What Roslyn NY Homebuyers Are Looking For
The narrative of real estate during the Covid period is convoluted.
While the market took a knock during the shutdowns, pending home sales across the Island were at an all-time high at this point in 2020. So, what's different now? And what exactly are purchasers seeking for these days? The Press sought experts to offer an overview of the present situation in Roslyn and abroad to help break it all down.
"Many renters became homeowners during the epidemic, and millennials were the primary buyers interested in Roslyn real estate," says a Licensed Real Estate Salesperson.
"Bidding wars have erupted as a result of restricted listings; supply couldn't keep up with customer demand." Plus, the larger a home's square footage is, the more ferocious the bidding wars may be."
Buyers, on the whole, desire greater room. Storage is both a priority and a requirement. On the list is also a place for their Peloton indoor workout cycle. And while riding your bike around the block is fun, having a home near a park is much better! People have realized that now is the moment to buy a property and invest in their family' futures as a result of the epidemic.
"Because of reduced taxes in Suffolk County compared to Nassau County, a migrating tendency from New York City – bypassing Queens, directly to Long Island, and farther out to Suffolk County – became the new standard." For the same money, you can have bigger houses and lots. It's a foregone conclusion."
Her two most recent sales followed suit. A young couple moved from a modest Queens apartment to a two-bedroom property in Roslyn with a large backyard, close to shopping, restaurants, parks, and the LIRR. A big walk-in closet is located on the second floor of the house.
The other purchasers, both from Queens, were able to get a wonderful beginning house in Roslyn with plenty of outside space.
The open approach is still the best." Most purchasers want extra bedrooms and/or office areas, as well as a home gym. Nowadays, a little tender loving care is acceptable.
Another Licensed Associate Real Estate Broker added his two cents:
"I just sold two homes in Roslyn, a nice, walkable neighborhood. Both featured big lots with plenty of area for playrooms, home offices, and family/sunrooms. These customers were looking for open floor plans with a touch of Old World elegance. Many older Tudor and Victorian homes feature more choppy floor plans and closed-off areas. The goal is to strike a balance between old and modern, or to be prepared to make changes if necessary. Most purchasers appear to want to move further out, but they want to be accessible to public transit in case they need to return to the city."
"The post-pandemic buyer is confronted with escalating prices on Long Island, driving most to relocate farther east," he continues, "but I see the market beginning to stabilize a bit as more inventory starts to come out." As a result, we'll have to wait and watch where the market goes until most people return to work."
According to Zillow pageview data, suburban ZIP codes have grown in popularity across the country over the previous 18 months. That isn't to say that there isn't desire for urban living; in fact, the data show that demand is robust in both urban and suburban markets.
What's the difference? For the small number of suburban properties available, there is fierce rivalry. According to Zillow, for-sale inventory in the suburbs was down roughly 40% in March 2021 compared to the previous year, although inventory in cities was down only 15% in the same month.
Those shopping for a suburban house are faced with a diminishing number of options, increasing competition." Inventory in New York has decreased by 14.1 percent year over year, but has increased by 2.4 percent since June.
Buyers are prepared to pay a premium for amenities that combine utility, entertainment, and leisure. Homes featuring steam ovens, smart appliances, and quartz/butcher block worktops, as well as highly coveted outside amenities like pizza ovens and outdoor kitchens, were linked to a higher selling. Aesthetically pleasing amenities are also becoming more popular.