Long Island is an expensive and highly populated part of New York. Yes, you heard it correctly Long Island is one of the most expensive parts of the USA. But life there is something else. It’s a dream come true to many. Property values are so high in Long Island mainly because Nassau and Suffolk are New York City suburbs. Property taxes are disproportionately high but for a reason. More than 60% goes to fund public education so that’s a pretty good reason. Even though the costs of living and property are high, people are buying houses there every day. If you are one of them or want to be, let’s explore together Long Island real estate trends for this year. You need to be prepared in order to buy.
Real estate market 2021
Demand is high and that is the real reason why the prices are high. They don’t have enough homes for everybody who wants to relocate there. As demands grow so do the prices. But there is a twist and a piece of good news! Because of the global pandemic, the prices started to decline. People simply stopped buying houses as much because of the coronavirus and the global economy is not stable. So this year is the best if you are looking to invest in real estate there. The experts say that not only will the prices get higher in 2022 but they will also increase by over 10 percent. So there is no time to lose now.
Who is setting the Long Island real estate trends?
In Long Island and everywhere else in the world, those born between the early 1980s and early 2000s are the ones buying real estate now mostly. They are called millennials and since they are the ones buying mostly they are the ones setting the trends. This generation has been slow to enter the housing market but they are up and about now.
Trends set by millennials
This is a whole new generation of Long Islanders. Their standards are a bit different. They are looking for something else and the priorities have changed so let’s see what is popular now:
- Going Suburban is getting more and more popular since this generation is looking to settle and raise a family and suburbs are the place for that.
- Size of the apartments – small and minimalistic apartments in NYC are very popular now. Actually, this generation introduces us to tiny houses.
- Technology smart homes are becoming very trendy.
- Pets – this generation appreciates their pets more than generations before and they tend to be very specific about their pet’s needs. They will be glad to pass on the great renting opportunities if they do not accept pets. So, homeowners who are renting need to allow pets in order to be successful.
- Energy Efficient – going green is very important nowadays, sustainable materials and recycling are very popular. This is something homeowners need to work on in order to sell or rent.
- Fixer-Uppers are also popular because of the price and it’s always nice to adapt the home completely the way you wish.
Buying real estate in 2021
Mortgage rates are still pretty low because of the pandemic, so march to your bank and get the best offer you possibly can. You will be needing a down payment of course but that’s only about 10 percent of the price of your future home.
If you need some help to find your perfect home, try hiring a real estate agent. They usually can help you get the best possible price, and they do have the best listings.
Relocating to Long Island
When the process of buying is over you are going to relocate and that is so exciting. You are one step closer to achieving your dream. You might need some help with relocation. But there is a solution for that of course. You can turn to people who can help you to settle in like local movers.
In case you need any additional help, like finding storage for your belongings, you can always ask local movers at simplifystorage.com to help you with that one since this is an additional service that many movers offer. You need the storage to be nearby so simply explain to them everything you need so that they can help you best.
First time home owners
For the ones that are buying their first property, this is a very exciting time. Also, it might be the biggest adventure of life. Owning your property is not a small thing. This means you are an adult, you are responsible. This can also be a great time to think about raising a family. You don’t need to have a spouse in order to think about this. After all, you need to buy property smart. You need to think ahead.
Choosing the right property
Whether you are buying a house or an apartment you need to think about the style, the size, and the price of course. You will choose the best for you. If you have family, include them in this decision, they might be able to help. Sometimes hiring a lawyer can be good. Whatever you do make sure that you are happy with your decision. Every option is great if it works for you. Many people love fixer-uppers so they can have a big project and experience something new and fun but also to have good price and choose everything from the flooring.
Don’t worry you will choose right and this will be the best experience. Soon you will have Long Island real estate property in the best city in the world, not many people can say that. So be proud of your achievements.