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Real Estate Market Timing on Long Island, NY

This is more along the lines of real estate market timing and theorizing future events. If you have any opinion I'd love to hear it.

So, we've seen that pricing on LI for RE has gone pretty insane. A once 600k home in Suffolk county is now your million+ home. Within the last 4 years or so, other markets have cooled, and LI has stayed hot. I'm guessing that within the coming months to years, our president will figure out a way to get housing going again of course by dropping interest rates. One way or another I do believe mortgage rates will drop again significantly. With that drop, I'm expecting buyers who have been sidelining cash to jump on the opportunity to buy homes, at the same time I believe inventory will remain low. 2020/21 if you were smart ( I wasn't) you refi'd your home and probably sitting on a 2% interest rate. I'm not sure if we'll ever get that low again which is why I say inventory will stay low. Homeowners with that kind of mortgage rate are unlikely to abandon it.

Ok, this is all pretty obvious right? I'll come at you with more obvious information - food for the soul. I think since interest rates drop, buyers will jump, inventory will remain low, and LI housing prices will skyrocket again.

If that's the case I'd like to time the market and move out of my current home into another one that will financially strap me (what other choice do we have if were mid earners on LI?). If I time it correctly, mortgage rates should continue to drop during DT's term and I can refi the home at a good rate before housing prices jump to even more ridiculous numbers.

This has me pretty stressed so far but I'm almost certain about this. I'd love to hear other's perspective on this.

submitted by /u/Alwaysfavoriteasian
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1qp6pd3/real_estate_market_timing_on_long_island_ny/
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