NORTH BELLMORE, N.Y. (CBSNewYork) – There’s a housing boom on Long Island.
Now that realtors no longer have to show homes virtually, buyers and sellers are rushing back into the market.
As CBS2’s Jennifer McLogan reports, houses are being gobbled up.
At the Gibiliterra home in North Bellmore, boxes are packed, and the final meals are being served at the the table. Their home was sold in record time.
“Painless. Four people came through. Two offers came through. Done,” said Robert Gibilterra.
The backyard pool was a clincher.
“People who are coming out from the city are doing so because they want that pool and they want the two acre back yard,” said Lucky to Live Here realtor Cynthia Awan.
Awan says a homeowner in Huntington with three little kids wanted a pool. The house sold in days, and the family bought in St. James after a bidding war.
“People are fighting to get in,” said realtor Deepa Sachdev. “People can’t find houses. It has been a struggle for buyers.”
Sachdev says sale prices in both Nassau and Suffolk Counties just jumped 5-10%. Pending home sales spiked in July: 60% in Nassau County and 55.6% in Suffolk County compared to a year ago, and following a listless spring.
Long Island’s high unemployment rate of 13% does not seem to be bringing down the housing market with interest rates and inventory so low.
“The low interest rate is really pushing people to make that decision to have pride in home ownership,’ said realtor Hector Castillo.
Castillo, with Exit Realty NYMetro, says a Suffolk County home listed for $380,000 attracted 10 bids, half over the asking price.
“I think this is the time for me to find a smaller house,” said Melville homeowner Dawn Fallacaro. Her four children just graduated college. The former NYPD detective seems to be downsizing at the right time.
“We had this house on the market two days ago. We had back-to-back showings in two days. Already have multiple offers,” said Sachdev.
“I hope there’s a bidding war,” Fallacaro said.
“The homeowner walks away with a lot of cash they can invest in wherever they’re going,” Castillo said.
Fallacaro wants to remain local, but as for Gibiliterra, who can work remotely?
“I think we’re going out west. California, here I come,” he said.
For now, buying or selling seems to be a win-win.
Realtors say potential buyers are telling them, working remotely is the main reason they are able to move.