72 LONGISLANDPRESS.COM • OCTOBER 2021
WHAT HOMEBUYERS WANT: REALTORS WEIGH IN
continued from page 71
“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 notes: “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 fi ercer the bidding wars can be.”
Overall, buyers want more space. Storage
is a priority and necessity. A space
for their Peloton indoor exercise bike is
also on that list. And biking around the
block is nice but a home near a park is
even better! The pandemic made folks
realize it›s time to own a home and
invest in their families’ future.
“A moving trend from New York City –
skipping Queens, straight to Long Island
and farther out to Suff olk County – became
the new norm due to lower taxes
there vs. Nassau County. Also, bigger
houses and lot sizes for the same buck.
It›s a no-brainer,” Hsu explains.
Her two recent sales echoed that trend.
A young couple moved from small
digs in South Ozone Park, Queens to a
two-bedroom house with a huge backyard
in Valley Stream, near shopping,
restaurants, parks, and the Long Island
Rail Road. A large, second-level attic
serves as a walk-in closet.
The other buyers – from Forest Hills,
Queens – snagged a great starter home
in Hempstead with nice outdoor spaces.
A bus nearby goes to the Jamaica train
station. Aft er a reno, it met their needs
for more living space.
“Open concept is still optimal. Extra bedrooms
and/or offi ce spaces, a home gym
top the list for most buyers,” Hsu says.
“Nowadays, a little TLC is okay. But gut
renos cost a lot because supply prices
skyrocketed during the pandemic, so
fi rst-time buyers still steer away from it.”
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 offi ces, and family/
sunrooms, along with large lot sizes.
These buyers were interested in open
layouts, but also seeking Old World
charm. A lot of the older Tudor- and
Victorian-style homes may have choppier
layouts and closed-off spaces. 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.”
He adds: “The post-pandemic buyer is
faced with increasing prices on Long
Island, which is forcing most to move
further out east, but I see the market
starting to normalize a bit as more
inventory starts to come out. So, we
will have to see where the market goes
after most people start to commute
back to work.”
Haley Mills, Communications Coordinator
at Zillow Group, gave a broad
overview:
“Across the country, suburban ZIP
codes have become increasingly
popular over the last 18 months,
according to Zillow pageview data.
However, that is not a sign that there
isn’t demand for urban living, and the
data show that demand is strong in
both urban and suburban markets,”
she notes.
The difference? There is high competition
for limited suburban homes.
For example, in March 2021, for-sale
inventory in the suburbs was down
nearly 40% compared to the previous
year, whereas urban inventory was
down only 15% in the same time period,
according to Zillow.
“Those buyers seeking a suburban
home are left looking at a shrinking
number of homes, driving up competition.
In New York specifically, inventory
is down 14.1% since last year, but
was up 2.4% from June,” Mills adds.
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.
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