The Hamptons real estate market is one of the most exciting real estate markets on the planet, but it’s also one that requires local expertise. That’s why this week we spoke with Geoff Gifkins, the Regional Manager Associate Broker with Nest Seekers International in Southampton, for his outlook and input.
How has the real estate market been this summer?
The summer has been extremely active both for rentals and sales, with all spectrums of the market moving.
What have been the hottest areas to buy?
The hottest markets are Southampton Village, Sag Harbor and Amagansett.
Where do you see the market heading in the future?
The market will improve as we head into the fall. Properties that are priced to meet the market and are presented well will move.
Are we in a buyers market right now or a sellers market?
We are still in a buyers market as we have a surplus of inventory, but this is beginning to shift. We have seen some properties go into bidding wars so that is a clear sign of the shift.
What are some of your favorite areas in the Hamptons in terms of real estate?
The villages of East Hampton, Sag Harbor and Southampton continue to be leaders in terms of number of homes sold.
What’s some advice that you would give to a prospective buyer today in this market?
In this market buyers need to work with a diligent experience realtor to be fully educated on the market and find the best property that meets their needs.
How about a seller?
Sellers need to price their properties correctly to meet the market, understand how their property competes in this market and choose a realtor that will show showcase their property in the best light possible that will attract buyers.
What price range can a buyer find the best deals right now?
A great deal can mean many things to different buyers but it really comes down to knowing the market and being ready to respond when the opportunity arises.
Why do you think certain areas have been hotter out here than others?
Amagansett and Montauk are the essential beach resort towns and will always be in high demand.
Is this a repeat of the real estate mania that we’ve seen in the past, or is this a healthy market now?
We are seeing a healthy market as sales increase with location and quality and are seeing significant advances, especially with new construction.
For more, visit nestseekers.com.