62 LONGISLANDPRESS.COM • MARCH 2019
PRESS HOME
MARKET SHIFT IN STORE FOR LI RESIDENTIAL REAL ESTATE
Nassau reported a $525,000 closed
median home price in January, representing
a 5 percent increase over
last year, while Suffolk reported a
closed median price of $380,000, a
5.8 percent increase over what was
reported a year ago, according to
the Multiple Listing Service of Long
Island (MLSLI). The total number of
Long Island residential inventory in
January was 15,270, a 14.4 percent
increase over last year, MLSLI said.
The shift follows a national trend.
"The central storylines in the U.S.
housing market didn't change much
over the past few years, but a series of
emerging trends is setting up a much
different narrative for 2019," said
Zillow Senior Economist Aaron Terrazas.
"Certain headwinds — including
rising mortgage interest rates,
higher rents and stiff competition for
housing in the most desirable areas —
will only grow stronger over the next
year, but that won't necessarily be a
bad thing. A slower-moving market
is likely to give more buyers a chance
to catch their breath and choose from
a wider selection of homes."
Half of local business owners believe
residential real estate prices will
increase this year, down from 66
percent last year, according to the
2019 Long Island Economic Survey
and Opinion Poll released by the
Hauppauge Industrial Association
of Long Island in February. Twenty
three percent of respondents believe
prices will decrease and 27 percent
believe prices will remain the same.
Further complicating things is the
impact of the new $10,000 cap on State
and Local Tax (SALT) deductions and
Nassau’s property tax reassessment,
which has put tax bills in flux for many
local homeowners. Forty percent
of respondents to the HIA study are
concerned that the tax reform will
have a negative impact on the value of
their home. Fifteen percent said they
will either downsize or move out of
state as a result.
“As purchasing power diminishes, a
decline in property values generally
ensues,” Goscinski says.
Rich Amato, operating principal/broker
of Keller Williams Greater Nassau
and Points North, remains optimistic.
“We have researched past markets
and the current market conditions
thoroughly and expect the market on
Long Island to remain strong,” he says.
That said, he expects the April market
to continue to have relatively low
inventory levels, especially in affordable
areas of Nassau.
“We have seen some slowing in the
luxury market and expect this trend
to continue,” he says. “The starter and
investor markets remain very strong
as demand for entry-level homes is
still heated and homes that represent
a value still get multiple offers.”
“The decrease in SALT deductions
has not helped the market, especially
in some of the higher-taxed areas,”
he adds. “We do hear people talking
about it, but people who want to buy
a home will still buy a home. They will
just buy a different home or lease a
different car and make it work.”
Mortgage guarantor Freddie Mac
agrees, suggesting buyers shouldn’t
expect this year’s market to be much
easier to navigate.
“While housing activity has clearly
softened over the last nine months
... ," the agency said in a recent report,
“lower mortgage rates and a
strong job market should rekindle
demand for the spring homebuying
season.”
continued from page 61
“The market is changing,”
says realtor Arleen Goscinski.
All types of services
for all types of people.
Some people prefer traditional funeral
services. Others prefer cremation. Some
want an elaborate ceremony. Then there
are others who don’t want any ceremony
at all. When it comes to funerals, there
are as many options as there are people.
And we take pride in being able to say we
offer them all.
Complete funerals starting at $5,435.00
(Funeral Home Charges)
PARK FUNERAL CHAPELS
Generations of Dignified Personal Service
2175 Jericho Turnpike, Garden City Park, NY 11040
516-747-4300 · www.parkfuneralchapels.com
/www.parkfuneralchapels.com
/LONGISLANDPRESS.COM
/www.parkfuneralchapels.com
