If you’re looking to buy real estate in Nassau County, or if you’re simply following the real estate market, we could be in for an interesting year. We enter 2018 following a period of growth in Nassau, but there’s also uncertainty as we see how the new tax law affects the market. At Cliffco Mortgage Bankers, we constantly have our eyes on what’s going on in the Nassau County real estate market and we want our customers to be understand the market too.
Cliffco Mortgage Bankers Can Help You Buy Long Island Property
At Cliffco, we help you get the loan you need to buy the house you’re looking for on Long Island. Wherever you may be looking to buy, be it North Shore or South Shore, we know the market and we want you to know it too. We can also explain the various loan options that are out there so you can make the transaction happen. Earlier this month, we told you about Suffolk County, now we want to give you a bit of insight into the Nassau County real estate market as we start 2018.
Nassau County Real Estate in 2017
As of November, the median value of a home in Nassau County was just over $511,000, according to Zillow. That represents a 5.9 percent increase in county home values in 2017, and Zillow is forecasting that things will go even higher. They’re predicting that home values will rise another 2.1 percent by November of this year.
Meanwhile, the median price of a home listed in Nassau County was $569,000 while the median price of a home that sold is just above $492,000.
Nassau County Real Estate Trends
Inventory was driving the price hikes, Barry Paley, a broker with Laffey Real Estate in Syosset told Long Island Busines News.
“Ultimately there is a lack of inventory. More importantly, there is a lack of quality listings,” he said. “Bidding wars for what I call ‘shiny pennies,’ listings that are more desirable than others, are driving prices upward.”
Another trend that could have a major impact on Nassau County real estate is the new tax law. According to WCBS-TV the elimination of property tax deductions could have a major impact on the county where the average property tax bill is almost $20,000. It will be particularly difficult in the luxury home market.
Before the bill passed, Laureen Harris, president of the Association for a Better Long Island, painted a gloomy prediction of its effect on real estate, saying “Your house is going to be worth less.” That remains to be seen, but the changes in the tax law will certainly be one of the trends we’ll be watching in 2018.
Cliffco Can Help You Find Financing for Your Real Estate Purchase
Nassau County is one of the most desirable places to own property in the country and the rise in home prices is an indicator of a healthy market. There will be effects from the tax law and there will also be those who want to own property in the area this year. If you want to know your options about buying property in Nassau County, Cliffco can help. Contact us today.