The housing market was slammed by shutdowns last year. Families were pleading to find new homes across the Island in 2020. So, what has changed and what are buyers looking for now? The Long Island Press asked experts to provide their desires of the current housing situation on Long Island and beyond.
“During the pandemic, many renters became homeowners, and millennials were the major buying force,” says Tsui Ying (Judy) Hsu, a Licensed Real Estate Salesperson with Compass Greater NY, in Garden City.
She also noted “Due to limited listings, bidding wars have occurred; supply couldn’t keep up with buyer demand. Plus the more square footage a house has, the fiercer the bidding wars can be.”
Overall, buyers want more space and storage is a priority. The pandemic made folks realize it’s time to own a home and invest in their families’ future.
John McSherry, Licensed Associate Real Estate Broker with Douglas Elliman Real Estate, in Garden City, also weighed in,
“Two of my most recent sales were in Rockville Centre – a quiet, walkable community. Both had ample space for playrooms, home offices, and family/sunrooms, along with large lot sizes. These buyers were interested in open layouts, but also seeking Old World charm. So, the key is to find a balance of old and new or be willing to make updates if needed. Seems most buyers want to move further out, but are mindful of staying close to public transportation, in case they need to go back to work in the city.”
Buyers want features that mix functionality, entertainment and relaxation, and are willing to pay a premium for it. Homes with steam ovens, smart appliances, and quartz/butcher block countertops, were associated with a higher sale, as are highly desirable outdoor features, i.e., pizza ovens and outdoor kitchens. Amenities that create a spa-like vibe are also increasing in popularity.
Thank you, Tammy Scileppi from The Long Island Press.