HUNTINGTON, N.Y. (WCBS 880) — The housing boom that began last summer amid the pandemic on Long Island isn’t showing any signs of slowing down.
WCBS 880’s Sophia Hall reports houses on Long Island are going into contract in just a matter of days after being put on the market, and most – if not all – are selling well above market value.
Real estate agent Lisa Kennedy, of Eric G. Ramsey and Associates, says she saw one home listed at $1.5 million and sell for $137,000 over asking price.
“There’s no more negotiating back and forth. Agents and buyers both know that you're have to come in with your highest and best number on the first shot, cause you're not getting another shot,” Kennedy said.
She notes that home buyers are doing anything they can to get property on Long Island, including not doing inspections and making extremely high offers right out the gate.
“Not only are we seeing people who will buy houses without inspection, we're having people buy houses that are taking out the appraisal contingency,” Kennedy said.
She notes that she has even see some people buy a home and then agree to wait months to give the seller time to find a new place to live.
“Many people are selling to buy— very tricky. What buyers say is, ‘We're going to offer you a great price for your house and we're willing to wait for you to find your house.’ I've had several buyers that have gotten deals by saying that,” said the real estate agent.
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She says that she is surprised that the housing boom has continued for this long but, says it’s still not slowing down.
“I mean to be honest I really thought by this time we would be coming to an end of this, and I see no end in sight right now,” Kennedy said.
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