North Fork Housing Market Recovering

Whether you follow us on Facebook (The North Fork Insider) or you just watch the news; we’re guessing you’ve noticed that reports are all pointing towards a housing recovery. However there is some speculation as to whether or not the recovery is happening too fast and at a pace that cannot be sustained. At North Fork Real Estate Inc. we certainly watch our local data closely; our job is not only to market and show listings, but to advise our Clients and Customers on timing, pricing, and key elements regarding our local market. The fact is, more houses are selling this year than last year and the competition in the buyer pool has certainly increased. The numbers on the North Fork in the township of Southold (which includes: Laurel, Mattituck, Cutchogue, New Suffolk, Peconic, Southold, Greenport, East Marion, Orient and Orient Point), numbers are pointing to a housing recovery. If you look just at the homes that went under contract during the first quarter for 2013, we’re up 17.19% from 2012. If you compare just the most recent month of this quarter – April, we’re up 40% from the month of April of 2012. Homes are recently receiving multiple offers, getting asking price and sometimes even getting over the asking price; coupled with the fact that 15 year interest rates hit record new lows of 3.52% last week and our advice is this: BUY, BUY, BUY – before you have missed the last of the down market!