A Balanced Market In 2020
Well Located And Properly Priced Properties Are Selling Quickly
The symbolic start of a New Year is exciting in the real estate market. Agents can look to the previous year, reviewing trends and successes to prepare them for what is coming up next. Though many have shared views on it being a buyer’s market, it is more like a market that benefits both buyers and sellers. Each North Fork town and hamlet has something to offer both residentially and commercially. Realtors also had some great sales in 2019, personally and professionally. A new decade is even more exciting and as 2020 begins to take shape, those in-the-know share what their thoughts are on the past, present, and future of the North Fork real estate market.
Being an election year, it can be difficult to predict how things will affect the market. Political tensions are high and are in a seemingly constant state of flux. While some feel the trend of the growth cycle will continue, with low interest rates and inventory to choose from, some North Fork Real Estate agents find it may be difficult to predict.
“It is interesting because this is an election year, and it’s really hard to predict how this will affect the market in 2020,” shares Corcoran licensed real estate broker Sheri Winter Parker (SWP). “It was an election year in 2016 and the market was really hot and did well, but this year because the political environment is so tumultuous, I think it’s hard to say. Anything is really possible.”
Kristen Rishe, a licensed real estate broker with North Fork Real Estate Inc., finds the current market to be strange at the moment with available inventory and homes not selling that should, and homes that are selling quicker than expected. Move-in ready homes are at the top of buyers’ lists.
One of the more popular questions for a real estate agent is which towns and hamlets are the hottest for buyers. Greenport often comes to mind as being in high demand as the seaside village continues to grow as a tourist destination, perfect for second homes. Beninati Associates Real Estate owner and licensed real estate broker Marie Beninati says real estate values there are increasing at a faster rate than most other towns. Douglas Elliman Real Estate licensed real estate salesperson Paul Loeb, who was born and raised in Greenport, agrees that while the village is a hotspot, each North Fork town has something unique and enjoyable for all buyers.
In terms of what buyers are looking for in this market, year after year there seems to be consistency. “There are tons of buyers in the market and with the plethora of data available, buyers have a handle on market values,” share Daniel Gale Sotheby’s International Realty real estate salespersons Denice Lara and Jennifer Arena. “Homes that have the perfect combination of being properly priced, well-maintained and are in the right location for the buyer will sell quickly. Buyers and sellers are extremely savvy these days, so we see it being a ‘normal market’ for the foreseeable future.”
Now, real estate agents share their views on what’s next for North Fork real estate.
NFRES: What was your favorite sale of 2019?
DL & JA: Our favorite sale of 2019 was two separate pieces of land, one in Calverton and one in Baiting Hollow. These transactions were so interesting because our client was searching for land inside of the “opportunity zone” in Riverhead. After months of research and negotiation, we were able to identify two properties; a 26.55-acre parcel in Calverton and an 89.2-acre parcel in Baiting Hollow. Our client was extremely satisfied and we felt that we had not only brokered two successful deals but learned something new!
NFRES: What areas of the North Fork are hot right now?
SWP: I always have to say that every area in the North Fork market is hot. There isn’t an area that isn’t doing well because there is a buyer for every single market. Some people prefer to stay closer west for a faster trip out east, while others head as far east as possible to really enjoy the privacy and escape. It’s great to see that all areas are doing well and that trend continues.
NFRES: Where do you see the market heading in 2020?
MB: Last year, all the economic pundits predicted that 2020 would be the beginning of the end of the growth cycle, which began in 2011-2012. But it does not appear to be the case. I think we will have a good year because we just turned the corner to recovering what was lost in the 2008 financial crisis which hit the real estate market hard. Also, it’s a presidential election year. So, 2020 will be good and we have been seeing improvements since the fall of 2019.
NFRES: In what price range is inventory scarcest now?
PL: I find inventory scarce in a few areas at the moment. First is anything in good condition under $500,000. The second shortage is bayfront and soundfronts under $1.7 million and the third is waterfronts with a dock under $1 million. Any North Fork town with a fairly priced home in good condition and close to a beach is hot right now. Most buyers want to be near the beach. If you have any homes in these price ranges, I probably have a buyer for you.
NFRES: It’s been a buyer’s market recently, do you see that changing in 2020?
KR: I wouldn’t necessarily classify this as a buyer’s market. I believe we are someplace in the middle. From what I am seeing, there are deals being had by both buyers and sellers. The home that is being bought or sold determines who gets the deal. Each day we look through the inventory to see what is new, what has changed. As we go through each area, each range, all inventory is low. We have buyers in all price points waiting for the house to come on.