Summer is here on the East End! With the (un)official start to summerbeing Memorial Weekend, let’s not lose sight of what Memorial Day is truly about: to remember those who lost their lives serving our country -- and anyone, anywhere, who lost their lives fighting to protect the freedom of others. Come show your support at the parades in East Hampton and/or Sag Harbor Village.
And, sadly, we have something else to mourn: please let’s say a prayer for the victims of the massacre in Uvalde and their families, even though we all know that much, much more than thoughts and prayers are needed to stop the madness that has become this country’s scarlet letter. One way we can all make a difference is by donating to Everytown, which aims to prevent gun violence.
We have tons to share with you from market updates and local news to upcoming events, new store openings and other ways to make the most of your summer out east.
First – some answers to the questions I get asked most:
How’s the sales market?
We’re off the volume and transaction numbers of the last two years, but part of that is because there has been NO inventory to sell. Demand is still outpacing supply. We are slowly starting to see more homes come on the market for sale, which is great. Move-in-ready, well-priced properties are still going quickly -- and with multiple offers. Bottom line: the market is quieter, but prices are holding.
What about rising interest rates?
Let’s put this in perspective – interest rates dropped to an all-time low during the pandemic. The rates are now rising (we are just a bit over 5% as I write this), but this is exactly where we were in 2019, pre-pandemic, when 5% was an all-time low rate. So, while the rates may impact buying power for some nationwide, they are still quite low, and luxury markets are less reactive.
Why hasn’t my house rented?
The rental market has slowed down quite a bit as we return to normalcy. Many people are traveling again, and so we’re back to the shorter, seasonal rentals, and many are still circling, waiting for last minute/shorter term deals, as they did in years past. While everyone who wants to be in for June likely already is, July/August viewings/offers will still be coming in mid to late June.
If you'd like to talk about the market greater detail, do not hesitate to call, text, email, or even DM me!
Now, for more fun stuff...
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