58 LONGISLANDPRESS.COM • AUGUST 2020
MOVING TO LI
BUYERS FACE SELLER’S MARKET
BY MARISA VALENTINO
An increase in home buyers shopping
for properties on Long Island and limited
supply in the region have turned the
climate into a seller’s market, local real
estate experts say.
That was the takeaway from The Real
Deal: Moving to Long Island, a virtual
panel discussion hosted by Schneps
Media, the parent company of the Long
Island Press, and sponsored by Daniel
Gale Sotheby’s International Realty.
“We’re in a very aggressive sellers
market,” said panelist Chris Jelani, an
associate broker for Daniel Gale Sotheby’s
International Realty. “But that does
not mean that there aren’t any buying
opportunities.”
Rounding out the panel were Jeanne
Posillico-Leonard, an associate broker
for Daniel Gale Sotheby’s International
Realty, Nataly Goldstein, an attorney
from the law firm Pardalis & Nohavicka,
and Director of Sales at Contour Mortgage
Danny Pisani.
The group recommended that potential
Long Island home buyers from New
York City be aware of the real estate
market differences. Chief among those
differences is that LI property taxes
are generally higher than in the city,
but buyers get more property for their
money on the Island.
Another difference involves the preliminary
requirements to purchase a home.
The title search, which is basically a
search of the seller, purchaser, and property
itself, is more in depth for buying a
home on Long Island than it would be for
buying a co-op or condo in the city.
The four pros also shared some helpful
advice for those looking to explore
the real estate market. Pisani advised
sellers and buyers to make sure their
finances are in place. Buyers should
talk to a mortgage broker to figure out
how much they can be approved for and
what they’re comfortable spending.
“People just have to be very prepared,”
said Posillico-Leonard.
She said her best advice for a seller is to
make sure they price their property well
because it is a very price-sensitive market.
She suggested buyers be aware that if
they’re in a competitive price range they
will be competing with other buyers.
Jelani added that having a team of professionals
and experts is essential. This
team should include a real estate broker
and attorney.
Goldstein urged purchasers to educate
themselves.
“Know what you’re getting yourself
into, know what the market looks like,
know who you’re dealing with, do an
inspection, and just take the necessary
steps,” she said.
It seems that the recent increased demand
for homes on LI will become part
of the new normal.
“The virus has impacted the way we
spend money, the way we shop, and
definitely where we want to live,” said
Jelani.
PRESS HOME
LI homebuyers are seeing increased
demand and limited supply.
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