Spring Is Here!

By Robin Shapiro

We are about to enter the best time of the year in Rockaway real estate. Buyers tend to be more motivated to get into a new home before the summer in order to enjoy our beaches and summer activities. As time goes by, the needs of families for additional space (or less space for those looking to downsize) continues to pressure their living conditions and push them into the market. There has been some softness in Rockaway prices compared with last year. However, this is not quantifiable because inventory levels are still low, there is not much action, and the “right” house still sells at the “right” price.

Thirty-year fixed rate mortgages have been fluctuating around 7%. A $600k mortgage at 7% costs $3991/month. At 6.5% this would cost $3792/month.  A $400k mortgage at 7% would cost $2661/month. At 6.5% it would cost $2528/month. Purchase is an interesting alternative to renting for people with sufficient savings for the down payment because monthly rent levels are still generally high.

We usually get an influx of new listings as we progress through spring. I expect the new listings to get “gobbled up” if they are priced correctly – “within the framework of the comps.”  My advice to sellers is to list your home now. My advice to buyers is to act fast before it is too late. The best listings usually sell quickly. Call me. Love, Robin.