Pending home sales on Long Island moving higher, according to just released data.
2,621 homes were under contract in Nassau and Suffolk counties last month, up 11% from this time last year, according to the Multiple Listing Service of Long Island.
Vivian Parisi at Daniel Gale Sotheby’s International Realty in Sea Cliff
tells LongIslandBusiness.com, “Fall is a great time to list and buy a home, and thanks to the internet there are buyers who are constantly looking for a specific home/location and if that perfect home presents itself they jump. Also, the serious buyers and sellers are out during these quieter, colder months ready to make deals.”
1,108 pending sales in Nassau last month, show an increase of 15.5% per from September. 2018, while Suffolk’s pending home sales climbed 6.3%.
Lower mortgage rates, a drop in unemployment and higher economic confidence getting part of the credit. Says Parisi, “Those low mortgage rates are just the icing on the cake! ”
Current Mortgage Rates (according to Freddie Mac): 30-year fixed-rate mortgage averaged 3.57% 15-year averaged 3.05% 5-year adjustable-rate mortgage averaged 3.35%
One cautionary note: pending sale status means the seller has accepted an offer from a hopeful buyer, but the deal hasn’t closed yet.
