The question always boils down to is now a good time to buy or sell a home.
The answer to both questions is yes! According to the Multiple Listing Service of Long Island for Feb 2015:
- The closed median home price in for Long Island, which includes Nassau, Suffolk, and Queens was $372,500 representing a 6.4% increase over last year.
- Nassau County reported a $408,500 closed median home price in February, representing a 3.5% increase over $394,500 reported by MLSLI last year.
- Suffolk County reported a closed median price of $320,000, which represents a 6.7% increase over a year ago.
- Queens reported a closed median home price of$405,000, which represents a 9.6% increase over last year.
Overall home prices have slightly increased with the biggest increase in Queens of 9.6%. As prices increase it remains a great time to sell and to buy. You want to sell you home as prices increase and you want to buy before prices climb higher.
However, the best way to think about buying or selling your home is for the long term. If you are not looking to make a fast profit in the home market, buying or selling shouldn’t be dictated by the market every month. It’s a decision to make when you are ready!
If you want to know the local market trends in the area you are buying or selling a home
email us at information@crrli.com or call us at 516-575-7500.
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