General Market Conditions (1/3/2021)
Sellers transacting today typically have life choice related timing concerns that make them more amenable to working with qualified buyer terms than they were in 2020. However, many prospective sellers continue to test the waters with high pricing in the face of declining inventory.
This is especially true in the luxury price points (above $5 million) where sellers are more likely to take the stance, "if I don't hit my number, I'm happy to enjoy another summer."
Buyers who are serious about closing typically have timing ideals, but are more likely willing to wait to find the right property - where they can find some value through the purchase process.
The decision to purchase a home in the Hamptons remains strong going into 2021, but transaction numbers are low relative to true demand, simply due to the fact that there is very little on offer.
As we head into 2022, it is quite literally one listing on the market, two listings under contract, in Hamptons real estate, as eager second home buyers begin to look to rent once again for summer of 2022.
Measures like the extended eviction moratorium have already wreaked havoc on our under $1.5 million market - withholding needed inventory that would be attainable for first time local homebuyers from the market.
With landlord-tenant tension getting even hotter in the year round rental market and the impending implementation of rental regulations further increasing New York's control over private property...
...it’s shaping up to be an equally, if not more, fascinating real estate market for 2022 as recent years have been.