Welcome to 2018, which could be a pivotal year in Long Island real estate. There are a lot of things that can affect the area market from our nation’s new tax law to the housing crisis that happened almost a decade ago. Long Island is also a large and very diverse market. We’re going to take a look at real estate in Suffolk County heading into the new year and we’ll examine Nassau County in a later post. But even in just one county, there’s a big difference in the market from north shore to south shore and from western Suffolk County to the forks. Cliffco Mortgage Bankers wants our customers to understand what is happening in this popular market.
Cliffco Will Help You Understand Your Buying Options
At Cliffco, we’re dedicated to helping our clients achieve the dream of home ownership and we want to educate everyone as much as possible about what’s out there. We’re a Long Island-based company and we want you to understand your buying options, so we want to start 2018 by taking a look at the real estate outlook in Suffolk County.
2018 Suffolk County Real Estate Stats
According to Zillow, the current median value of a home in Suffolk County as of the beginning of December is $387,000. That represents a growth of 7.7 percent over the previous year, and the company predicts a 2.6 percent rise in value over 2018. At the beginning of December, the median listed price of a home in Suffolk County was $499,000 while the median sales price for homes that have been sold is $357,000.
While home values have been going up steadily in Suffolk County since 2013, they still have not reached the heights off a decade ago when homes were valued at $426,000.
According to Trulia, the highest median sales prices in Suffolk were located on the east end of the island. The highest median sales price of $1.2 million is found in the 11962 area code which includes Sagaponack.
Watching the Tax Trend in 2018
While the real estate market has been on a steady upswing for a trend in Suffolk County there are some trends that should be watched in 2018. A big unknown is how the new tax law will affect the market. According to The Island Now, the federal law will cap deductions on property taxes at $10,000. But it also doubles the standard deduction for couples to $24,000 and $12,000 for individuals. Some individuals will benefit and some will not and they recommend sitting down with an accountant or financial planner to see what your individual situation is.
Elizabeth Ann Stribling-Kivlan, the president of Stribling & Associates told the Cooperator, a website that examines the condo and coop markets, that reaction to things like the tax law can affect markets. “At the end of the day, real estate is an emotional commodity, so there’s a whole emotional side to this tax plan.” “That being said, it could provide a very good boon to the investment property market.”
Cliffco Will Find the Right Loan for You
At Cliffco, we highly recommend watching market trends and understanding the market where you’re looking to buy. If you’re ready to enter the market, talk to us. We can explain your options and see what loan may be right for you. Contact Cliffco today.