GROUP
SEA CLIFF
My feeling is that this is a very positive thing for both buyers and sellers. For those buyers who have been sitting on the sidelines, this is the sign of encouragement they have been waiting for, indicating that they are one step closer to the reality of home ownership. This is also good news for sellers in the sense that with new buyers hopping back into the pool, it will most likely enhance the competition which could create a better selling price than expected. In similar encouraging news, the Fed is projecting cutting rates by another half a percent this year, with additional cuts in 2025!
Emily LaRocca
THE AGENCY
FIRE ISLAND & BAY SHORE
While specializing in both the Fire Island & South Shore Real Estate markets, I am closely observing recent developments in Long Island and Fire Island’s broader real estate landscapes. As we begin to approach Fall 2024, both markets continue to exhibit resilience despite the rising interest rates and limited inventory. With many buyers still facing competitive bidding wars, demand remains at an all-time high. The summer months are usually the busiest both on Fire Island and the South Shore, and that did not change this year. As many buyers seek the serene, spacious properties that Long Island offers, the market continues to favor sellers with homes selling swiftly and at premium prices. The secondary home market on Fire Island is riding right beside the mainland market. This has been one of the busiest seasons at the beach and even riding into the fall, despite rising interest rates and insurance premiums on our barrier beaches. We still have buyers & sellers actively eyeing the market even in an extremely seasonal community. This environment has increased our market responsiveness, promoting innovation in our approach, and boosting client awareness, confidence and satisfaction.
Heidi Karagianis
DANIEL GALE SOTHEBY’S INTERNATIONAL REALTY
PORT WASHINGTON
The summer ended with a thud. It was incredibly strong through the first week, honestly the busiest summer market in memory, then the second week of August… everyone went on vacation and disappeared. Some say it was a shift in the market, but I feel it was more of a normal end-of-summer market cycle. This week everyone seemed to have returned, and is buying in earnest. They are refreshed and looking for the new inventory to come on. That being said, anything that came on in August is an amazing opportunity. Some great homes slipped through the cracks and those sellers are willing to listen to all reasonable offers. It should remain strong through the end of the year, but buyers are incredibly price-sensitive, so appropriate pricing is key.
Maria Babaev
DOUGLAS ELLIMAN
ROSLYN
With the unofficial end of summer, we often see a shift in the real estate market. As families settle back into routines and vacations wrap up, buyers who were on the sidelines during the summer tend to reenter the market, which could explain the recent flurry of homes going into contract. Sellers are also motivated to close before the year ends, creating urgency on both sides. One key factor driving this activity is the anticipation that interest rates might potentially go down, encouraging buyers to act now in case the market becomes even more competitive. Additionally, both buyers and sellers recognize that fall is their last opportunity to make a move before the holiday and winter slowdowns. Looking ahead to the fall selling season, I expect steady activity, though it may become more competitive. Fall typically attracts serious buyers, and inventory tends to stabilize. However, the market’s pace will depend on factors like interest rate changes, local market conditions, and broader economic trends. If rates do go down, we could see a surge in demand, but overall, I expect a balanced market with a slightly more measured pace than the summer months.
This article appeared in the October issue of Behind The Hedges Powered by the Long Island Press. For previous Real Estate Roundtable articles, click here.
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