A survey of East End realtors reveals six predictions for the local market in 2013.
1. “I think the market will continue to be a buyer’s market and there will be good buys on waterfront properties,” Edwin Tuccio, Edwin Tuccio Real Estate
2. “It’s hard to make a true 2013 prediction with the talk of a possible financial cliff looming in the near future, but I believe our real estate market will continue to see improvements. There is still a great deal of inventory and prices continue to be stable or even lower then they have been. Of course, with low interest rates, purchasing that second home or retirement home makes the most sense. I am finding that the people preparing for retirement are purchasing real estate and renting their property until they are ready to use it. The rental market continues to be very strong here in the Hamptons and I believe it will continue, especially with the devastation Hurricane Sandy created in other resort communities,” Denise Rosko, Hamptons Realty Associates LLC
3. “Sag Harbor is hot. Once the Bulova Watchcase project is completed it will change the timbre of the real estate landscape…Sag Harbor will be sizzling,” John Christopher, Brown Harris Stevens
4. “There has never been a better time to buy great inventory and adjusted pricing. When people are spending more on their home, on items like appliances, I know the market will continue to see more action,” Beau and Patricia Hulse, Beau Hulse Realty Group
5. ” With the election now behind us and the influx of European clientele I see a very busy first quarter for 2013 especially with interest rates reining at all time lows,” Noel Love, Saunders & Associates
6. “We are optimistic with the surge in 2013 rentals pre-Halloween that there is consumer confidence in both the rental and sales markets. Last year’s rental season started around Thanksgiving and those that missed out on the first pick came even earlier this year. Sales continue to stack up with consistent transfers weekly. The inventory is strong again and we are seeing things go for slightly under asking prices with properties that are well priced and positioned. Southampton Village, Bridgehampton South continue to be strong areas as well as East Hampton Village and Springs. I think that now that the election is over, people can move forward and make those larger purchases without having the uncertain looming overhead. It seems that Washington has taken a new turn to working together to avoid the “cliff” and get the economy back on track,” Jeff Steinhorst, Nest Seekers International