How’s this market?

[Paul Lucenti]

What's up everybody 

Me and my wife are looking to buy a house out in Suffolk. I'm a real estate investor in other parts of the country but not NY due to the extremely high buy in price. But being a local it seems like the prices are only going higher. 

What's peoples thoughts opinions on this real estate market over here? I currently live Levittown and a house around the block from me is on the market for 1.5m. Absolutely insane. 

Let me know some thoughts/opinions. 

[Mohammed Rahman]

Yeah man, Long Island real estate is absolutely wild right now. You're not crazy for thinking that $1.5M in Levittown is insane—because it is. But at the same time, this market just keeps climbing, and it doesn’t look like it’s slowing down anytime soon.

Suffolk is definitely more affordable than Nassau, but even out there, prices are getting ridiculous. A big part of it is the lack of inventory—there just aren’t enough homes for sale, and Long Island isn’t exactly expanding in size, so demand keeps pushing prices up. Plus, a lot of people still want to be here for the schools, proximity to NYC, and just that suburban lifestyle.

From what I’ve seen and heard, unless we get a serious economic slowdown or interest rates skyrocket even more, home values probably aren’t going down. If anything, they might keep creeping up, just maybe not as fast as the last couple of years.

If you’re looking to buy in Suffolk, it’s definitely still doable, but expect competition. Some areas are still relatively reasonable, but in the more desirable spots, people are still overbidding like crazy.

What kind of property are you looking for—a primary home or another investment? Because investing in NY real estate is a whole different game with taxes, regulations, and all that fun stuff.