Why This Might Be the Perfect Time to Buy a House in the Hamptons
The average sale price of a single-family home has dropped by 8 percent
The perennially pricey Hamptons real estate market seems to be in a bit of a rut, creating an opportunity for potential homebuyers to nab quite the deal.
That’s because there’s currently a surplus of available homes in the Eastern Long Island, New York market, kicking prices off a cliff as realtors struggle to compete with one another for the best value. The average sale price of a single-family home in the Hamptons, according to the New York Times, has dropped by just about 8 percent, from $933,750 in the first quarter of 2018 to $860,000 in the first three months of this year.
While the dollar amounts are going down, the number of available homes is rising. Comparing the first three months of 2018 to 2019, the number of single family homes on the market shot up from 1,201 to 2,327 while actual sales fell to 287 in 2019 from 350 in 2018.
One couple interviewed by the Times — David and Sindhu Nordquist — said that they were looking at a home initially listed at $1.825 million in August 2017. After a period in which the home went off and back on the market, the Nordquists haggled with the owners over the price until they landed the home this spring for $1.35 million.
“We negotiated pretty hard on the price,” David Nordquist said. “I bargained a lot. I felt the market was softening.”
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