Long Island housing market on fire with homes going for over asking price
The Long Island housing market is so hot right now that it's virtually on fire with homes often going for over the listing price.
Homes are also being scooped up quickly. Experts say it's an unexpected side effect of the pandemic.
Real estate broker Anthony Perrotta, with Signature Premier Properties, showed News 12 a home in Syosset that is listed for just under $2 million. Perrotta says most of his listings are gone in about a week and all have strong multiple offers.
Experts say people wanted to move to the suburbs because of the pandemic and not be cramped up in a city apartment. That combined with low interest rates led to a boom in the market.
It's great for sellers who are looking to cash in but if you are looking to stay on Long Island you might find yourself struggling in a competitive market.
"The winners are going to be the people who were waiting to time the market," says Perrotta. "Those are the winners, the people who are going out of state. The people who are like, you know what, I'm going to downsize. Now they're paying cash, they're going into their place and they're living beautifully."
Salvatore Mignano just sold this house in Seaford for $660,000 after listing it at $599,000 -- a 10% increase over asking price.
But now Mignano is having trouble finding a new home, so his soon-to-be family of four is staying with his mother-in-law.
"Everyone's getting outbid, there's nothing on the market," says Mignano. "That's why we're here at my mother-in-law's house. We don't have anywhere to go."
Perrotta also admits that real estate agents are some of the biggest winners in the current market.